Job Title: Exchange Banking Coordinator
Reports to: Banking Manager
FLSA Status: Non-exempt
Location: Collegeville, PA (Full-time, Hybrid)
PURPOSE
The role of the Exchange Banking Coordinator is to ensure all incoming and outgoing client exchange funds are transferred and processed securely and efficiently in accordance with IRC §1031, Treasury Regulations, all qualified intermediary licensing and regulatory regimes and 1031 CORP. Standard Operating Procedures. Will also provide support to the Client Exchange Team as directed.
DUTIES AND RESPONSIBILITIES
- Develop working knowledge of IRC §1031, Treasury Regulations and 1031 CORP. Standard Operating Procedures.
- Process incoming exchange funds including but not limited to: open exchange account, request transfer of funds, log in database and QuickBooks, client account summaries and provide written and electronic confirmation of deposit to client.
- Process requests for outgoing exchange funds including but not limited to: close exchange account, request transfer of funds, log in database and provide written and electronic confirmation of deposit to client.
- 4Responsible for timely and accurate preparation of documents and correspondences to clients and their advisors, including but not limited to deposit confirmations, account log-in instructions, password letters and exchange account summaries.
- Coordination with Exchange Team to ensure timely release of funds.
- Ability to respond to inquiries and questions from clients and his/her agents and/or advisors and complete necessary follow-up and recording discussion in client contact history.
- Responsible for creating audit preparedness for client including a significant electronic document trail and detailed summarization of all discussions with clients and their agents and/or advisors.
- Adequately track status of each transaction in order to manage workflow and priorities.
- Help maintain clients electronic file and copies of related correspondences.
- Initiation and/or approval of outgoing wires after all appropriate approvals obtained.
- Tracking all incoming and outgoing funds for clients.
- Conscientious about minimizing company expenses and maximizing profitability as well as clients’ return on funds.
- Generate reports and analyze data to identify company trends.
- Occasional attendance at company seminars, sponsored events and/or training opportunities. Some may be held during evening or weekend hours and/or involve out-of-town or overnight travel.
- Proficient in reconciling Master Accounts and Client Accounts daily.
KNOWLEDGE, SKILLS AND ABILITIES
- Obsessive attention to detail.
- Ability to prioritize, multi-task and work under time deadlines.
- Knowledge of real estate closing procedures.
- Demonstrated ability to meet team and corporate objectives.
- Ability to communicate effectively both orally and in writing, in person and by telephone.
- Good decision-making skills.
- Strong analytical and reasoning abilities.
EDUCATION, EXPERIENCE AND LICENSING
High School Diploma or equivalent is required. College degree preferred. Customer service experience and keyboarding ability is necessary. 1-2 years' experience in a related field, such as banking or accounting.
COMPUTER SKILLS
Familiarity with MS Windows, MS Word, MS Excel, MS Outlook for Email, contact management, MS PowerPoint and the ability to find way around Internet. Knowledge of Microsoft Office 365, Microsoft Dynamics and QuickBooks beneficial.
PHYSICAL DEMANDS
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of the job. Ability to drive to out-of-office consultations, closings, company meetings, seminars and/or training. Occasional out of town and/or overnight travel required as well as evening or weekend hours. Occasionally required to lift up to 25 pounds.
