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Transfer Account Ownership

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.