Cash Operations Specialist

Organizational Expectations:

The primary goal of the Cash Department of the Federal Reserve Bank of Cleveland is to maintain confidence in U.S. currency and meet the needs of the marketplace by supplying currency and coin to meet domestic and international demand, maintaining the quality and integrity of currency in circulation, and ensuring depository institutions have ready access to cash services. To achieve this mission, 4th District Cash services operate from the Cleveland and Cincinnati Reserve Banks and in collaboration with our Federal Reserve colleagues in other Districts.

General Responsibilities:

• Prepare and process large volumes of currency/coin in a highly controlled team environment - apply developed job knowledge and experience to operate equipment and exceed district productivity and compliance metrics.

• Adhere to processes and procedures to perform initial receipt and verification, destroy large volumes of currency, and/or payout currency following procedures as described in procedure manuals - this requires using extensive knowledge of multiple procedural documents, including yearly revisions.

• Reconcile and balance physical inventory with internal automation systems using proprietary software designed for the cash function.

• Through trained observation, detect and secure counterfeit, old series, and/or altered notes, and prepare notes for transfer to the final disposition (must pass counterfeit certification test on a semi-annual basis).

• Use enhanced knowledge of currency circulation process and automated systems to help resolve operating exceptions and escalate when necessary - prepare supporting documentation for daily transactions and physical holdings including original source documents that will serve as the official record according to the system records retention manual.

• Perform under the frequent view of compliance and audit staff while maintaining focus on quality, controls, and productivity - employees perform their job responsibilities under constant video surveillance and engage with auditors to explain processes and procedures.

• Participates in bank wide and district events and/or projects.

• Adheres to the department policies and procedures.

• Performs other duties as assigned or requested.

• Adhere to the bank attendance policies through regular and prompt attendance.

​Education and Experience:

• High school diploma and no prior experience – strongly prefer related work experience

Knowledge and Skills:

• Ability to perform independent research and perform complex tasks

• Ability to work in a team environment

• Strong attention to detail with ability to follow established policies and procedures

• Basic math and problem solving

• Basic knowledge of cash operations and the prescribed operating procedures, safety, security, and compliance and/or production standards and controls

• Ability to handle sensitive information with confidentiality

• Comprehensive customer service, communication, and interpersonal skills

• Proficient computer skills including Microsoft Office along with other various online applications as needed for the role

Physical Demands and General Working Conditions

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, the Federal Reserve Bank of Cleveland reserves the right to revise this or any job description at any time. 

Employees in this position work in a controlled environment with one or more partners under Federal Reserve and Treasury custody control standards. This is a very physical job requiring repetitive lifting and moving of currency weighing greater than 30 pounds. Additionally, employees may be required to operate manual equipment (tow motor) to move containers exceeding 1,500 pounds. Limited sitting occurs and most of this job is performed standing and walking in an enclosed work area. Workrooms are climate controlled. However, working conditions may vary due to external elements. Employees need to be aware of their surroundings due to frequent movement of containers. Exposure to noise from various machines will occur. Employees may be required to push and pull currency containers of moderate to heavy weight.

Bank’s Ethics Rules and Drug Testing:

As a condition of employment, Federal Reserve Bank of Cleveland employees must comply with the Bank’s ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning or controlling, directly or indirectly, any debt or equity interest in a depository institution or an affiliate of a depository institution. A "depository institution" means a bank, a trust company, or any institution that accepts deposits, including a bank chartered under the laws of a foreign country. In addition, employees (and their spouses/domestic partners, and minor children) may not own shares of mutual funds, unit investment trusts or ETFs that have a policy, as stated in the prospectus, of concentrating in the financial services industry and that have underlying investments in banks or other depository institutions. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting.

In addition, as a condition of employment, candidates must undergo a background check and will be tested for all controlled substances prohibited by federal law, to include marijuana, prior to hire and for certain safety sensitive positions during employment.

Reasonable Accommodation Statement - The Federal Reserve Bank of Cleveland is committed to ensuring that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. To request a reasonable accommodation for any part of the employment process, please send an email to [email protected].

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