Banking & Transfer Specialist

Company : tastytrade   Role : Banking & Transfer Specialist   Location : Chicago, IL – Hybrid (minimum 3 days/week in office)   Reports to : Senior Manager, Banking Operations   Licensure Required : FINRA Series 7 (or SIE and Series 7 Top-Off) and Series 63   Hours : 7 AM - 4 PM or 8 AM - 5 PM   As a Banking and Transfer Specialist with tastytrade, you will be a critical hands-on processor within our fast-paced Banking team. The ability to place trades relies on the timing of account funding, making this a crucial function to the operation of the firm. Your primary role is to act as a liaison between the client and clearing firm, moving assets internally as well as from other firms. You will help with processing ACATs, wires, checks, internal transfers, and ACH disbursements, while remaining the team's go-to resource for IRA-related distribution matters. This role represents the natural progression from Banking Support Specialist, taking on direct transaction-processing authority and serving as a mentor to newer team members while building the operational expertise needed for future advancement.   What You'll Do   Transaction Processing   Process all account transfers (ACATs) in a timely manner, including full and partial transfers from other brokerage firms Manually review and process wires (domestic and international), checks, internal transfers, and ACH disbursements Remain savvy with IRA-related matters and process IRA distributions including early withdrawals, RMDs, and qualified distributions Scan checks into the internal system on a daily basis, ensuring accurate record-keeping and timely deposit Process 401(k) rollovers and IRA transfers including direct rollovers, indirect rollovers, and 60-day rollover matters Review and resolve ACAT rejections or documentation issues in coordination with contra firms   Escalation Handling & Complex Transaction Support   Serve as the escalation point for Banking Support Specialists on funding and transfer matters requiring hands-on processing judgment Resolve complex transaction issues including rejected ACH transactions, bank verification failures, and micro-deposit confirmations Handle escalated wire transfer inquiries including international wires, wire recalls, and wire instruction discrepancies Coordinate with contra firms on ACAT issues, documentation problems, and account discrepancies   Customer & Frontline Team Support   Provide friendly, accurate, and efficient support via chat, email, and phone regarding any money movement-related matters Serve as a specialized resource for Trade Desk and Concierge teams on complex funding, transfer, and distribution questions Provide clear guidance to customers navigating ACAT timelines, fees, and transfer limitations   Compliance & Regulatory Adherence   Comply with industry Anti-Money Laundering (AML) regulations and assist the fraud team with monitoring and documentation Identify and escalate suspicious funding activity, documentation irregularities, or potential fraud indicators Maintain thorough documentation of transaction processing decisions for audit and regulatory purposes   Clearing Firm Collaboration   Collaborate with the clearing firm on a daily basis regarding transaction processing, settlement, and discrepancy resolution Coordinate with clearing firm operations teams on ACAT processing, wire confirmations, and transaction failures   Mentorship & Team Support   Mentor and train Banking Support Specialists on transaction processing, documentation standards, and regulatory requirements Share best practices and technical knowledge with the broader Banking team Support onboarding of new Banking Support Specialists on funding types, transfer processes, and system tools   Process Improvement & Development   Provide input and recommendations for improvement regarding current banking policies, procedures, and technologies Identify processing bottlenecks and propose solutions to improve transaction turnaround times and accuracy Participate in testing new banking tools, workflows, or system enhancements   Career Development   Demonstrate consistent accuracy and sound judgment across complex transaction processing scenarios Build leadership skills through mentoring Banking Support Specialists and supporting their development Shadow the Head of Banking on workflow management, escalation handling, and cross-team coordination Demonstrate readiness for advancement through sustained accuracy, mentorship impact, and cross-functional collaboration   Who You Are   Experience & Credentials   FINRA Series 7 (or SIE and Series 7 Top-Off) and Series 63 Certified Currently or previously held a Banking Support Specialist role, or equivalent experience in banking operations Minimum 1-3 years of experience in banking operations, brokerage operations, or a similar licensed role Bachelor's degree or related work experience Demonstrated track record of accuracy and sound judgment in transaction processing decisions   Technical & Regulatory Expertise   Strong understanding of ACAT transfer processes, wire processing, check handling, and ACH disbursements Solid knowledge of IRA distribution rules, rollovers, 60-day rollover requirements, etc. Basic understanding of trade settlements, options positions, and different security types Familiarity with AML regulations and their application to funding and transfer operations Familiarity with fraud detection patterns related to funding transactions and account transfers   Judgment & Decision-Making   Demonstrated ability to make sound decisions on complex transaction processing matters Strong critical thinking abilities with a systematic approach to reviewing documentation and resolving discrepancies Sound judgment on when to process independently versus escalate to the Head of Banking or Compliance   Mentorship & Communicatio