[ARCHIVE] Closed accounts

Archived 2023-05-30. Duplicate article. See CDS Guide, Guidance on closed accounts.

When accounts are closed, a number of special considerations apply to their treatment with respect to the Consumer Data Right.

Closing all accounts with a Data Holder

When a customer closes all accounts with a Data Holder (DH), the customer ceases to be an eligible CDR consumer for the purposes of the CDR Rules. See CDR Rules, Schedule 3, clause 2.1, Meaning of eligible - banking sector. All existing authorisations to disclose, given by the customer to the DH, expire. See CDR Rules, main section 4.26 Duration of authorisation to disclose CDR data (1)(c). 

See Consent on closed accounts.

Disclosing data on closed accounts

Data may still be disclosed for a closed account. When a single account is closed with a DH, but other accounts with that DH remain open, the authorisation for the closed account does not expire immediately.  See Data sharing on closed accounts.

When a sharing authority is current for a closed account, the account balance and other details must be disclosed.

The account can be considered unavailable sometime after it is closed,  see Unavailable closed accounts, below. 

Unavailable closed accounts

Accounts can be shown as unavailable sometime after closure. The CDR Rules mention date ranges of 12-24 months after account closure, depending on the data in question. If a closed account contains only data that is not required, it can be shown as unavailable. See Showing closed accounts as unavailable.