Midwest One Bank Trust Operations Specialist in Iowa
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 MidWestOneinternal 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.
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.
Other duties may be assigned
Associates degree or equivalent combination of education and related work experience
Familiarity with Excel and Word computer programs a definite plus.
Hours Per Week up to 40
Benefits Package Yes - Full Time Package
Location : Address 2102 South Clinton Street