Deposit Accounts
Deposit Accounts are bank accounts maintained by a financial institution, in which a customer can deposit and withdraw money. Deposit accounts can be checking accounts, savings accounts, or any of several other types.
Unit provides a cross-platform suite of flexible and customizable white-label UI components, including an account component and an account activity component. You may embed these components into your app to shorten your time to market and deliver a highly optimized experience to your end customer with minimal engineering investment.
Deposit accounts can belong to an individual customer, multiple customers (joint account) or business customers.
To create a joint account, you would have to provide an array of two or more Customers as part of the Create Account API call. At least one of the customers must be over 18 years old.
Deposit Products
When creating a deposit account, you are required to select a Deposit Product for the account. The deposit product defines the set of end-customer terms that are applied to the account:
- Interest rate paid to the customer
- Fees
- Limits
- Clearing periods for various payments (e.g. check deposit)
You may utilize as many deposit products as you need to make your product work.
There are many use cases for multiple deposit products:
- Manage fees and limits to represent different customer tiers (regular / VIP).
- Mitigate risk by applying different limits (low / medium / high) and clearing times.
- Special purpose accounts (Tax account, Benefits account and many others).
You may move an account between different deposit product (e.g. move an account from "regular" to "VIP") by updating the account.
Deposit products are created and updated by Unit's compliance team, since a compliance person must review any changes and make sure they are in line with the relevant regulation.
Account Statuses
A successful account creation will result in an account in Open status. Later on, accounts can be either frozen, closed and in some cases reopened.
| Status | Description |
|---|---|
| Open | The account is active and can be used for deposits and withdrawals. |
| Frozen | The account is temporarily suspended. It behaves like a closed account but can be unfrozen. |
| Closed | The account is permanently closed and cannot be used for transactions. |