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