at First American Bank in Elk Grove Village, Illinois, United States
Job Description
Letter of Credit Specialist
Org Structure : Job Posting Location
Elk Grove Village, IL - 1650 Louis Ave
Category
Trade Finance
Type
Regular Full-Time
Job Description
First American Bank was founded in Chicago, and over the years has expanded throughout Wisconsin and Florida. As the largest privately held bank in Illinois, we now have over 60 locations and assets of $5+ billion. We are a community bank at heart with international expertise, traditional values, and a forward-looking philosophy. Our employees have the experience and vision to meet the needs of savers, borrowers, and businesses in the 21st century. First American Bank can offer employees a level of visibility, career growth, and stability that is difficult to find in many larger corporations.
This hourly (non-exempt) position is responsible for processing all functions related to collections, import, export, and standby letters of credit. Additionally, this role manages purchase orders and accounts receivable financing based on approved government programs.
DUTIES & RESPONSIBILITIES:
Prepare, review, and approve sample language for standby letters of credit requests.
Issue, amend, examine documents, and pay standby letters of credits using the Trade Operations software.
Issue direct pay letters of credit and process interest/principal draws and billings.
Investigate and resolve issuance/payment problems, as well as customer inquiries.
Issue, amend, examine documents, and pay import letters of credit.
Process air releases, collections, and steamship guarantees using the Trade Operations software.
Advise, amend, examine documents, and pay export letters of credits, confirmed letters of credits, and discounts using the Trade Operations software.
Process the above per the Uniform Customs and Practices for Documentary Credits, International Chamber of Commerce Publication 500 and 600 (UCP 500 and UCP600), International Standby Practices (ISP98), and International Standard Banking Practices (ISBP).
Issue, amend, accept, and pay incoming and outgoing documentary collections using the Trade Operations software per the Uniform Rules for Collections, Publication 522 (URC522).
Process advances and settlements under the CPO (Confirmed Purchase Orders), SBA (Small Business Administration), and Exim Guaranteed EWCP. Send and release payment tracers.
With granted authority, approve/release the above transactions.
Monitor and update client insurance policies and update Trade Operations with insurance details.
When needed, pay fees, file claims, collect premium reports, and collect premium fees for insurance policies.
Test various Trade Operations systems and software as needed.
Retrieve, create, send, and release messages using the Bank's SWIFT system.
Reconcile entries posted to the Bank's core DDA, G/L, and commercial loan systems.
Verify transactions comply with Bank policy as it relates to Trade and Compliance, as well as compliance with the U.S. Treasury (including OFAC) and U.S. Commerce Departments' regulations.
Create wire transfers using the Bank's Cash$Trac system.
Update and prepare procedure policies and job aides as necessary.
Research, prepare, and present training materials to the department periodically.
Participate in monthly Quality Assurance audit process.
Perform monthly Newgen CPO audits and report findings to managers and vendors.
Audit and archive expired/closed files.
Balance and maintain all accounts for trade finance clients.
Follow up and resolve pending tickler items.
Handle incoming queries and communications from both internal and external clients.
Remain knowledgeable about all trade finance products to help identify customer needs.
Conduct and complete additional assignments/projects as designated by management.
QUALIFICATIONS:
High school diploma or equivalent required. Bachelor's degree preferred.
Two years previous trade finance experience required.
Prior experience working with International Trade (such as banking, freight forwarder, customs house broker, or credit insurance underwriting) a plus.
Certificate for Documentary Credit Specialist (CDCS), a plus.
A history of academic and/or professional success with a persistent desire for professional development and a proven track record of achieving results.
Demonstrated ability to simplify sophisticated problems to identify the appropriate solution.
Military experience preferred.
Must be professional, comfortable speaking with external and internal contacts with a demonstrated ability to tailor the message appropriately to the audience and situation effectively.
Demonstrated ability to convey thoughts and ideas effectively and succinctly via written formats, including emails, letters, and electronic platforms. Maintain professional standards relating to spelling and... For full info follow application link.
First American Bank is an Equal Opportunity Employer (Minorities/Females/Disabled/Veterans).
