CX Close Requests All Accounts Business Rules

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 1st 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.