CX Close Requests All Accounts Business Rules

July 5, 2023

July 6, 2023

Customer Experience, Standard Operating Procedures, Closed Account Requests, Account Maintenance, Voluntary, Involuntary, Business Rules

account closure, Voluntary Account Closure, Business Rules, Voluntary Closure, Account Closure business rules, Involuntary Account Closure, Zero Balance Closure, Dormant Closure, Dormant Status Closure, Bitcoin Closure, Charge Off Closure, Fraud Closure

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When contacted via phone or email, CX provides the client with the closeout instructions through a secure message
- CX must log the call in HubSpot
- CX must follow Email Procedurebelow when a closeout request comes through the email
  - Reply to the client’s email with Instructions Sent through the OLB email template
  - Send a secure message using the General Questions pipeline and provide instructions on how the client can close their account
  - If the client does not have OLB proceed with an email message
READ ENTIRE client’s message or existing Hubspot ticket
- Understand what the client is requesting
- Understand what’s going on in the existing ticket
- Reach out to your Supervisor 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
Priorities for account closures
- MEDIUM – waiting on the client to provide documents
- HIGH – sending HubSpot ticket to DBO
The client must provide an account number for receiving close-out funds
- Quontic to Quontic Internal Transfer
- Originating funding account – Verify this on MANTL
- Different bank institution
  - 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
Closed interest-bearing accounts: (Money Market, High Yield Savings Account, High-Interest Checking, and Certificate of Deposit)
- Accrued Interest will need to be posted before the account is closed
- Customer can forfeit the earned accrued interest – No limitation, written confirmation needed
HubSpot Titling:
- CX must include the last four digits of the account in the HubSpot title
- CX must create separate tickets for each account closure
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
    - If there is a pending transaction include findings in Horizon Note for DBO
- Account Closure – Use funds to open a new Quontic Bank account
  - See Close CD w/Penalty and Open New QB Account SOP for the full process
- Account Closure less than 90 days/ more than $301+
  - CX must provide the client with all close-out options
  - CX must obtain a Color copy of your valid government-I.D, even if the funds are being returned to the originating funding account
- Account Closure more than 90 days/ any balance
  - CX must provide the client with all close-out options
- Early Account Closure Certificate of Deposit
  - CX must receive written confirmation of the penalty fee from the client
    - The penalty on a Certificate of Deposit account is calculated
    - <12 months: the penalty will equal the interest for the entire length of the stated term
    - 12 – 23 months: the penalty equals one-year interest
    - 24+ months: the penalty equals two years of interest
  - The client may ask as a one-time courtesy to waive the early penalty fee
    - Escalate to the V.P./Customer Success
  - See CX Customer Retention for CDs SOP for more guidance on retention efforts
- Certificate of Deposit Account Closure – In Grace Period
  - If the client’s account were NOT closed during the Grace period, DBO would waive the penalty due to this error
  - The client can request to change the term of the CD at maturity – no need to close the account
    - Send HubSpot ticket to DBO-General to complete the request
  - See CX Customer Retention for CDs SOP for more guidance on retention efforts
- Bitcoin Checking Account Closure
  - DBO will redeem Bitcoin Rewards before closing the account
    - The rewards will post to the account within 2-3 business days
    - The account will be closed after the credit is posted
- Dormant Status Account Closure
  - Zero Balance Dormant Account Closure request
    - Account can be closed without the Dormant Letter
  - Any Balance Dormant Account Closure request
    - The account can NOT be in a dormant status before closing
    - See CX Dormant SOP for procedures
- Duplicate/Wrong New Account Closure
  - The client must contact the originating funding bank to place a stop payment
  - The client can also ask the 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 the five business day hold and then proceed with the account closure option
      - CX must follow close-out timeframe rules
  - DBO could change the term of the CD if the wrong term were opened within the 1^st business day of account opening
- Zero Balance Account Closure
  - 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 involuntary 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:
    - Bank Secrecy Act (BSA) or Fraud Department
- Zero Balance Account Closure
  - The system will automatically close the clients account if the balance is zero and it has been over 90 days
  - Client must apply for a new account on the Quontic website
    - If the client insists on re-opening the account, advised Management Approval is needed before it can be reopened
- Charge-off Account Closure
  - DBO will close the client’s account when the account has been negative for ten consecutive days
  - The client will need to submit an ACH to the closed account to off-set the negative balance
    - A wire transfer or an external transfer is accepted
  - The client can Wire/ ACH/ External Transfer the funds to the Charged-off account to off-set the negative balance
    - The client can mail a check to the following address to off-set the negative balance
      - 3105 Broadway, Astoria, NY, 11106
  - Client must apply for a new account on the Quontic website once the charge-off has been cleared
    - If the client insists on re-opening the account, advise Management Approval is needed before it can be reopened
- BSA/AML/OFAC Compliance Analyst Account Closure
  - CX must read the entire ticket and understand what is allowed and not allowed to say to the client
  - This department can close clients’ accounts for various reasons. For example:
    - Suspicious fraudulent posted transactions or unable to verify transactions
  - DBO will receive a HubSpot ticket detailing why the account will be closed and by when it needs to be closed
    - HubSpot ticket name example: 9.22 BSA Close Account for Client’s Name / Account Type #Account Number
- Fraud Account Closure
  - CX must read the entire ticket and understand what is allowed and not allowed to say to the client
  - This department can close clients’ accounts for various reasons. For example:
    - The owner found related to a fraudulent ring, or the funding deposit was returned
  - DBO will receive a HubSpot ticket detailing why the account will need to be closed
    - HubSpot ticket name example: Fraud Account Closure Request – Client’s Name
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
- Upon all customer’s account closure ensure all HubSpot Tickets have been closed.