Account status
Status | Description |
---|---|
APPROVED | This status is similar to Active and allows everything, but signifies that there are no transactions to/from this account have been made yet. Once deposit or withdrawal happens account automatically changes status to Active. |
ACTIVE | The account is active with no restrictions. Once the client makes any transaction (deposit, withdrawal or transfer) on the account, it will transition from "Approved" to “Active” |
ACTIVE_IN_ARREARS | If an account with an overdraft has a negative balance after the overdraft expiry date or the overdraft limit is decreased below the current negative balance, the state will change to ACTIVE_IN_ARREARS until the deposited amount will cover the overdraft balance. When the overdraft balance is covered, the deposit account will be sent back to the ACTIVE state |
LOCKED | Refers to an Active account that has been Blocked by Shaype or the Client, possibly as a result of a security alert. The client should work with the customer to resolve or make the account Inactive if appropriate. This status will block all transactions and transfers to the account. |
CLOSED | Refers to an account that has been closed (using https://developer.shaype.com/reference/closeaccount) and is no longer accessible by the customer . Customer records will be stored for the appropriate timeframe dictated by the regulating body concerned with the region of operation. CLOSED is a final status and there is no way to re-activate a closed account. You can find more details on account closure on https://developer.shaype.com/docs/account-closure |
Updated about 2 months ago