Deposit Operations Specialist I

About the Role:

The Deposit Operations Specialist I performs functions to support the servicing and maintenance of deposit accounts in compliance with regulations and professional standards. They perform data entry, share draft processing, resolve deposit product inquiries, and provide exceptional service to internal and external customers. They serve as a resource for front line staff in deposit account maintenance, account qualification and research, and other deposit related items.

Scheduled Weekly Hours:

40 hours per week; Monday – Friday; 8:00 – 5:00pm

What you’ll be doing:

• Serve as a resource for branch staff, the Contact Center, and other departments by providing guidance on deposit products, services, transactions, and procedures.
• Process a variety of deposit operations transactions, including share drafts, Bill Pay items, return deposits, Check 21 processing, ATM deposits, and remote deposit capture (RDC) adjustments.
• Perform account maintenance activities such as account openings and closures, ownership changes, beneficiary updates, certificate renewals, and account corrections.
• Manage member disputes from intake through resolution, ensuring compliance with Regulation E requirements and established procedures.
• Respond to Verification of Deposit and Verification of Asset requests within established service standards.
• Monitor and reconcile assigned general ledger accounts and assist with account balancing and research.
• Conduct account research and process maintenance requests, including mail deposits, statement inquiries, account restrictions, and other deposit-related issues.
• Identify opportunities to improve operational processes and provide recommendations to enhance efficiency, accuracy, and service.
• Maintain compliance with Credit Union policies and applicable regulations, including Reg E, Reg CC, BSA, OFAC, FACT Act, and Check 21 requirements.

You’re Perfect For This Role If You Have:

• High school diploma or equivalent.
• At least one year of banking or credit union experience.
• Strong knowledge of deposit accounts, account maintenance, and operational processes.
• Proficiency in Microsoft Office applications, including Excel, Word, Outlook, and PowerPoint.
• Strong attention to detail with the ability to accurately process transactions and account changes.
• Excellent verbal and written communication skills.
• Ability to research, analyze, and resolve member and operational issues independently.
• Experience reconciling accounts or performing bookkeeping/accounting-related tasks is a plus.
• Ability to manage multiple priorities while working both independently and collaboratively within a team environment.

Who We Are:

Bay Federal Credit Union was started in 1957 when local school teachers pooled their money together to start a credit union. This original vision and investment has grown into the area’s largest locally-owned financial institution, with nearly $1.6 billion in assets. Today, Bay Federal provides full service financial products and solutions to individuals and businesses in Santa Cruz, Monterey, and San Benito counties.

As a local, member-owned, not-for-profit financial cooperative, we are passionate about contributing to the community and being an integral part of its incredible story. Each year, our employees volunteer their time and donate their money to local non-profits, schools, and events. Our managers serve on local non-profit Boards of Director to be involved, understand challenges, and to make a real difference in the communities we serve.

From our founding as a teacher’s credit union, Bay Federal has continued our commitment to education. We offer annual student scholarships for members and offer a comprehensive array of solutions to support our member's financial wellness. Through online financial education course offerings, solutions for teachers and students, as well as special programs for youth, our financial wellness programs are free and available to the public. This is a small part of our work in creating thriving and vibrant communities!

We look forward to continuing our story, and hope that you will be a part of it!

Why You’ll Love Working at Bay Federal Credit Union

At Bay Federal, we believe that when our employees thrive, our members and community do too. We’re proud to offer a comprehensive benefits package and meaningful perks designed to support your well-being, growth, and success, both at work and beyond.

Comprehensive Benefits

• 401(k) Matching: We’ll match your contributions dollar-for-dollar up to 5% of your pay.
• Annual Bonus Eligibility: Share in our success through our annual bonus plan.
• Health Coverage That Cares: Choose from quality Medical, Dental, Vision, Life Insurance, and Long-Term Disability options.
• Employee Assistance Program: Receive up to six face-to-face sessions per person, per reason, for you and your household.
• Wellness Program: Holistic support for your physical, financial, and emotional health.
• Rocket Lawyer Legal Services: Company-sponsored program that provides legal documents, advice, and attorney assistance for a wide range of needs.
• Additional Options: Customize your coverage with Pet Insurance and Aflac supplemental plans.

Perks That Set Us Apart

• Recognized as the #1 Credit Union to Work For by Credit Union Journal.
• Named a Best Place to Work in the Bay Area by SF Business Times and Silicon Valley Journal.
• 11 paid Federal Holidays each year, so you can recharge and celebrate.
• Career Growth & Development:
• • Access to industry-standard webinars and LinkedIn Learning courses.
  • Leadership partnership with Cabrillo College – a 12-week program designed for emerging supervisors and managers.
  • $1,500 Mac McCormac Employee Scholarship to support your education goals.
• Hybrid Work Environment: Enjoy flexibility with remote work opportunities and connect in person during our biannual All-Staff Meetings.

Bay Federal Credit Union is proud to offer a competitive, robust compensation and benefits package. Bay Federal considers many factors in determining base pay such as experience, education/training, internal peer equity, job location, and other business considerations when extending an offer. For Santa Cruz, CA only, the pay scale Bay Federal reasonably expects to pay for this position is $22 - $26.04 per hour. Salaries are based on the geographic location in which you live if working remotely.

Bay Federal provides health care benefits, life and disability insurance, paid holidays and 401k with a company match to eligible employees; along with employee paid voluntary benefits. Paid time off is accrued per paycheck for eligible employees at a rate based on your tenure. Leaves of absences are available in adherence with state and federal regulations.

Bay Federal is committed to providing equal employment opportunity for all persons regardless of age, disability, national origin, race, color, religion, sex, sexual orientation, gender, gender identity or expression, pregnancy, veteran or military status, marital and civil partnership/union status, alienage or citizenship status, creed, genetic information or any other status protected by applicable federal, state, or local law. Bay Federal is at at-will employer.

For CCPA's requirements regarding security practices and procedures, please see our privacy page here (https://www.bayfed.com/privacy). Bay Federal Credit Union takes our obligation to keep our member's data safe and secure and adhere to industry standard best practices.