Account Closure

The banking user with the required permissions can close their Current and Saving accounts in the bank through the application. The user can raise a close request for the accounts with zero balance. After the closure request, the user gets notified through the personal email about the fulfillment status and suspension of internet banking facility for a single account. For multiple accounts, the user gets notified through alerts module in the channel App and through the personal email on the fulfillment status of the account closure request.

Configurations

• The Account Closure feature has to be enabled in Spotlight for the user to access and close the account.
• Feature and action names. See Feature and action names for the complete list of features and actions.
• SRMS configuration for Account Closure.
• In Spotlight, the following configurations are required:
  • Terms and Conditions for Account Closure.
  • Account Closure reasons under system configurations.
  • Alerts Configuration.

Glossary

Terms	Description
Account Closure	The process of deactivation or termination of accounts by the customer, custodian, or counter party. The process is often applied to checking or savings accounts, current accounts, loan accounts, credit cards, and deposits.
Outstanding Balance	The user unpaid amounts to the bank against the current Account/Credit Card.
Source status	The status sent by the back end for the “Account closure” service request.
Target status	The status should be shown to the customer in the Channel App.
Primary Customer	The person who owns the account in the bank.
Virtual user	The person who may or may not have an account in the bank but access digital banking on behalf of the primary customer.
Multi-account customer	Customer who has multiple accounts of the same product type or different product type.