Deposits, Withdrawals and Transfers
- Updated On 23 Feb 2021
- 4 Minutes To Read
Mambu allows you to easily manage and work with your customers' deposit accounts.
Enter a deposit
To log a deposit from a client on a Current / Savings Account:
- Go to the account's Overview page.
- On the right hand side of the screen, click on Deposit.
- Enter the amount and channel.
- Click on Make Deposit.
If you need to make several deposits you can do it through the bulk deposit option. In order to do so you must create first the Deposits Collections menu item. For more details on creating this menu item please read Customizing Menu Items.
To make a bulk deposit transaction:
- On the main menu, go to Deposit Transactions > Deposits Collections.
- Click on the dropdown menus to filter the deposits per branch, centre, credit officer and product > click on Filter.
A list with all the deposits following the criteria you chose will appear. The default values for Deposit Amount are the ones defined in those accounts.
- To make several deposits without changing the original amount due and date, check the correspondent boxes > click on Post Deposits > click on Make Deposits.
Make deposit transactions in bulk
This feature is currently in the pre-release phase and enabled only for certain customers on request. If you would like to learn more about whether this feature may fit your current or upcoming needs, please talk to your CSM or solutions engineer.
Apart from using the UI (as presented in the topic above), you can also post deposit transactions in Bulk using the API.
While the Deposits collection functionality allows you to post multiple transactions simultaneously but would fail in full if one of them fails, with the API each transaction is processed separately meaning that if one of the transactions fails, the rest of them continue to run and have their own status.
There is a second API endpoint that allows you to see the status of a bulk transaction, identified by the bulk ProcessKey which gives the status of the bulk and shows all successful operations processed along.
To log a withdrawal from a client on a Current / Savings Account:
Go to the account overview page and on the right hand side of the screen, click on Withdrawal > enter the amount and channel > click on Make Withdrawal.
Withdrawals on accounts that have a maturity period enabled are not possible. Only administrator users and users with the Make early withdrawal permission can do it.
You can make transfers from a deposit account to another deposit or loan account, including from deposit accounts on overdraft balance with the condition that they are made in the same currency.
When you make a transfer from an overdraft account, the transferred amount will be debited on the overdraft account at accounting level and credited on the target deposit or loan account. Transfers can be made even if the current deposit account balance is positive, but will become negative (overdraft) after the transfer is made.
Early withdrawals in Fixed Deposits
In a Fixed Deposit account, after the maturity period is started, only administrator users or those who have the permission to make early withdrawals will be able to withdraw the deposit. Other users won't see this as an option.
Adjust deposits, withdrawals, and transfers
If for some reason you need to adjust a deposit, withdrawal, or transfer, you can do it as long as there is no deposit, withdrawal, or interest applied transaction logged after it.
To adjust a transaction on an account:
Navigate to Transactions > click on Actions button for the transaction you need to adjust > enter the reason for the adjustment > Adjust the transaction.
Backdate Deposits and Withdrawals
Some organizations, due to the nature of their operations, need to backdate deposits or withdrawals which occurred days before, for instance during a collection in the field.
You can backdate any deposits or withdrawals. When posting a backdated transaction before an existing one Mambu will:
- Reverse all the transactions posted after the new transaction entry date (all transaction that have entry date bigger than the current transaction entry date)
- Post the new transaction
- Repost all the adjusted transactions
View history of deposits, withdrawals and transfers
Every deposit, withdrawal, transfer or fee applied to an account will be stored under Transactions, as well as the method of payment used for each of them.
If you have a question about how anything works or have come across something you haven't seen explained here, get in touch with our community of fellow users and Mambuvians where someone will lend a hand.
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