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Banking Operations

Recruitment #21-002746-0002


The constitutional and statutory provisions relating to the Office of the State Treasurer can be found in Articles I, III, V, VI, and XII of the Maryland Constitution; Title 5 of the State Government Article; and Titles 2 and 6-9 of the State Finance and Procurement Article. 


16  (Salary Guidelines apply for State of MD Employees)


Annapolis, MD

Main Purpose of Job

The primary mission of the State Treasurer’s Office (STO) Banking Services department is to manage and control banking relationships for all banking needs for the entire State of Maryland. As the liaison between the State and participating bank vendors, the department’s goal is to promote State agency banking needs, and respond timely to State agency requests for banking services. Its principal function is the accurate and timely recordation of State funds and the reconciliation of the State’s bank accounts to the State’s internal accounting system.

The Banking Services department is housed within the Treasury Management Division of the agency, along with Investments. While each State agency performs its own agency reconciliation and accounting work, the STO Banking Services department, in contrast, is responsible for pulling all state banking activity together and reconciling the Statewide master depository and disbursement bank accounts against the State’s main general ledger. Each position in the STO Banking Services department plays a specific and unique role that, when combined, determines the State’s daily cash balance. In addition, Banking Services assists with agency-specific depository and disbursement bank account issues regarding opening accounts, vendor payment issues, payroll and income tax refunds processing errors; lockbox services; merchant account services (credit and debit card receipts); agency working fund, trust and escrow accounts; stop payments, cancellations and check re-issuance; processing drawdown of funds from federal programs and grants; initiating FedWire payments; processing all State bank adjustments; managing the State’s “unpresented and undeliverable” check funds; collateralization compliance; research; and other agency banking needs. 

The Banking Services department currently has two vacancies to fill: Bank Portal, Lockbox & Collateral Specialist, and Bank Adjustments Reconciliation Specialist.


The Bank Portal, Lockbox & Collateral Specialist is responsible for managing and administering access to the bank portals for the State Depository and the State Lockbox bank accounts (over 100 accounts with 900+ users) by establishing and auditing “Agency Level” Administrators and enabling the set up of “Agency Level” Users. The incumbent serves as the liaison between the State Treasurer’s Office (who maintains the State’s banking relationships), State Agencies utilizing these services, and the contracted Depository Bank and Lockbox Bank.  This position is also responsible for the monthly collateral reconciliation ensuring that all State funds on deposit with financial institutions are collateralized as required by Statute. Additionally, this position manages collateral, totaling in excess of $100 million, posted by insurance companies conducting business in the State of Maryland by working closely with the Maryland Insurance Administration (MIA) and insurance companies, ensuring collateral pledged is appropriate, keeping accurate records and completing a monthly reconciliation between the STO, the Custodian Bank and MIA. This position also oversees the State Lockbox accounts to ensure excess funds are swept daily and that peg (target) balances are appropriate with State needs.  Lastly, this position serves as back-up for the State’s Investment Associate for critical investment functions such as daily cash positioning and executing respective trades.

The Bank Adjustments Reconciliation Specialist reconciles and tracks all daily bank adjustment transaction activity in the State’s master depository bank account. Bank adjustments are identified through a multitude of BAI codes on the daily bank file.  These transactions, often upwards of 100 or more, require segregation, research, and resolution in order to maintain the integrity of the State’s daily cash reconciliation.


Education: Possession of a bachelor’s degree from an accredited four-year college or university including or supplemented by at least 18 credit hours in accounting, business administration or equivalent subject.

Experience: Four years of employment in responsible public administration, business administration, office management and/or accounting or auditing, one year of which must have been in work concerning accounting, investment securities, insurance investment, insurance company home office offering property and casualty experience.

OR Education: Graduation from a standard high school, including or supplemented by 18 credited hours in business administration, accounting, or equivalent subject.

Experience: Eight years of experience as defined above. At least one year of the experience must have been in work concerning accounting, investment securities, insurance investment, insurance underwriting, or in an insurance company home office offering property and casualty experience.


1. Candidates may substitute U.S. Armed Forces military service experience as a commissioned officer in financial administration and program classification or financial administration specialty codes in the accounting and budget group field of work on a year-for-year basis for the required experience and education. 


Applicants must meet the selective qualification(s) to be considered. Include clear and specific information on your application regarding your qualifications.

Two years of the required experience must be in a banking operations and/or corporate accounting environment reconciling various in-house and client accounts to a general ledger, analyzing reports & financial trends, or similar banking financial management experience.


Preference will be given to applicants who possess the following preferred qualification(s). Include clear and specific information on your application regarding your qualifications.

  • Experience administrating bank portals or similar secure sites for user access
  • Experience evaluating collateral for current market value based on set standards and/or regulations
  • Experience in government securities investing
  • Experience handling cash management and short-term investments
  • Experience with back office commercial banking operations in the areas of lockbox, controlled disbursement, remote deposit, positive pay,  electronic funds transfer processing (ACH, Fedwire/CHIPS/SWIFT)
  • Experience handling bank-initiated chargebacks/adjustments
  • Experience with BAI codes
  • Advanced skills in Excel (e.g., complex formulas, linked spreadsheets, H- & V-Lookup, pivot tables, exporting data, CSV files, parsing data, macros)


Must be willing to work in the Annapolis area.


Please make sure that you provide sufficient information on your application to show that you meet the qualifications for this recruitment. All information concerning your qualifications must be submitted by the closing date. We will not consider information submitted after this date. Successful candidates will be ranked as Best Qualified, Better Qualified, or Qualified and placed on the eligible (employment) list for at least one year.


The assessment may consist of a rating of your education, training, and experience related to the requirements of the position. It is important that you provide complete and accurate information on your application. Please report all experience and education that is related to this position.




This is a full-time, permanent position with the State of Maryland, and is eligible for full State benefits.  Some of these benefits include:

· Comprehensive, subsidized health, dental and prescription plans

· Flexible Spending Account plans for Health Care and Daycare

· Paid holidays 12-13 per year

· Generous paid leave package (annual, sick, personal and compensatory leave)

· State Pension ("defined benefit" plan)

· Tax-deferred supplemental retirement savings plans (401(k) and 457)

· Free parking

To learn more, click here: 




Applicants should submit a resume with their application. All candidates will be subject to a background investigation to include credit, criminal, and driving history.


General questions may be directed to the State Treasurer’s HR Office at 410-260-7078.


All job opportunities within the MD State Treasurer’s Office are accessible through JobAps, the Statewide Recruitment, Examination and Applicant tracking system.  By using the “Department” filter and highlighting “Office of the Treasurer,” you can view all active recruitments within our agency.  First time users can register for an account by selection a position for which to apply, choosing “I am a new user” at the bottom, then keying the necessary fields.  If you do not have access to a computer or to the internet, you may apply by faxing a copy of your resume to 410-260-4090 or mailing to State Treasurer’s Office, Attention Human Resources, 80 Calvert Street, Room 109, Annapolis, MD 21401.  Electronic application is strongly encouraged.


As an equal opportunity employer, Maryland is committed to recruiting, retaining and promoting employees who are reflective of the State’s diversity.


TTY Users:  call via Maryland Relay @ 711.

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