Closing an account is done primarily when an account owner no longer wishes to use their account. Upon account closure, a paper check will be issued with the remaining balance if the fintech does not zero the account. To the extent you, as the fintech, are seeking to initiate the close because you suspect fraud or nefarious conduct, always use the lock functionality and not the close functionality. See the guide for details.
PATCH
call to the /account endpoint. This must be done in careful consideration of the regulatory and operational impact.
Closing an account requires additional permissions in the Treasury Prime API. Please contact support to have those enabled.
PATCH
request to the /account
endpoint with the status of close_pending
.
closed
or closed_pending
. If there are unsettled card transactions when the account closure request is received, the account will not be closed until those transactions are settled, which may take 30+ days.
To the extent there are transactions or returns that post after the account is closed, they will be visible through current balance and available balance. Any activity that changes the balance of an end user’s account will be the responsibility of the fintech to either disburse funds or collect funds as appropriate.
Payment | Behavior When Closed |
---|---|
ACH | All pending and processing ACHs will be canceled when the close is initiated. Closed accounts are blocked from creating any new ACHs. Inbound ACHs will be returned. |
Wire | All pending wires will be canceled when the close is initiated. Closed accounts are blocked from creating any new wires. Inbound wires will also be blocked on a closed account. |
Book Transfers | Closed accounts are blocked from being either the from_account_id or to_account_id on a book transfer. |
Check Issuing | Closed accounts are blocked from issuing new checks. Note: In the case of when a check was issued from an end-user account and the account was closed sometime later, a stop_payment will be put on all outstanding checks and the funds will return to the end-user account. As part of the process, the receiving bank will need to send funds back to the customer/end user to bring the account to a $0 balance prior to closing the account. Please confirm that this flow is enabled at your institution. |
Check Deposit | Closed accounts are blocked from depositing checks. |
Card Status Prior to Close | Behavior When Closed |
---|---|
active | Will be updated to a terminated status. |
unactivated | Will be updated to a terminated status. |
suspended | No change. |
terminated | No change. |
403 - Forbidden
response will be returned with an error message detailing the cause.
close_pending
through Treasury Prime’s APIclose_pending
status for 30 days.close_pending
to closed
.expired
. The bank is then responsible for escheating these funds to the state as required by unclaimed property laws.