Accounts

accounts – frequently asked questions this section answers common questions about deposit accounts managed through the cross river platform, including types of accounts, subledgers, fbo accounts, and account operations general and account types what kinds of deposit accounts does cross river offer? cross river supports docid\ ch79cvvk5rkydfluivp d accounts, certificates of deposit (cds), “for benefit of” (fbo) accounts, and subledgers (virtual accounts) under a master account what is a checking or savings account? these are standard deposit products in which customers deposit and withdraw funds a docid\ ch79cvvk5rkydfluivp d account allows frequent transactions; a docid\ ch79cvvk5rkydfluivp d account is meant for funds held longer term and may earn interest what is a certificate of deposit (cd)? a docid\ wactnkiksmbfk0rigkvrc is a time deposit account with a fixed interest rate and a maturity term early withdrawals usually incur a penalty what is an fbo (“for benefit of”) account? an docid\ tbrkoj7connpbgqukle t account is opened by a fintech/platform for the benefit of end users the master bank account holds the pooled funds and the platform tracks individual user balances off ledger what are subledgers (virtual accounts)? docid\ odzf 4ainebu2yuz5grcs are virtual “sub accounts” under a master deposit account they allow granular tracking of user or program level funds without opening full bank accounts for each individual opening and managing accounts what do i need to open a deposit account? to docid\ cmmg7sij20smzszkdbb4q you generally need a valid product id (account template), a customer id, address and phone number, a cleared ofac status, and matching customer classification to the account type (docs crossriver com) can i change account properties after opening? yes in the cos system you can update account title, statement address, status, credit limits or overdraft settings based on product configuration and partner permissions account activity, balances & transactions how are transactions handled on accounts? each transaction posts as a debit on one account and a credit on another, atomically accounts always remain balanced what is an “availability schedule”? some transactions (e g , ach credits) may have delayed docid\ ewmez1pigcrbtne1tvziw the availability schedule shows how much of the credited amount becomes usable each posting day what is a memo post? a docid\ ewmez1pigcrbtne1tvziw is a temporary activity entry indicating incoming or outgoing funds that are pending final posting it converts to a posted transaction after settlement subledgers why use subledgers instead of opening individual accounts for each user? docid\ odzf 4ainebu2yuz5grcs give you the flexibility to manage many users or program segments under a single master account number, great for wallets, marketplaces, or internal credit tracking what is the difference between “direct” and “passthrough” subledger configuration? docid\ odzf 4ainebu2yuz5grcs the aggregate of subledger balances equals the master account balance; individual subledgers cannot go negative docid\ odzf 4ainebu2yuz5grcs subledgers can go negative while the master account balance is the ultimate availability check deposit sweeps what happens if you have enabled a partner for sweeps and then they open 1000 accounts, is that more work for cross river? no, because the product is what is enabled for docid 1umkkv1qcvkwjffullynk so every deposit account under that product will be picked up for sweeps can a customer choose to opt out for a specific bank or account? yes, they can be added to an exclusion list how do i enable intrafi sweeps? it is a simple product configuration change performed by cross river what happens to the deposit product interest rate if i enable sweeps? the interest rate stays the same intrafi honors the interest rate on the account with cross river, even if the rate is different at the other banks for more information, please visit our docid\ zqyaf4oei1rezpboi78mj pages