Savings accounts and Fixed Deposit accounts creation and management can be performed via both the Console and APIs, largely depending on the type of access a particular user has to be authenticated and authorized to perform some tasks either via the console or APIs as mentioned in Access.
To create, activate, and perform many other transactions on deposit accounts via our APIs, take a look here for all the APIs you will need. However, on the console, you can easily manage and work with your clients' deposit accounts.
With the deposit module, you can effortlessly search for a customer's deposit account from a vast pool of customers. You can initiate the search using the customer's name, account number, or external ID. In cases where there are multiple customers with the same first name, the search results will display all customers with that name.
In addition, if a customer has multiple deposit accounts and a search is done using the customer’s name, all the deposit accounts associated with that customer in your organization will be displayed.
To search for a customer’s account. Use the search field as shown in the image below:
The deposit module allows you to filter customer accounts based on specific categories. This enables you to get deposit accounts that fall under a particular category easily. The available filter categories include:
- Active accounts
- Inactive accounts
- Accounts on PND
- Savings product type
- Start and end dates
Using these filters, the search query will return all accounts that match the specified category criteria. To perform the filter operation, follow the steps below:
- Navigate to Account > Deposits menu. This page contains an overview of all deposit accounts in your organization.
- click on the "Filter By" text located at the top of the screen to access the filter form.
- Select the category you wish to filter by and click the Submit button
The deposit module allows you to view and manage your customers' deposit account portfolios. This portfolio provides a summary of all the deposit accounts that a customer has with your organization. By accessing this portfolio, you can gather information about the number of deposit accounts they hold, the status of the accounts, and account balances.
You can also get detailed information about a particular account by clicking on the account. This includes comprehensive account details, transaction history, data tables, etc.
Under the account details page, you can perform various actions can be carried out based on the account’s status. We will delve into these actions further in this section. For a general overview of these actions, refer to the deposit account lifecycle.
Additional fields which are not provided on the console by default but are required for creating a deposit account can be created as a data table which is a custom field. These fields are often unique to your organization and are necessary to ensure that you have all the necessary information for creating a deposit account. By adding these fields as a data table to a customer deposit account, you can provide full coverage of all required information.
Note: Ensure the additional field(s) is first created as a data table. Refer to the data table section.
To add a custom field to a deposit account, follow the steps below:
- When creating the data table, you will be required to add where the table will be located in the “Application Table Name”. In this case, select “savings account”. This way, the data table will be added to the data table list on the savings (deposit) account module.
- Select the deposit account you wish to add additional information.
- Next, navigate to the Data Tables section.
- Select a data table from the list and add the information.
If the table you wish to add does not exist, you can create this field under the Utilities > Data Table module in the navigation pane. Kindly refer to Data Table for more information.
Deposits and withdrawals are fundamental to any savings account as they provide a means to store and collect funds for customers securely. Deposits can be made via transfer or over-the-counter deposit. With Woodcore, you can easily record and process deposits and withdrawals into your customers' accounts, ensuring that their account balance is updated correctly and accurately reflects their financial transactions.
Deposits are processed exclusively by tellers in your organization. As such, only users with teller roles are authorized to perform deposit transactions on customers' accounts. For more information on teller transactions, see our documentation on the topic.
The deposit account also plays a crucial role in facilitating fund transfers between different accounts. You can transfer funds from a deposit account to another deposit or loan account, even if the deposit account has an overdraft balance. The source account for the transfer doesn't have to belong to the same client as the destination account.
To perform a deposit, first, ensure the status of the deposit account is set to “Active”. This implies that only activated accounts can perform fund transfers. Next, follow the steps explained below:
- On the savings account page, Click on the savings account > Take Action button
- On modal containing a list of actions. Select the “Transfer funds” option from the list.
- You will be directed to a fund transfer page. Fill out the form with the required details.
- Click on the Submit button to enable the fund transfer.
In addition, you can transfer funds to various accounts at once. This allows you to make intra-transfers from a savings account to an unlimited number of accounts within the CBA at the same time, thereby making it easier to send money to over 20 recipients simultaneously.
- On the fund transfer page, click on the +Add button. This will create additional intra-transfer forms. Be sure to create as many forms as needed.
Every deposit, withdrawal, transfer, or charge applied to an account is stored under the Transactions section. Here, you can view a list of transactions made on a deposit account, including:
- Interest posting
Furthermore, the transaction history section displays the transaction type, available balance, transaction ID, and date for each transaction.
Updated 10 months ago