IN THE APP:
● Click the three line icon at the top right hand corner
● Go to Parental Controls
● Select which kid account you want to cancel
● Beside your kids name, click the 3 dot menu and choose Close Kids Stockpile Account.
When the parent selects “Close Kid’s Stockpile account” from the kid’s page in parental controls (customer initiated).
● They will be required to sell all stock in the kid’s account and transfer all funds from the savings, spending, and investing cash balance to the wallet. If they have not, a notification message will appear.
● When the customer submits the account closure request, they will see a closure pending message.
- At that time, the Account Closure service:
= Canceling all trade requests from the kid
= Closing the investment account
= Locks the debit card
= Sends a request to Greendot to close the account.
● The customer will see a “closure pending” state in-app:
- The kid’s home page
- 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.
2. When Stockpile requests Greendot to close the kid’s bank accounts, they will put the accounts into a 60-day Customer Initiated Spend Down State.
● They will be required to sell all stock in the kid’s account and transfer all funds from the savings, spending, and investing cash balance to the wallet.
- The accounts will be closed after 60 days.
● If there has been any trade activity or change in the investment account within the past 180 days, APEX Funds Reclaim Service will run every day for 180 days.
- It will automatically move any credits to the APEX account to the parent’s wallet.
● Once a kid’s account is closed, the parent cannot reopen it for six months.
- The kid’s home page, card in home and the parent controls page will no longer be
accessible
- The parent will be able to see the kid’s account statements from the documents page