BANK CLOSURE
Will close the spending/savings/debit card of one kid’s account. The kid investment account will remain open.
BANK CLOSURE
Will close the spending/savings/debit card of one kid’s account. The kid investment account will remain open.
● Annual customers (downgrading to annual base)
- the customer can submit the downgrade request without needing to clear the kid’s bank accounts.
●Monthly customers (downgrading to monthly base)
- the customer will be required to transfer all funds from their kid’s bank accounts to the wallet before they can complete the downgrade flow.
● When the membership downgrade request is submitted, bank accounts are closed on the day of request submission to prevent any other funds from being deposited.
When a parent downgrades to Family Base in membership section
NAVIGATION IN APP TO CLOSE KIDS CARD THROUGH MEMBERSHIP OPTION:
● Go to the TOP RIGHT CORNER IN THE APP, THE THREE LINES
● Click membership.
● Click on the Manage button to change membership.
● Click Family base to downgrade and will be prompted to transfer funds from kids spending and savings to the main wallet.
● When the membership downgrade request is submitted, the bank accounts are closed on the day of request submission to prevent any other funds from being deposited.
2. When the parent selects “Close Kid’s Debit Card” from the kid’s page in parental controls / multiple kids
.NAVIGATION IN APP TO CLOSE KIDS CARD THROUGH PARENTAL CONTROLS
● Click on three lines at the top right corner.
● Click Parental Controls.
● Select which kids account you want to close or modify.
● Choose Close Kid's Debit card
● Take note that the funds must be transferred to the main wallet first.
● Next Step is to go to the membership option in the side menu
● Click manage and select Family base.
NOTE:
● The customer must transfer funds from the spending and savings account to the wallet. If they have not, a notification will appear.
● The customer will enter the “bank closure” flow in which they confirm their intent to close. Once the flow is complete, bank closure is initiated.
● The customer will not be automatically
downgraded to base once all bank accounts have been closed. The parent will need to go to their membership page to downgrade
3. Closed by a Stockpile Employee from within Admin
● At that time, the Account Closure service - Locks the debit card
- Send a request to Greendot to close the account.
● The customer will see a “closure pending” state in-app:
- The spending and savings account in the kid’s home
- The kid’s card in the parent’s home
- The kid’s page of parental controls.
● Parents will be unable to transfer any funds to or from the kid’s savings or spending accounts.
● When Stockpile requests Greendot to close accounts, they will place account into a 60-day Customer Initiated Spend Down State