Job Description

Description :

About this opportunity

At Meridian our aspiration is to integrate our purpose into everything we do for people, the planet, and communities. We believe that our greatest opportunity is to create opportunity and meet people where they are.

The Credit Recovery Account Officer is a collection-focused role. You will be responsible for managing the collections of outstanding unsecured and secured loans and Visa\'s. In this capacity, you will inform and negotiate with members their past-due payments in order to bring their accounts up to date. This role plays an instrumental part in lowering risk and limiting charge-off losses for both Meridian and motus bank.

The Credit Recovery Account Officer will be responsible for the following:

• Technical and functional execution of collection and recovery activities for all 30 - 90 + day delinquent retail credit facilities, including VISA and collection of higher risk credit under 30 days delinquent if needed.
• Collect on Branch overdrafts over $1,000 and accounts in excess of approved LOC limits within assigned authorities. This includes regular delinquent account follow up, taking the lead to look at refinancing opportunities to shore up security and/or reduce the amount of credit outstanding to minimize risk.
• Collection of motusbank unsecured delinquent accounts.
• Review and account action for all 3rd party demands issued to Meridian Credit Union and motusbank as soon as they are received by placing the appropriate holds and messages on the banking system, advising Members accordingly and instructing payment to the third-party issuer as required.
• Meeting team targets for delinquency and loan losses set annually and for meeting targets on fee income.
• Ability to manage and prioritize multiple tasks in a highly stressful environment.

Key Responsibilities

Retail Collections

• Review and determine the reason for non-payment and establish an appropriate strategy to resolve it by engaging other departments as required.
• Contact delinquent Members to negotiate payment arrangements on all accounts greater than 30 days past due and higher risk credit Members less than 30 days past due as needed.
• Ensure all accounts are actively worked in a professional, effective and timely manner with minimal supervision.
• Exercise sound judgment and consistent collection practices as outlined in P & P.
• Where payment arrangements are not possible, proceed with enforcement action as appropriate ie. repossession, wage assignment or legal action.
• Respond to and initiate collection calls in a professional manner.
• Provide direction by phone and in writing with external service providers (lawyers, bailiffs, court personnel, skip tracing service, 3rd party collection agencies & Insolvency Trustees) to execute the necessary enforcement of legal action and asset realization.

VISA Collections

• Responsible for the delinquent collection activity on a growing portfolio of VISA accounts.
• Responsible to initiate calls to delinquent VISA cardholders to arrange for payment of arrears, make payment arrangements and consider all opportunities for a work-out solution to reduce risk.
• Work closely with Fraud Management on files where fraudulent action may have occurred and collaborate on possible recovery strategies including filing police reports and restitution orders and commencing legal action or sending to third party collections as needed.

Administration/Teamwork

• Maintain satisfactory delinquency portfolio through ongoing account management.
• Provide monthly allowance calculations in compliance with DICO By-Law 6 for assigned caseload, to assist in ensuring accurate reserves are being maintained and reported
• Assist Senior Manager with respect to overall regulatory compliance by completing accurate monthly impairment reports as required for the Board\xe2\x80\x99s Risk Committee.
• Provide ongoing reports to the Senior Manager, Credit Recovery with respect to any impaired accounts and anticipated Credit Losses.
• Responsible to complete impairment report for impaired VISA accounts is accurate and up to date and maintained on a monthly basis.
• Prepare Write off recommendations and submit to Management, for accounts requiring write off and reason for same.
• Participate in team meetings and training sessions as required.
• Participate in process improvement initiatives as opportunities are identified and bring forward ideas for possible process improvements.
• Collaborate on initiatives related to positive Member experience and engagement.
• As needed, provide assistance to manage volumes and assist with projects as requested.

Enforcement

• Analyze Assignments in Bankruptcy and Consumer Proposal documents received, compare to previous credit applications on file for accurate financial information, attend creditors meetings if required and make recommendations with respect to security position with insolvent Members.
• Accurately complete and/or review all Proofs of Claim for Bankruptcies and Proposals prepared prior to filing the claim.
• Prepare security documentation to be sent to 3rd party provider to issue Small Claims Court action, assign files to legal counsel and 3rd party collection agencies
• Review security and pursue all avenues for recovery opportunities, including skip tracing, repossession of security, wage assignments, Small Claims Court actions to obtain judgment and Writs of Seizure and Sale and Assignments to 3rd party collections.
• Message and place the appropriate holds/messages on Member accounts to protect against increased loss to MCU.

3rd Party Demands

• Review and act on all 3rd party demands that are received at Branches and Corporate Office immediately including messaging ACE with details, and the banking system, including holds, post force post messages.
• Contact the Member to advise and explain the demand received and effect it has on their account.
• As needed, remit the funds to the third-party issuer, as required by law.

Problem Solving:

• Apply sound collection strategies based on common sense, knowledge and technical acumen, to reach resolutions on outstanding delinquent credit and/or overdrawn accounts.
• Utilize strong investigative skills to locate Members\xe2\x80\x99 residence/employment and location of security
• Assist Branch partners with questions concerning credit products and unsecured debt and recommend strategies that they can discuss with the Members to resolve issues.
• Explore inventive work out solutions to assist Members with rehabilitation of delinquent credit situations
• Manage routine and complex issues with Members, Branches, 3rd party partners etc.
• Escalate more complex issues on unresolved matters to the Senior Manager Credit Recovery.

Communication:

• Exhibit superior verbal and/or written communication when dealing with Members, Credit Management staff, Delivery and internal departments on a wide range of issues.
• Utilize discretion, tact and diplomacy in responding to all inquiries to safeguard Member\xe2\x80\x99s privacy and confidentiality
• Develop rapport with Members, co-workers and 3rd party service providers, and respond in a professional and confident manner.
• Demonstrate sound judgment, patience and excellent problem-solving skills to assist Members where possible.
• Communicate with Members in a supportive and empathetic manner during their time of financial hardship to maintain balance with respect to Member service standard and the need to protect Meridian Member assets.
• Demonstrate excellent communication skills, both verbal & written, in communicating with Members and external parties regarding 3rd Party Requirements to Pay.
• Provide technical support, training and mentoring to less experienced staff.

Knowledge, Skills, and Abilities

• Minimum 3 years experience in risk management function in a financial services environment.
• Completion of a post-secondary education program in finance would be an asset.
• Highly developed problem solving and negotiating skills.
• Ability to manage a high-volume caseload and carry out multiple tasks and priorities in a demanding environment.
• Capacity to work independently with a high level of discretion and regard for confidential and sensitive personal information.
• Ability and skills to manage and work through highly emotional situations, which often require the ability to make decisions that may have negative consequences for Members and their families.
• Working knowledge of the Bankruptcy & Insolvency Act, Privacy Act, Personal Property Security Act, Caisse Populaire & Credit Union Act, Asset Acquisition and Disposition laws.
• Knowledge of the Ovation/Encore banking system and ACE preferred.
• Working knowledge of Word, Excel, and Internet search tools.
• Effective leadership and inter-personal skills conducive to a team environment.
• Detail oriented.
• Familiarity with acceptable financing options and techniques.
• Thorough knowledge of account operating procedures and banking services.
• Sound understanding of retail lending security documentation.
• Enthusiastic attitude, progressive skills and willingness to learn.
• Ability to write sound and complete collection notes.

Office Location: 75 Corporate Park Drive, St. Catharines.

Meridian has a remote work policy that allows flexibility for employees to work remotely but also requires regular time in the office for purposeful meetings to collaborate, innovate and build effective relationships with your team, your colleagues and your leader which is very important to us.

What\'s in it for you?

• We have an inclusive and collaborative working environment that encourages creativity, curiosity, and celebrates success!
• We provide you with the tools and technology needed to delight your candidates and clients!
• You\'ll get to work with and learn from diverse industry leaders, who have hailed from top organizations around the world
• Hybrid work arrangements with in-person office time to collaborate, innovate and build relationships with your colleagues
• This isn\'t your typical "corporate" job. We work hard and we have fun!

Who we are:

Meridian is Ontario\xe2\x80\x99s largest credit union, and second largest in Canada, helping to grow the lives of our more than 360,000 Members. Meridian has more than 75 years of banking history and is 100% owned by its members. With 89 retail branches and 15 Business Banking Centers across Ontario and $ 30B in assets under management, Meridian offers a full range of financial products and services to its retail, business banking and wealth members. With over 2000 employees and corporate offices located in Toronto and St. Catharines, Meridian has a track record of creating and delivering innovative new offerings and is committed to investing in the communities that we serve. Our plan is to build on our momentum as we deliver on our purpose - helping our members achieve their best life.

Find our story here:

Experience the Difference!

Meridian committed to promoting an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to employing a workforce that reflects the diversity of our communities and Members in which we live and serve.

Qualified applicants will receive consideration without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity, gender expression, or disability.

Please note that due to the volume of applications, only those under consideration will be contacted for an interview.

Thank you for your interest in Meridian Credit Union.

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Meridian Credit Union