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Merchants Bank, Winona, has an opening for a Deposit Operations Manager.

The position oversees Deposit Operations functions, ensuring the accuracy, efficiency, and compliance of the bank’s deposit services. Key areas of responsibility include electronic banking, ACH origination, overdraft/NSF processing, deposit account maintenance, and vault and ATM management. Will develop and maintain operational policies and procedures, improving efficiency through automation and technology, and ensuring strong internal controls. Provides daily oversight, coaching, and development for department staff and serves as back-up support. The position fosters a culture of accountability, accuracy, and service excellence while ensuring regulatory compliance and superior support to both internal and external customers.

5+ years of progressive experience in banking operations required with at least 3 years as a supervisor desired. A Bachelor’s degree in Finance, Business Administration, Accounting or related field preferred. Must have strong problem solving and analytical skills and the ability to identify and implement process improvements. Excellent communication skills and proven ability to lead a team required.

Merchants Bank offers competitive wages and benefits for our full-time employees including health, dental, life, disability and vision insurance; flexible spending accounts, 401(k) and ESOP retirement plans; bonus plan; paid time off; tuition reimbursement; and a variety of voluntary supplemental insurance options.

Please click on Apply Now or apply in person at Merchants Bank, Winona (102 E 3rd Street). Questions can be emailed to [email protected]. Merchants Bank is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

Key Responsibilities:

Operational Oversight and Leadership

+ Manage and oversee the daily functions of the Deposit Operations department, including ACH processing, NSF/overdraft handling, account maintenance, debit card servicing, Reg E claims, and vault management.

+ Supervise and mentor staff, ensuring proper coverage, workflow balance, and continuous training and development.

+ Develop and monitor department goals, performance standards, and service-level expectations.

+ Serve as the escalation point for complex customer or operational issues, collaborating with branch and business unit leaders for resolution.

+ Provide back-up coverage to team members as needed to maintain uninterrupted service and compliance.

Strategic and Process Improvement

+ Evaluate existing systems, processes, and workflows to identify opportunities for streamlining, automation, and enhanced internal controls.

+ Lead or participate in cross-departmental initiatives, including new product rollouts, system conversions, and process redesign projects.

+ Maintain a proactive focus on operational efficiency, risk mitigation, and service quality.

+ Work closely with the Specialized Services Manager to ensure efficiency in workflow between the teams.

Compliance, Risk, and Quality Control

+ Ensure departmental operations comply with all applicable Federal and State laws, regulations, and internal policies.

+ Oversee regulatory reporting and manage responses to internal and external audit and examination requests.

+ Review and update deposit operations policies and procedures regularly to maintain compliance and accuracy.

+ Monitor transaction activity for accuracy and timeliness, implementing quality control measures to minimize errors and exceptions.

Team Development and Communication

+ Provide ongoing coaching, feedback, and performance evaluations for staff.

+ Foster teamwork, collaboration, and open communication across departments.

+ Support employee development through training, mentoring, and continued education in compliance and product knowledge.

Customer and Internal Support

+ Serve as a subject matter expert for deposit operations and electronic banking systems, providing guidance to branch personnel and internal business partners.

+ Ensure timely and effective resolution of complex customer inquiries and service issues.

+ Deliver a consistent, high-quality customer experience aligned with the bank’s service standards.

Additional Responsibilities

+ Participate in testing, implementation, and maintenance of new systems or product enhancements.

+ Maintain accurate documentation, records, and procedural materials consistent with bank policy.

+ Perform other duties or special projects as assigned to support departmental and organizational goals.

Required Skills and Experience:

Education and Experience:

+ Bachelor’s degree in Finance, Business Administration, Accounting, or related field preferred.

+ Minimum of 5–7 years of progressively responsible experience in deposit operations or banking operations, including at least 3 years in a supervisory or managerial capacity.

+ Strong understanding of deposit products, payment systems, and applicable banking regulations (Reg E, Reg CC, Reg D, BSA/AML, NACHA).

+ Experience with core banking platforms, electronic funds transfer systems, and treasury management tools.

Technical Skills:

+ Proficient in Microsoft Office Suite, especially Excel and data analysis tools.

+ Strong analytical, reconciliation, and problem-solving skills.

+ Demonstrated ability to identify and implement process improvements.

+ Excellent organizational skills with the ability to manage multiple priorities and meet deadlines in a dynamic environment.

Leadership and Interpersonal Skills:

+ Proven ability to lead, develop, and motivate high-performing teams.

+ Exceptional written and verbal communication skills, with the ability to interact effectively at all levels of the organization.

+ Professional, calm demeanor under pressure; capable of managing confidential and sensitive matters with discretion.

Working Conditions & Physical Requirements:

+ Office-based position with minimal physical demands; primarily computer and desk work.

+ Frequent interaction with employees across departments and communication via telephone and email with internal and external customers.

+ Prolonged periods of sitting at a desk and working on a computer.

+ Occasional lifting of files or office materials (up to 10 lbs).

+ Ability to communicate effectively through verbal and written means.

+ Some visual and mental fatigue may occur when resolving complex operational or system-related issues.

Job Details

Job Family Deposit Support

Pay Type Salary

Hiring Min Rate 80,300 USD

Hiring Max Rate 100,400 USD