What should we do if our end customer reports that our routing number is not recognized by a third party?

If a financial institution fails to acknowledge a routing number, it is most likely due to their validation system not utilizing the most recent edition of the Federal Reserve’s bank routing directory. The instituion will need to update their record…

We have a few inactive end customers who would like their accounts closed. What is the process to close their accounts?

In order to close an account successfully, you must ensure that the account balance is 0 dollars. To close an account within the Synctera console, go to the customers account and from there in the top right you will see an “Actions” button, click …

Can end customers outside of USA/Canada create accounts? If so, how?

As long as the end-customer has an address that is in the list of your specific supported countries and passes KYC, an account can be created and associated with them. To find your specific list of supported countries, you can go to Supported Countr…

How long does it take for an end customer's information (such as address) to reflect in the bank's database after modification?

It is reflected instantly.

Why would an end customer's account balance be different than the available balance?

Account Balance is impacted only by posted transactions, but Available Balance is also impacted by pending transactions. Until a hold is fully posted, only the Available Balance is decreased by the amount of the hold. The Available Balance has a flo…

When an end customer's account is frozen/suspended, does that automatically freeze his/her card?

It does not auto-suspend the card, but part of authorizing a transaction requires that the end-customer and account be in good standing. You should suspend cards when you wish to fully block all authorizations.

When an end customer's customer status is frozen, does that automatically freeze their accounts?

Through the UI, if you freeze an end-customer, their accounts will also be frozen. Using the API you must make separate API calls to freeze the end-customer and each account. You can find more details on freezing accounts in our API guide here: …

What can cause an end customer account to go negative?

A force-post or charges that settle for a higher amount than authorized (e.g restaurant bills with a tip) can cause an account to go negative.

If an end customer's account status is suspended or frozen, how can I move the funds in order to close the account?

In order to move the end-customer’s funds, the account needs to be reverted to an unsuspended/unfrozen status. Once the funds have been returned to the end-customer, you can close the account.

An end customer has left our platform and the accounts need to be closed but there are still some funds in it. How can I proceed with the closure?

The funds needs to be returned back to the end-customer and once that has been done and the account balance is zero, the account can be closed.

What happens if an end customer's account goes into a negative balance and how does Synctera handle such situations?

When an account goes into a negative balance this can be due to few typical use cases. When the settlement amount of a transaction is greater than the authorized amount e.g. force post or due to a late return Timing issue when the effect…

How does the interest payout process work when a Fintech customer requests to close their savings account?

When an end-customer requests to close a Savings account, the account needs to be moved to IN_CLOSING status (i.e if a customer wants to close an account mid month on March 15, the account is moved to IN_CLOSING on March 15). The Interest calculat…