Deposit Quality Control Specialist

Description

POSITION SUMMARY:

The Deposit Quality Control Specialist ensures the accuracy, completeness, and compliance of Deposit account documentation and processes across the Bank. This role performs quality control reviews of checking, savings, certificate of deposit (CD), HSA, and IRA accounts to validate proper account setup, disclosures, and regulatory compliance. The specialist safeguards the Bank by identifying exceptions, ensuring data quality, and supporting regulatory readiness through ongoing monitoring and reporting.

While the primary focus is Deposit-related quality control, the position also supports Mortgage/Consumer loan QC and Commercial/Ag QC functions on a backup basis to ensure continuity within Shared Services.

OBJECTIVES OF THIS ROLE:

• Conduct thorough QC reviews of Deposit accounts to validate documentation accuracy, compliance, and policy adherence.
• Support compliance with BSA/AML, CIP, CDD, Reg D, Reg E, and other deposit-related regulations.
• Ensure deposit account records align with data governance and quality standards.
• Provide timely reporting on deposit QC findings, exceptions, and trends.
• Collaborate with Deposit Services, Retail, and Shared Services leadership to reduce errors and improve accuracy.
• Provide cross-functional backup support for Mortgage/Consumer QC and Commercial/Ag QC.

RESPONSIBILITIES:

Deposit Quality Control

• Review new account documentation (checking, savings, CDs, HSAs, and IRAs) for accuracy and completeness.
• Validate that CIP, CDD, KYC, and OFAC requirements are satisfied for all new and updated accounts.
• Monitor for Reg D violations, overdraft protection sweeps, non-posts, and dormant/inactive account activity.
• Validate proper account setup in core and digital banking systems.
• Perform QC on escheatment processes and ensure state guidelines are followed.
• Review missing documentation reports and escalate unresolved exceptions.
• Conduct ongoing reviews of deposit maintenance, changes, and closures for compliance.

Reporting & Analysis

• Prepare QC reports highlighting exceptions, error trends, and process gaps.
• Track root causes of recurring documentation or compliance errors and recommend training or corrective actions.
• Maintain QC tracking systems and ensure results are audit ready.
• Assist in preparing summaries for management, auditors, and regulators.

Process Improvement & Collaboration

• Collaborate with Deposit Services, Retail, and Compliance teams to resolve issues and improve processes.
• Participate in testing and validation of deposit system enhancements to ensure QC standards are met.
• Assist in updating QC checklists, procedures, and deposit review standards.
• Provide input into training materials for frontline and back-office deposit staff.

Compliance, Data Governance & Audit Support

• Support audit and regulatory requests related to deposit QC by providing documentation, reports, and explanations.
• Ensure QC reviews incorporate data governance, accuracy, and reporting standards.
• Stay current with deposit-related regulations (Reg D, Reg E, Reg CC, BSA/AML, CIP, CDD, etc.) and apply updates to QC reviews.
• Adhere to all bank compliance requirements, including BSA/AML, OFAC, USA PATRIOT Act, and GLBA.

Cross-Functional Support & Backup Coverage

• Provide backup assistance for Mortgage/Consumer loan QC and Commercial/Ag loan QC.
• Participate in cross-training to ensure continuity of Shared Services QC functions.
• Other duties as assigned 

ADDITIONAL REQUIREMENTS:

• Maintain strict confidentiality of customer and bank data at all times.
• Demonstrate attention to detail, professionalism, and effective communication in all QC activities.
• Participate actively in meetings, training, and ongoing development.

Requirements

 QUALIFICATIONS:

• High School Diploma, Associate degree business, Finance, or related field preferred, or equivalent experience.
• Minimum 2–3 years of experience in Deposit Services, deposit operations, quality control, or compliance.
• Knowledge of deposit account regulations, bank policies, and CIP/KYC requirements.
• Familiarity with core banking systems and deposit documentation workflows.
• Strong analytical, organizational, and problem-solving skills.
• High attention to detail and ability to identify documentation or compliance gaps.
• Proficiency in Microsoft Office (Excel, Word, Access, PowerPoint).
• Strong communication skills with ability to collaborate across departments.
• Participate in compliance and data governance training.
• Ensure all deposit QC reviews support data accuracy, integrity, and quality.
• Promptly report suspicious activities in compliance with BSA/AML.
• Align QC practices with regulatory, policy, and data governance expectations.

COMPLIANCE:

• As generally applicable to F&M Bank and commensurate with these job functions, this job role includes accountabilities for following Bank policies and related procedures, as well as regulatory requirements involving federal and state laws, regulations, and related guidance.
• Compliance with Bank Secrecy Act (BSA), including accurate completion of Currency Transaction Reports (CTR) when applicable, Anti-Money Laundering Act (AML), Office of Foreign Asset Control (OFAC) and the USA PATRIOT Act. Adhere to Customer Identification, Customer Due Diligence and reporting of suspicious activities to the BSA Department.

NON-EXEMPT/HOURLY COMPETENCIES:

• Job Knowledge: Understands duties and responsibilities, possesses necessary job knowledge and technical skills, maintains job knowledge current.
• Productivity: Manages a fair workload, volunteers for additional work, prioritizes tasks, develops good work procedures, manages time well, and handles information flow.
• Attendance: Employee is expected to adhere to the attendance and break policy and communicate with your supervisor about anticipated time off or modifications to break times.