Archiving a Customer refunds any remaining balance, closes all of their active Synthetic and Custodial Accounts and closes their Debit Cards. This process can take up to 8 business days to complete as the Transfers take place.
When archiving a customer, you can prevent them from reapplying to your program by setting can_apply_again to false. If you do not set any value, can_apply_again defaults to true.
When a request to archive a Customer is first received, the customer status will update to pending_archival and their accounts will be locked. When the archival process is complete, their customer status will update to archived. For a customer to move to the archived status, they must carry a $0 balance and have no pending transactions.
If the Customer has a positive balance across any accounts and a connected external account, Newline will initiate an ACH transfer to zero out the account balance and move the customer to the archived status.
If the Customer does not have an external account or the ACH transfer fails, Newline will mail a paper check to the Customer address on file to zero out the account balance and move the customer to the archived status.
If the Customer has a negative balance across any accounts, the negative account balances must be brought up to or greater than $0.00 before the archival workflow can continue.
Once archived, a Customer's records will still be available for historical purposes (according the bank’s record retention schedule), but they will not be able to open any new Accounts. The Customer can still apply again as long as can_apply_again is not set to false.