Banking Ops Specialist

Banking Ops Specialist needs 2 years of relevant experience Banking Ops Specialist in unclaimed property, tax operations, accounting, banking, or compliance related roles
Banking Ops Specialist requires:
• Unclaimed Property Compliance & Regulatory knowledge
• State Escheatment Knowledge: Working knowledge of state escheatment laws, reporting timelines, due diligence requirements, and remittance processes.
• Audit & Documentation Experience: Internal financial and reporting systems
Top 3 Nice-To-Haves (Hard and/or Soft Skills)
• Advanced Excel Skills - Reporting and data analysis, including functions such as VLOOKUP.
• SOVOS (unclaimed property reporting and research) tax and regulatory compliance software platform.
• Customer Service outbound calls
Banking Ops Specialist duties:
• Communicates and corresponds with account owners regarding questions regarding unclaimed property laws and regulations, while ensuring compliance with said laws and regulations.
• Processes state and federal withholding and backup withholding payments in compliance with IRS and state regulations.
• Reconciles unclaimed property general ledgers and internal accounts to ensure accuracy of all financial records and identifies and resolves discrepancies.
• Identify unclaimed property (e.g., dormant accounts, outstanding checks, credit balances).
• Perform account research to determine owner eligibility and dormancy status.
• Conduct due diligence outreach to property owners as required by law.
• Prepare unclaimed property reports to state agencies accurately and on time.
• Provides solutions to client, branch, and banking inquiries, and escalates issues when necessary.
• Research, review, and process 1099 corrections (e.g., name/TIN changes, amount adjustments, reclassifications).
• Ensure timely and accurate submission of corrected forms in compliance with IRS deadlines and requirements.
• Investigate discrepancies related to 1099 reporting and coordinate resolutions with internal business partners.
• Maintain documentation and audit trails supporting all corrections and adjustments.
• Apply appropriate withholding rates and exemptions based on residency status and tax treaties.