Accounts

Deposit account numbers are 10 digits in length and follow this format:

2 [8 digit random number] [check digit]

All master deposit accounts within COS start with the number 2.

Once an account number has been created and assigned it cannot be reassigned to another customer.

A newly created activity record has a Pending status until the posting day closes during nightly settlement process. At this point, COS reorders the account activity records for statement purposes as described in your deposit account agreement. COS assigns a posting sequence number to each account activity record and changes the status to Posted. Once this is done, the activity is considered final and is not updated anymore.

A memo post is applied only to one side of a transaction, and may or may not affect the account available balance. A memo post might stay on an account for many days. When it expires it falls off and, if necessary, the information in it becomes a permanent transaction.

For example, when you pay for gas with a debit card, COS puts a memo post on your account until the transaction completes. When the charge is captured and finalized, the memo post falls off and is converted to a transaction showing the actual amount spent at the gas station.

An example of an "informational" memo post is with an inbound ACH credit. When CR receives an instruction from the Federal Reserve about an inbound ACH credit, we put a memo post on the account right away even though the effective date of the actual transfer might not be until the following day. The job of this memo post is to tell the account holder that there is going to be some change to their account in the future.

These days until all the funds are available are also called the clearing window.The schedule appears on both the transaction and account activity records. It appears as a array (list) of dollar amounts, where each element of the array represents a posting day.

For example, the following illustrates how an ACH pull transaction may look with a 2-day clearing schedule (lines 15-18):

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{
      "id": "e25ff690-be93-469f-9915-aa9a011defbf",
      "transactionId": "c93978d3-3451-40a0-be01-aa9a011dec98",
      "traceNumber": "T192111321017433A",
      "status": "Pending",
      "transactionType": "Credit",
      "activityType": "External",
      "source": "Transaction",
      "masterAccountNumber": "2058112745",
      "subAccountNumber": "2058112745",
      "transactionCode": "Outgoing ACH",
      "description": "TEST ACH PULL PPD ID: 123 REF: A211P3HVG7KI",
      "rail": "Ach",
      "railId": "payment/eec1b00b-fcaf-4e91-a894-aa9a011d9366",
      "schedule": [
        0,
        0,
        2700
      ],
      "isClearing": true,
      "amount": 2700,
      "productId": "3c6d97f2-2666-44d9-b25d-a9a800d6c59d",
      "partnerId": "d6b4c661-b38a-46a3-8963-a9a40131eacf",
      "postingDate": "2019-07-30T00:00:00-04:00",
      "executedAt": "2019-07-30T13:21:01-04:00",
      "createdAt": "2019-07-30T13:21:03-04:00",
      "lastModifiedAt": "2019-07-30T13:21:03.7929693-04:00"
    }

The ACH payment is for $27.00 total. The schedule attribute shows that $0 will be available immediately on day 1 and that also nothing will be available on day 2. On day 3 the full $27.00 is available. Items such as checks generally make partial funds available each day while the item clears.

In addition to the schedule attribute, for convenience the response includes an isClearing flag to show whether the item is still within the clearing window. In the above example, the flag switches to false on 8/1.

The schedule is enforced via one or more account holds relating to the item in clearing, correlated by the railId field. For example, the schedule above would be held as follows:

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{
      "id": "866d8cde-e7cf-4bf3-897b-aa9a014d9b08",
      "masterAccountNumber": "2058112745",
      "subAccountNumber": "2058112745",
      "status": "Active",
      "reason": "Availability",
      "rail": "Ach",
      "railId": "payment/eec1b00b-fcaf-4e91-a894-aa9a011d9366",
      "amount": 2700,
      "createdAt": "2019-07-30T16:14:37-04:00",
      "expiresAt": "2019-07-31T00:00:00-04:00",
      "partnerId": "d6b4c661-b38a-46a3-8963-a9a40131eacf",
      "lastModifiedAt": "2019-07-30T16:14:37.287877-04:00"
    } 

Note that the hold expires at the close of business on 7/31, thus making the $27.00 available starting on the 8/1 posting day.

Interest accrual is not affected by availability schedules. Accrual will continue to start on the date of the credit regardless of any holds which are in place.

The transfer is a single operation, which requires both a debit and credit account. The accounts can be either a master account or subledger, or any combination of the two. In this example, we transfer $100 from one account to another:

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POST /core/v1/transfers
{
  "debitAccountNumber": "1234567890",
  "creditAccountNumber": "9999999999",  
  "amount": 10000
}

This transfer request will result in a transaction being created and executed:

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{
  "id": "b954ba97-31d9-4c7e-b2b0-a90b00d0669b",
  "traceNumber": "T181771238453M77E",
  "status": "Complete",
  "debit": {    
    "transactionType":"Debit",
    "accountType":"Deposit",
    "masterAccountNumber":"1234567890",
    "subAccountNumber":"1234567890",
    "partnerId":"eaf67ca7-f8b8-4e7c-9bd8-a8ea00f53d64",
    "productId":"f96bb66f-7afe-444d-96e8-a8eb00cfc1c9",
    "result":{
      "success":true,
      "code":"OK"
    }
  },
  "credit": {
    "transactionType":"Credit",
    "accountType":"Deposit",
    "masterAccountNumber":"9999999999",
    "subAccountNumber":"9999999999",
    "partnerId":"eaf67ca7-f8b8-4e7c-9bd8-a8ea00f53d64",
    "productId":"f96bb66f-7afe-444d-96e8-a8eb00cfc1c9",
    "result": {
      "success":true,
      "code":"OK"
    }
  },
  "transactionCode":"Account Transfer",
  "amount":10000,
  "description":"Transfer from 1234567890 to 9999999999",
  "rail":"Internal",
  "proposedAt":"2018-06-26T12:38:45-04:00",
  "executedAt":"2018-06-26T12:38:47-04:00",
  "lastModifiedAt":"2018-06-26T12:38:47.7228763-04:00"
}

For example, if you wanted to block all ACH activity on an account, you could add a restriction which only applied to the ACH rail. If you then wanted to entirely freeze an account, where all activity was blocked, you could add a restriction which applied to all rails.

Partner vs. internal restrictions

As the name suggests, a Partner restriction is one that is applied by a Partner user. It is visible to all users and can be modified by both Partner and Internal users. By contrast an Internal restriction is one that is visible to Partner users, but cannot be modified or removed by them. For example, an internal Operations Team member may apply an Internal account freeze if they do not want it to be modified by the Partner.

This division between Partner restrictions and Internal restrictions also applies to holds.

Restriction policies

Restriction policies are managed at the product level and define the types of transactions allowed for the program as a whole. Account level restrictions can be applied in addition to these. These policies are not managed by the partner and are configured by the Integration Team for your product.

Creating restrictions

Account restrictions work by defining a set of criteria in which the restriction applies to. For example, if we wanted to block all ACH debits over $100 to an account we would create a restriction like this:

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POST https://sandbox.crbcos.com/core/v1/dda/accounts/200012345/restrictions
{
  "subAccountNumber": null,
  "appliesTo": "All",
  "rail": "Ach",
  "transactionType": "Debit",
  "otherAccountType": null,
  "amountThreshold": 10000,
  "transactionCode": null,
  "reason": "Restricted",
  "notes": "Optional notes here"
}

Null values indicate a wildcard that any value would match.

Ensure that your customers:

• Understand the requirements and limitations

• Have checking or savings accounts set up with Cross River.

• Are enrolled for direct deposit with their employers. Once Early Direct Deposit is enabled, 1 to 2 pay cycles are usually necessary before Early Direct Deposit takes effect.

1. Your customer's employer instructs their bank or payroll agency to initiate payroll payment.

2. The employer’s bank sends an ACH file to the Federal Reserve.

3. The Federal Reserve sends the ACH file to Cross River.

4. Cross River settles funds to customer’s account on the same day the ACH file is received (up to 2 days before the effective date). A memo post* is added to the available balance. On the effective date, the memo post is replaced seamlessly by a full a transfer.

5. The customer can access funds upon settlement.

*Memo posts are generally used with debit cards, meaning the available balance drops. In this case, the available balance increases.

Reach out to your Relationship Manager. Once you sign a contract addendum, COS Ops enables Early Direct Deposit for your customers.

Be aware of the following limitations:

• Early Direct Deposit is not guaranteed and depends on timely transfer of ACH files.

• The customer's employer must initiate the payroll payment on time, and the employer’s bank or payroll agency must ensure delivery of ACH files to the Federal Reserve before the effective date.

Once early DD is enabled for you in the sandbox you can call the simulate API to generate an ACH that will match the EDD requirements.

Register for the Ach.Payment.ReceivedEarly webhook.

Use the POST /v1/payments/simulated-inbound-originations endpoint with these values for the following attributes:

• serviceType = standard

• secCode = PPD