Transfer Account Ownership
- 28 Oct 2024
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Transfer Account Ownership
- Updated On 28 Oct 2024
- 1 Minute To Read
- Print
- DarkLight
- PDF
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Customers are able to transfer the ownership of an account to a different owner. This can be done in the following directions:
- From an individual user to a group
- From a group to an individual user
- Between groups and individual users.
Some restrictions apply before transferring an account:
- Account is in the active, approved, or active_in_arrears state.
- Target owner is in active or inactive state.
- Account is not linked to any loan account.
- Account doesn’t have pending authorization holds or blocked funds.
To start the process use the POST /deposits/{depositAccountId}:transferOwnership endpoint. This will trigger and complete the process.
Important
When initiating a transfer to an owner on a different branch, make sure the account’s product is also available on the new owner’s branch if you intend to change the branch as well.
Post-transfer restrictions
The following actions are restricted once the ownership has been transferred:
- The ability to view the previous owner's financial activity is restricted for the new owner. Based on the permissions granted, a user - for example a clerk - may still be able to view them.
- The ability to adjust transactions which are dated before the transfer.
- Posting/editing/deleting interest availability with a start date before the transfer.
- Applying interest with value date before the transfer date.
- Changing interest rate before the transfer date.
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