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 30th, 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 Opened If 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