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 & Communication Skills

Experience mentoring or training team members, with demonstrated success developing others' skills and confidence

Strong interpersonal skills, effective in customer interactions, and ability to identify appropriate solutions

Ability to collaborate with all departments within the company

Clear, professional communication across all levels for internal collaboration and customer interactions

Operational Skills

Skilled at processing high volumes of ACATs, wires, checks, and ACH disbursements accurately

Comfortable managing time-sensitive cutoffs for wire submissions, check deposits, and ACH batch processing

Able to prioritize competing transaction types (e.g., an urgent outgoing wire vs. a routine ACAT) based on funding deadlines and trade impact

Strong reconciliation skills for catching discrepancies between requested amounts, account balances, and clearing firm confirmations

Ability to manage a queue of pending IRA distribution requests, rollovers, and time-sensitive tax-related deadlines (e.g., RMDs, 60-day rollover windows)

Detail-oriented mindset with a willingness to learn and uphold applicable regulatory requirements

Willingness to collaborate with teammates to address time-sensitive issues

Strong organizational skills and ability to manage competing priorities across multiple transaction types

Company Perks + Benefits:

Performance Bonuses

Stock Purchase Options

Medical/Vision/Dental Benefits

401k Plan

20 Paid Vacation Days (plus an additional paid vacation day the month of your birthday!)

10 Paid Sick Days

Gym Membership Reimbursement

Commuter Benefits

Pet Insurance

Wellness & Mental Health Programs

Charitable Donation Matching

Two Paid Volunteer Days Off

Daily catered lunch when in the office

Full kitchen with snacks and beverages

In-building gym

Shuttle to/from Metra

Discretionary Performance Bonus: 5-10% of base salary based on individual and company performance.

Salary Range: $60,000-$80,00