Account Closure
Customers usually initiate account closures. However, banks may also initiate account closure activities for example, when an account is inactive or has a zero, negative, or below a threshold balance for a period of time.
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Perform the settlement of payoff amount for the savings account by providing the transaction amount, currency and also settlement instructions
Close Account
PUTPerform the closure of the savings account after settlement of payoff amount. The account moves to closed status based on the closure conditions defined in the system
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Calculate the payoff amount for the current account which includes the outstanding amounts and also amounts such as account balances, interest, and charge amounts
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Approves account closure information to allow closing of an account which is no longer in use
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Retrieves the account closure information of the account such as closure date and reason, mode of closure, balances on the date of closing and pending charges
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Retrieves the payoff details of an account
Posting Restriction
Banks employ posting restrictions to regulate transactions in deposits. Posting restrictions are transaction-based controls, that prevent transactions from being posted for the purpose of operational control. A typical business case in which a bank applies a posting restriction to control credits is for non-resident accounts, where there could be restrictions against the deposit of local currency amounts into the deposit.
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Update the account conditions of the term deposit such as alternate references, posting restrictions, etc
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Update the account conditions of the term deposit such as alternate references, posting restrictions, etc