Table of contents
In the live environment, the Highnote team will close financial accounts at your request. In the test environment, you can use the dashboard to simulate closing a financial account to test your workflow and notifications. This guide provides an overview of the account closure process, steps for notifying account holders, and steps for closing a financial account.
Overview
Before launching your card product, Highnote will establish an account closure process for your card program. A typical account closure process takes place as follows:
- An account closure request is submitted by your team, the account holder, Partner Bank, or Highnote.
- When the request is received by Highnote, the account's status is set to "Pending close".
- At this time, authorizations are automatically blocked for all associated payment cards and Highnote will address account closure blockers that may prevent final closure. For a list of account closure blockers, see Account closure blockers.
- After removing account closure blockers, the financial account status is updated to "Closed".
The following graphic outlines this process:
Account closure blockers
When the Highnote team is reviewing a financial account that is pending closure, they must ensure any account closure blockers are cleared. The following blockers may prevent a financial account closure:
- Pending authorizations and transfers
- Active payment cards
- Scheduled transfers
- Funds owed to an account holder
- Unclaimed rewards
When a financial account is closed for a card product with a rewards program, reward points in the financial account may be forfeited. Unclaimed rewards should be communicated to the account holder by your support team.
Notify the account holder
Note: Some card products may require notifying an account holder by regulation. Contact support@highnote.com to inquire whether your card product requires account holder notification.
We recommend notifying the account holder of account closure-related events. Subscribe to the following notifications to notify account holders:
Notification event | Description |
Account status | This event notifies you when an account has been closed. You can send a confirmation message to the account holder to inform them of the change in their financial account status. |
ACH funds withdrawal | When funds are owed to an account holder before account closure, this event notifies you of ACH funds withdrawal events. You can use this notification to notify the account holder of the funds withdrawal. |
Close a financial account
Note: To close a financial account in the live environment, you must contact support@highnote.com.
In the test environment, you can simulate a financial account closure from the Highnote dashboard using the following steps:
- Use the dashboard search bar to search for your account holder. For tips on using the search bar, see Using the Highnote dashboard.
- Click the Financial Accounts tab and choose the financial account you want to close from the list.
- On the financial account page, click More and select Initiate Close from the drop-down.
- To confirm account closure, click Initiate Close on the pop-up.