Guidance on closed accounts

Introduction

The following notes on sharing of accounts are taken from Subject Matter Experts responses to participant questions. 

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 and all existing authorisations to disclose, given by the customer to the DH, expire.

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

Unavailable closed accounts

Accounts can be shown as unavailable sometime after closure. The CDR Rules mention date ranges of 12 to 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.

Showing closed accounts as unavailable

So long as it is in accordance with the rules on required consumer data and eligibility, a closed account could be shown as unavailable if the data being requested is not required consumer data.

Unavailable accounts in authorisation flow

Data holders are permitted to show unavailable accounts in the authorisation flow except for unavailable joint accounts.

Payee details for closed accounts

The Payees API is at the customer level and not at the account level, so all registered Payees should be returned, regardless of account status or account inclusion in the arrangement.

Schedule Payments for closed accounts

It is expected that a closed account no longer has future Scheduled Payments.