Administrators can initiate closure of a deposit account within the “Summary” tab of Financial Manager. Any remaining balance will be refunded via the option selected by the administrator (mailed check, EFT, or deposit account transfer). In certain circumstances (e.g., due to an inactive or unfunded account), we may initiate closure on your behalf. In those cases, any remaining balance will be refunded via check to the deposit account mailing address on file. A deposit account must be closed before it can be removed from your Financial Manager profile.
There is a 30-day hold period from the date of last transaction posted against the deposit account before the account is closed and any remaining account balance is refunded to your selected refund option. A transaction is defined as any status change (including account creation, reactivation, or any other system-initiated change) or any posted financial transaction (including fee payment, replenishment, withdrawal, or fee refund). Once the hold period has been met, your deposit account will close after one business day. If there have been no transactions in the past 30 days, your deposit account will close after one business day. The email confirmation and on-screen messaging will indicate the date your deposit account will be closed.
Reactivate a deposit account pending closure
Administrators may utilize the reactivate button on the “Summary” tab in Financial Manager before the deposit account has closed. This functionality is available when your deposit account status is either PENDING CLOSURE – CUSTOMER REQUEST or PENDING CLOSURE – NO RECENT ACTIVITY. Reactivating the deposit account will cancel the closure process and any associated refund of account balance. Once a deposit account has closed, it cannot be reactivated or reopened.
Report functionality for closed deposit accounts
You may continue to run reports for any closed deposit account listed in your profile (if you are granted Reporter permission). Once you delete a closed deposit account from your profile, it will no longer be available for reporting.