Archived 2024-09-26. See CDS Guide, Guidance on the BankingAccountDetail schema, Overdrafts
Question
If a transactional account has an overdraft facility attached to it, where will we show the rate and fees applicable to it in the schemas returned to the accredited person?
In the BankingAccountDetail we could put it under lendingRate, however there is nowhere to say this rate is applicable to an overdraft. Or do we put it in BankingProductLendingRate, BankingProductFee and BankingProductFeature to explain the rate is for an overdraft feature? Or do we not include overdrafts in Consumer Data Right (CDR) data payloads?
Answer
There is some flexibility available in the articulation of overdrafts in the Consumer Data Rights standards.
The first scenario is for a specific overdraft account that is understood to be provided specifically as an overdraft facility. In this case the product category should be set to OVERDRAFTS.
Alternatively an overdraft can be a feature of another account type such as a transactional account. In this case the product category would be the category of the primary account type (e.g. TRANS_AND_SAVINGS_ACCOUNTS). Additionally a feature of type OVERDRAFT should also be present with the isActive flag set to true.
In both scenarios the overdraft rates for the account should be present in the lendingRate
and lendingRates
fields.
It should also be noticed that the overdraft limit should be included in the balance payload in the creditLimit
field.
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