Checking Account Closeout Request Business Rules

CX BUSINESS RULES:

• CX must follow the SOP – CX HubSpot for the creation and entire process of a HubSpot ticket
  • CX must create separate tickets for each account closure request
• CX must follow the authentication process in the SOP – CX Contact Handling for all CX channels
• READ THE ENTIRE message from the client and/or existing HubSpot ticket
  • Understand what the client is requesting
  • Understand what’s going on in the existing ticket
  • Reach out to a member of the leadership team if you need clarification
• Verify account status in Horizon XE before replying to the client’s request
• Verify how the account was opened (each type has different procedures)
  • Branch – Astoria location (permanently closed)
  • OAC (old Mantl) – certain members of the DBO have access to this application
  • MANTL
  • MANTL Max Savings
• Closed interest-bearing accounts: (High-Interest Checking)
  • Accrued Interest will need to be posted before the account is closed
  • Customer can forfeit the earned accrued interest – no limitation, written confirmation needed
• The client must provide an account number and closeout option to receive funds
  • Quontic to Quontic Internal Transfer
  • Originating funding account
  • The client must provide the following information
    • Last four digits of the originating funding account (some originating banks send altered account number data for the security of the client. If the last four do not match, please go to “Different bank institutions or opened in Astoria”.)
      • Verify this on MANTL
        • SOP – CX Mantl Console and MMI for assistance

• Different bank institutions or opened in Astoria Branch location
  • The client must provide the following information if sending the funds to a different bank institution
    • Color Copy of government-issued I.D.
    • Copy of bank statement
    • Account type
    • Account number
    • Banks routing number
• (this option is used as a last resort)

• Voluntary Account Closure
  • All Voluntary account closures require the client to provide a written request with close out option 
  • CX must ensure there are no pending transactions on the account
    • POS Transaction
    • Zelle Transfer
    • Bill Payment
    • External Transfer P2P

• Account Closure –Use funds to open a new Quontic Bank account See SOP – CX Open New QB Account SOP for assistance
  • Account Closure –Opened Less than 90 days/ more than $301+
    • CX must provide the client with all close-out options
    • CX must obtain a color copy of a valid government-I.D, even if the funds are being returned to the originating funding account
  • Account Closure –Opened More than 90 days/ any balance CX must provide the client with all close-out options
  • Account Closure – Bitcoin Checking(discontinued as of September 30^th, 2023)DBO will redeem Bitcoin Rewards before closing the accountThe rewards will post to the account within 2-3 business daysThe account will be closed after the credit is posted See SOP – CX Bitcoin Rewards Redemption for the full process 
  • Account Closure –Dormant Status
    • Zero Balance Dormant Account Closure request
      • Account can be closed without the Dormant Letter
    • Any Balance Dormant Account Closure request
      • The account must NOT be in a dormant status to close
      • See SOP – CX Dormant Account for the full process
  • Account Closure – New Duplicate/Wrong Account OpenedIf notified within 1-2 business daysThe client must contact the originating funding bank to place a stop paymentThe client can ask the originating bank to do an R11 – recall the funds If the client is unable to place a stop payment or recall the funds, the client will have to wait for the five-business day hold and then proceed with the account closure option CX must follow close-out timeframe rules
    • Account Closure – Zero Balance
      • CX must verify if there is any accrued interest when it’s a zero-balance request
        • Verify if the client has the external transfer feature enabled with active external accounts/ P2P transfers transaction/ checks for the account/ or Zelle
          • YES – Send the HubSpot ticket to DBO and ask them to post the accrued interest. Send a secure message to the client advising them to use one of the features to transfer the remaining funds
          • NO – If the client does not have these features follow the balance close-out process
            • If the client decides to forfeit the accrued interest, CX must receive a written request
        • No Available Accrued Interest, send HubSpot ticket to DBO for account closure

• Involuntary Account Closure
• The client does NOT receive an email or letter when the account is closed involuntarily for the following reasons:
  • Zero Balance or Charge-Off
• All BSA and Fraud Closure Requests are sent directly to the DBO team through HubSpot
  • The client does receive an email or letter from the DBO team when the account closure is requested by:
  • Financial Crimes which can include the following departments: Fraud, BSA, or Compliance
• §  Account Closure – Zero Balance

• Charge off

• • to gain access to the funds
    • See the Appendix for a sample of these letters
  • CX must follow the regular closeout option process for these accounts
  • If the client contacts us after the deadline, they must file a claim with the corresponding State Unclaimed Property Division of residence
    • For example, Massachusetts residents must file a claim with the Massachusetts Unclaimed Property Division
• Account Closure Confirmation
• If the client’s accounts have all been closed, CX must send the account closure confirmation through a secure email
• If the client has an active account and has access to OLB, CX must send the account closure confirmation through a secure message
• If the client has an active account and does not have access to OLB, CX must send the account closure confirmation through a secure email