4.4 Account Closure

This topic describes the systematic instructions to search and close an account.

When the user closes an account, the system performs the following actions before closing the account:

• Closes the account checkbooks
• Settles interest owed by or to the account
• Completes account maintenance in the product processor

1. On the Home screen, click Corporate Account Services. Under Corporate Account Services, click Account Closure.
   The Account Closure page displays.

   Figure 4-8 Account Closure Page

   
   

   
   Description of "Figure 4-8 Account Closure Page"

   
   
2. In the Account Search section, specify one or more fields. For more information on fields, refer to the field description table.

   Table 4-4 Account Search - Field Description

   Field	Description
   Customer Number	Specify the CIF number of the customer owning the account.
   Customer Name	Displays the name of the selected customer.
   Account Category	Specify the account category to which the account belongs.
   Description	Displays the description of the selected account category.
   Currency	Specify the operating currency of the account.
   Currency Description	Displays the description of the operating currency.
   Account Number	Specify the account number for closure.

   To fetch an account number:

   1. Click Fetch.

      The Account Number dialog displays.

   2. Search for the required account by providing some or all of the following details: Account Number, Account Name, or Account Currency.
   3. Select the required account from the results.
3. Click .
   The accounts matching the search filters display in the Account Selection section.
4. Click an account tile to select it and then click Initiate.
   The Account Closure - Application Number page displays the Account Basic Details screen.

   Tip:

   Make a note of the Application Number. This is needed to identify the task at the entry, enrich, and approval stages in the matching process, on the Free Tasks page.

   Figure 4-9 Account Closure Page

   
   

   
   Description of "Figure 4-9 Account Closure Page"

   
   

   Note:

   The following data segments on field-level descriptions refer to the Account Creation topic.

   • Account Basic Details
   • Account Address
   • Account Status
   • Account Signatory
5. Click Next
   The Account Closure Details page displays.

   Figure 4-10 Account Closure Details

   
   

   
   Description of "Figure 4-10 Account Closure Details"

   
   
6. Click Next.
   The Account Closure Preference page displays.

   Figure 4-11 Account Closure Preference

   
   

   
   Description of "Figure 4-11 Account Closure Preference"

   
   
7. On the Account Closure Preference screen, specify the details by following the steps below:
   On the Account Closure Preference screen, specify the fields. For more information on fields, refer to the field description table.

   Table 4-5 Account Closure Preference - Field Description

   Field Name	Description
   Cheque Book Number	Display the cheque book number.
   Status	Display the current status of the record.
   Destroyed	Switch the toggle to ON, to specify whether the cheque is destroyed.
   Remarks	Displays the remarks.
   Documents	Update the required documents.
   Banking Channel	Display all the active banking channel for the account.
   Channel Name	Display all the active banking channel name for the account.
   Deactivated	Displays the deactivated status.

8. Click Next.
   The Account Operating Instructions page displays.

   Figure 4-12 Account Operating Instructions

   
   

   
   Description of "Figure 4-12 Account Operating Instructions"

   
   
9. On the Account Operating Instructions screen, specify the details. For more information on fields, refer to the field description table.

   Table 4-6 Account Operating Instructions - Field Description

   Field Name	Description
   Instruction Details	Displays the instruction details.
   Effective Date	Displays the date from which the block is active.
   Document Type	Displays the type of document.
   Document Code	Displays the document code.
   Expired	Displays the expired date of the instruction.
   View	Click the icon to view the document.

10. Click Next.
    The Summary page displays.
11. Click Submit from the Summary screen.
    The Stage Movement Submission dialog displays.
12. Complete the Stage Movement Submission process, by following the steps below:
    1. Accept any Overrides generated and click Proceed Next.
       The Checklist stage fetches and displays checklists mapped to this stage.
    2. Confirm the checklist items and then click Proceed Next.
       The Outcome stage displays.
    3. Select PROCEED from the drop-down list and click Submit.
       The Stage Movement Submission process creates the Corporate Account Closure task.
13. Complete the Corporate Account Closure tasks, by following the steps below:
    1. Click Tasks, and under Tasks, click Free Tasks.
       The Free Tasks page displays.
    2. Search the listed tasks with these column values. The Process Name column contains Corporate Account Closure, the Stage column contains Account Closure.
    3. Click Acquire and Edit.
       The Account Closure page displays.

       Figure 4-13 Account Closure

       
       

       
       Description of "Figure 4-13 Account Closure"

       
       
14. Click Next from the Account Closure Preference screen.
    The Department Approval page displays.

    Figure 4-14 Department Approval

    
    

    
    Description of "Figure 4-14 Department Approval"

    
    
15. To provide the details on the Department Approval page, follow the steps below.
    Specify the column on the screen. For more information on fields, refer to the field description table.

    Table 4-7 Department Approval - Field Description

    Column Name	Description
    Department	Display all the department considering the source code.
    Description	Display the brief description of the source code.
    Approval Status	Display the current status of the record. The possible options are: Accepted Rejected
    Remarks	Displays the remarks.
    Action	Update the required documents.

16. Click Submit from the Summary screen.
    The Stage Movement Submission dialog displays.
17. Complete the Stage Movement Submission process, by following the steps below:
    1. Accept any Overrides generated and click Proceed Next.
       The Checklist stage fetches and displays checklists mapped to this stage.
    2. Confirm the checklist items and then click Proceed Next.
       The Outcome stage displays.
    3. Select PROCEED from the drop-down list and click Submit.
       The Stage Movement Submission process creates the Corporate Account Closure task.
    4. Complete the Corporate Account Closure tasks.
18. Click Acquire and Edit.
    The Account Closure page displays.

    Figure 4-15 Account Closure - Account Balance Details

    
    

    
    Description of "Figure 4-15 Account Closure - Account Balance Details"

    
    
19. To provide the details on the Account Balance Details page, follow the steps below:
    1. Specify the fields on the screen. For more information on fields, refer to the field description table.

       Table 4-8 Account Balance Details - Field Description

       Field Name	Description
       Legal Block	Displays the legal block.
       Unauthorized Credit	Displays the total amount of Credits that are not authorized.
       Uncollected Funds	Displays the uncollected funds that are applicable to the account.
       ECA Blocked Amount	Displays the amount blocked in the account due to External Credit Approval (ECA) sought by external applications such as Liquidity Management applications.
       Unconfirmed Block Amount	Displays the unconfirmed block amount.
       Unauthorized Debit	Displays the total amount of debits that are not authorized.
       Withdrawable Balance	Displays the sum of balances of Legal Blocks, Unauth Credit, Uncollected funds , Blocked Amount , Unauth Debit.
       Product	Displays the interest product details.
       Debit/Credit	Displays the type of transaction. The possible options are: Credit Debit
       Interest Amount	Displays the interest amount.
       Settlement Amount	Displays the settlement amount.
       Waiver/Residual Required	Switch the toggle to ON, to add the waiver or residual amount.
       Waiver/Residual Amount	Displays the waiver or residual amount.
       Final Settlement Amount	Displays the final settlement amount.
       Update Exchange Rate	Displays the exchange rate to convert the original currency to the currency of the local branch.
       Exchange Rate	Displays the exchange rate.
       Local Currency Equivalent	Displays the local currency equivalent amount.
       Transfer Out Details	Select the required option from the list. The options are: None Manager Checks Internal Account External Account

    2. Click Interest Simulation.
       The Interest Simulation page displays.

       Figure 4-16 Interest Simulation

       
       

       
       Description of "Figure 4-16 Interest Simulation"

       
       
    3. On the Interest Simulation screen, specify the fields. For more information on fields, refer to the field description table.

       Table 4-9 Interest Simulation - Field and Description

       Field Name	Description
       From Date	Specify the date from which the simulation is to be done.
       To Date	Specify the date till which the simulation is to be done.
       Product	Displays the product for simulation.
       Debit/Credit	Displays the type of transaction. The possible options are: Debit Credit
       Projected Interest Amount	Displays the projected interest amount.

20. Click Next from Account Operating Instructions.
    The Summary page displays.
21. Click Submit from the Summary screen.
    The Stage Movement Submission dialog displays.
22. Complete the Stage Movement Submission process.
23. Complete the Corporate Account Closure tasks, by following the steps below:
    1. Click Tasks, and under Tasks, click Free Tasks.
       The Free Tasks page displays.
    2. Search the listed tasks with these column values. The Process Name column contains Corporate Account Closure, the Stage column contains Approve Account Closure.
    3. Click Acquire and Edit.
       The Approve Account Closure page displays.

       Figure 4-17 Approve Account Closure

       
       

       
       Description of "Figure 4-17 Approve Account Closure "

       
       
24. Click Next from the Department Approval screen.
    The Account Balance Details page displays.

    Figure 4-18 Account Balance Details

    
    

    
    Description of "Figure 4-18 Account Balance Details"

    
    
25. Click Submit from the summary screen.
    The Stage Movement Submission dialog displays the Overrides stage.
26. Complete the Stage Movement Submission process, by following the steps below:
    1. Accept any Overrides generated and click Proceed Next.
       The Checklist stage fetches and displays checklists mapped to this stage.
    2. Confirm the checklist items and then click Proceed Next.
       The Outcome stage displays.
    3. Select PROCEED from the drop-down list and click Submit.
       The Account closure is approved.