Job Description
Job Description:
About Us
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Global Business Services
Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.
Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.
In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.
Process Overview
All new interest bearing accounts and Certificates of Deposits (CDs) require a complete Form W-+ when the account is opened. The Form W-+ is the part of the signature card and is maintained on Image View. Tax Reporting receives Forms-W+’s from Reasonable Cause, B-Notice, Penalty Notice mailings and from banking centers for name or TIN changes to existing accounts.
Job Description
The W-+ Analyst is responsible for reviewing the Form W-+’s for proper certification and to ensure the accounts are set up correctly on the application system. Accounts that are not certified are certified and tracked by the HX system and are subject to backup withholding. Backup withholding is the withholding of federal income tax on reportable payments such as interest. Backup withholding is applied at the current percentage rate established by the government to the amount of interest paid. The amounts withheld are paid to the IRS the next business day. Any interest paid and backup withholding is reported at year-end on Form 10++-INT to the customer and the IRS.
Responsibilities
Calculating and processing interest adjustment for Checking, Savings Accounts.
Ensure that the Customer’s TIN is correct on the form
Initiating & terminating backup withholding
Update/Validate Name, Address & TIN as per SOR on IRS reports for savings bond
Requirements
Education - Any Graduate with Commerce background or banking related
Certifications If Any - None
Experience Range – 3 to 5 Years
Foundational skills
Domain knowledge on US Tax
Good verbal and written communication skills
Knowledge on US Tax is mandatory
Knowledge of Money Laundering and it’s relation to Banking Operations will be an added advantage
Should be flexible working in different shifts as per the business requirement. Also be willing to do additional hours as and when required.
Desired skills
Preferred exposure in Financial / Banking domain.
Prior knowledge of US Banking industry an advantage
Ability to work on multiple applications
Eye for detail.
Good communication skills and ability to interact effectively within the team and Line of Business
Able to work under pressure, in a high volume environment, to tight deadlines without accuracy & TAT being compromised
Team player
Work Timings - 3:30 PM to 12:30 AM IST
Job Location - Chennai & Hyderabad
About Us
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Global Business Services
Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.
Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.
In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.
Process Overview
All new interest bearing accounts and Certificates of Deposits (CDs) require a complete Form W-+ when the account is opened. The Form W-+ is the part of the signature card and is maintained on Image View. Tax Reporting receives Forms-W+’s from Reasonable Cause, B-Notice, Penalty Notice mailings and from banking centers for name or TIN changes to existing accounts.
Job Description
The W-+ Analyst is responsible for reviewing the Form W-+’s for proper certification and to ensure the accounts are set up correctly on the application system. Accounts that are not certified are certified and tracked by the HX system and are subject to backup withholding. Backup withholding is the withholding of federal income tax on reportable payments such as interest. Backup withholding is applied at the current percentage rate established by the government to the amount of interest paid. The amounts withheld are paid to the IRS the next business day. Any interest paid and backup withholding is reported at year-end on Form 10++-INT to the customer and the IRS.
Responsibilities
Calculating and processing interest adjustment for Checking, Savings Accounts.
Ensure that the Customer’s TIN is correct on the form
Initiating & terminating backup withholding
Update/Validate Name, Address & TIN as per SOR on IRS reports for savings bond
Requirements
Education - Any Graduate with Commerce background or banking related
Certifications If Any - None
Experience Range – 3 to 5 Years
Foundational skills
Domain knowledge on US Tax
Good verbal and written communication skills
Knowledge on US Tax is mandatory
Knowledge of Money Laundering and it’s relation to Banking Operations will be an added advantage
Should be flexible working in different shifts as per the business requirement. Also be willing to do additional hours as and when required.
Desired skills
Preferred exposure in Financial / Banking domain.
Prior knowledge of US Banking industry an advantage
Ability to work on multiple applications
Eye for detail.
Good communication skills and ability to interact effectively within the team and Line of Business
Able to work under pressure, in a high volume environment, to tight deadlines without accuracy & TAT being compromised
Team player
Work Timings - 3:30 PM to 12:30 AM IST
Job Location - Chennai & Hyderabad
💡 Quick Summary
Seeking a career-building opportunity? The Team Leader position is now open for candidates interested in the Bank Jobs sector. This role in Hyderabad offers a professional environment and growth potential.
Requirement Snapshot: Candidates should possess basic communication skills, a proactive attitude, and the ability to work in a team. Experience in Bank Jobs is a plus.
