Letter of Credit Officer obtains necessary information to process and complete letters of credit and related financial transactions. Verifies all documentation for accuracy and completeness. Being a Letter of Credit Officer ensures all credit data is evaluated and adheres to bank policies and procedures in order to approve or deny applications. Provides support to lending officers and trade specialists. Additionally, Letter of Credit Officer may require a bachelor's degree. Typically reports to a manager or head of a unit/department. The Letter of Credit Officer gains exposure to some of the complex tasks within the job function. Occasionally directed in several aspects of the work. To be a Letter of Credit Officer typically requires 2 to 4 years of related experience. (Copyright 2024 Salary.com)
POSITION PURPOSE
To protect the assets of the credit union by collecting those accounts which have become delinquent and to minimize losses to the credit union and its members.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
(Primary or most important functions performed in this position in order of priority.)
(1) Monitor and collect accounts assigned which are past due, submitting reports as scheduled.
(2) Maintain accurate reports of all attempts to contact accounts or co-maker of accounts.
(3) When appropriate work out a mutually acceptable payment schedule which would protect the credit union’s interest and the credit of the member.
(4) Recommend remedial collection action (including legal action) when necessary to Legal/Repossession Specialist
(5) Refer all bankruptcies to the Bankruptcy Specialist and follow the regulations as established by law and Carter Federal policies and procedures.
(6) Establish skip-trace tile and schedule regular follow-up.
(7) Assist in area as directed by manager.
(8) Seek opportunities to enhance skills and value to the credit union and make suggestions for improvements.
(9) Have a working knowledge and understanding of Carter Federal Credit Union’s operational policies and procedures, by-laws, organization and philosophy.
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Job Type: Full-time
Pay: $13.50 - $16.00 per hour
Expected hours: 40 per week
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Work Location: In person