Closing and Reopening Bank Accounts

If you no longer use a bank account and the bank account has the status Active, you can close the bank account. You can also reopen a closed bank account if necessary.

You can only close bank accounts with the status Active.
To close a bank account, complete the following steps:
In the Manage Bank Accounts app, find the bank account and then open it.
Choose one of the following options:
Mark for Closing
Choose this button to initiate the closing process. The bank account is then set to the Marked for Closing status.
Confirm Closing at Bank
If the bank account has already been closed at its bank, choose this button to set the bank account to the Closed at Bank status.
Send Closing Request to Bank
Choose this button to confirm that you are about to send a bank account closing request to the bank or that you have already done so. The bank account status is then set to Closing Request Sent to Bank.
Additionally, depending on your settings, a bank account closing request letter can be automatically generated and sent to the bank account contact person using email. The receiver can then send the letter to the corresponding bank to request closure of the bank account.
- When the bank account is closed at the bank, you can close it completely in the system by choosing the Confirm Closing at Bank button.
- In the Set Up Bank Determination for Payment Transactions configuration step, check and update the payment settings of the house bank accounts that are linked to this bank account.

In the Manage Bank Accounts app, select the bank account which is about to be closed. Depending on the current status of the account (02 – Active), subsequent processing options are available.
Choose the account status according to your underlying business process.

Bank accounts with the Marked for Closing status can still be viewed or processed in the following apps:
Review Bank Accounts
Review bank accounts with this status.
Maintain Payment Approver - For Multiple Bank Accounts
Update payment approvers for bank accounts with this status.
Import Bank Fees
Import bank fee data for bank accounts with this status.
Monitor Bank Fees
Monitor bank fee import status for bank accounts with this status.
Bank Statement Monitor - Intraday
Monitor the import of intraday bank statements for bank accounts with this status.
Bank Statement Monitor - End-of-Day
Monitor the import of end-of-day bank statements for bank accounts with this status.
Manage Bank Account Balances
Enter or import bank account balances for bank accounts with this status.
Monitor Bank Account Balances
Monitor bank account balances for bank accounts with this status.

If necessary, you can reopen a bank account that was previously closed.
To reopen a bank account, complete the following steps:
In the Manage Bank Accounts app, find the bank account that you want to reopen.
Choose the Initiate Reopening button.
The bank account status is set back to Closed at Bank.
Depending on the process used to close the bank account, you can reopen it using either of the following buttons:
Change Back to Active
If you started the closing process directly using the Confirm Closing at Bank button, you can choose this button to change the bank account status back to Active.
Reopen at Bank
If you started the closing process using the Send Closing Request to Bank button and then the Confirm Closing at Bank button, you can choose the Confirm Closing at Bank button to change the bank account status first to Closing Request Sent to Bank and then use the Change Back to Active button to set the bank account back to Active.

If reopening a bank account, the process starts with an already closed bank account at the bank. For this bank account several processing options are available.
Either complete the closing of the account or revert back to active.