MidWestOne Bank

Trust Operations Specialist

Status
Non-Exempt
Type
Full-Time
102 South Clinton Street
Iowa City
IA
Benefits Package
Yes - Full Time Package

Overview

Responsible for performing all duties in the Trust Operations Area to include:  executing various disbursement and receipt duties by means of the trust accounting system, and the appropriate MidWestOne internal DDA/general ledger accounts; settling security and mutual fund trades;  interfacing to third-party custodial systems ; opening and closing accounts on the trust system; generating and reconciling balances and reports between the system and independent sources, data input into the trust system, and providing assistance as needed for the Trust Officers and other administrative personnel within the  Wealth Management Division.

Responsibilities

  • Processes rental and contract payments for various trust accounts
  • Execute payments on accounts such as credit cards, utilities, insurance, tax payments, medical bills, and household employees
  • Set up and release fees, maintain fee schedules, and handle the collection process for billed clients
  • Process employee benefit/IRA distributions and transfer paperwork which includes the figuring of withholding, issuing of disbursements and deducting the withholding, and making the appropriate payment to the appropriate governmental office on a timely basis.
  • Processes payments to trust customers' household employees, to include computation of FIT, SIT, FICA, and FUTA and forwarding the appropriate payment and tax return to the appropriate governmental office.
  • Maintains beneficiary files: current information regarding addresses, phone numbers, and for trust accounts and IRAs.
  • Communicates and settles daily with various securities custodians for asset purchases, sales, dividends, interest and corporate action activity.
  • Allocates collected income on the trust system to the appropriate accounts.
  • Affirms trades on third-party custodian systems.
  • Calls or writes holders of assets, trust customers, stock transfer companies, and other appropriate parties to arrange transmission of specified documents to arrange for transfer of securities and other trust assets to or from trust accounts. Files for, collects and allocates class action settlements.
  • Maintains needed correspondence associated with all of the above transactions and handles any follow-up actions required.
  • Reconciles trust books and tracks clearance of outstanding variances.
  • Assembles report packages for monthly Trust Committee and the Account Review Sub-committee meetings.
  • Scans account documents into archive retrieval system.
  • Communicates with custodians, system vendors, etc via letter, telephone, fax or e-mail regarding on-going transactional processing.
  • Assist Trust Officer and other administrative staff with projects or clerical duties when needed.

Qualifications

Associate's degree (A. A.) or equivalent from two-year College or technical school; or six months to one-year related experience and/or training; or equivalent combination of education and experience. Familiarity with Excel and Word computer programs a definite plus.

 

At MidWestOne Bank diversity is embraced and we are committed to equal employment opportunity regardless of race, color, religion, sex, national origin, sexual orientation, gender identity, creed, Veteran status, disability, or any other legally protected status.  If you have a disability or special need that requires accommodation, please let us know. 

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