We add many bank accounts to our system over time, some of which may become redundant. You can immediately delete inactive accounts, but active accounts require specific closing procedures.
However, before we learn how to do this in the system, we must first know the difference between closing and deleting a bank account.
Closing a Bank Account: Closing a bank account means ending your relationship with a bank. It involves paying off balances, transferring out money, and officially closing the account.
Deleting a Bank Account: Deleting a bank account from a software system means removing inactivated bank account details from that system.
Page receives a task from her manager on her third day of work. Her manager is facilitating the consolidation of customer accounts and needs Page's help with the process.
"So, Page, I was talking to our director, who asked me to consolidate the customer's accounts. I'd like you to handle the closure of one of these accounts."
Page is eager to apply her training and takes the task. This account has transactions going through it frequently, marking it as active, so it needs to follow proper closing procedures.
Page needs to learn to do the following:
- Close an active customer bank account in the Manage Bank Accounts app.
Select the play button below:
When closing an active bank account using the Manage Bank Accounts app, do the following:
- Access the account details
- Set the status as Mark for Closing
- Enter the closure date
- Send the closing request to the bank by setting the status as Send Closing Request to Bank.
- Confirm the closing process at the bank.
- Set the status as Confirm Closing at Bank.
Once completed, the account status changes from active to closed.