Closing a secured charge card

The following steps constitute the overall process of closing a credit builder card:

1. Change the card status to inactive
2. Execute the final repayment cycle
3. Close the credit account
4. Refund the security deposit account balance
5. Close the security deposit account

Changing the card status to inactive

To close the card, you need to ensure that no further transactions occur on the card. To do so, change the card status to inactive using the Update Card endpoint.

The following is an example of a card status update request.

curl --request PATCH \
     --url https://api.bond.tech/api/v0.1/cards/057c6074-a02d-4a5a-bad9-bbc64b047df7 \
     --header 'Accept: application/json' \
     --header 'Authorization: YOUR-AUTHORIZATION' \
     --header 'Content-Type: application/json' \
     --header 'Identity: YOUR-IDENTITY' \
     --data '{"status": "inactive"}'

Note that we pass the card_id value 057c6074-a02d-4a5a-bad9-bbc64b047df7 as a path variable in the request.

The following is an example of a response to a successful request to inactivate a card.

{
  "card_id": "057c6074-a02d-4a5a-bad9-bbc64b047df7",
  "customer_id": "3a43b612-825c-48d4-b025-47083ab10755",
  "account_id": "173121d8-f05e-4bb6-b280-b5b761d2214f",
  "card_number": "tok_live_283734",
  "cvv": "tok_live_p923u34",
  "expiry_date": "0331",
  "last_four": "6270",
  "status": "inactive",
  "card_design_id": null
}

Executing the final repayment cycle

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The credit account balance must be zero

If the credit account balance is not zero, attempts to close the account will be unsuccessful.

Once the card is inactive, one final repayment cycle must be executed to bring the balance of the card to zero. This includes issuing a statement and making a cardholder payment, either through the security deposit account or through an externally linked bank account. For details, see Making a payment.

Closing the credit account

After the last repayment cycle has settled successfully, the card credit account can be closed. To do so, use the Close an account endpoint.

The following is an example of a request to close a credit account.

curl --request POST \
     --url https://api.bond.tech/api/v0.1/accounts/e913d434-bda9-494e-b6df-adf46a52c1cc/close \
     --header 'Accept: application/json' \
     --header 'Authorization: YOUR-AUTHORIZATION' \
     --header 'Identity: YOUR-IDENTITY'

Note that we provided the credit_account_id value e913d434-bda9-494e-b6df-adf46a52c1cc as a path variable in this request.

Refunding a security deposit account balance

Refunding the security deposit account balance is done in a similar way to funding the security deposit account. The key difference is that the security_deposit_account_id is now the origination_account_id and the external_account_id is now the destination_account_id.

ACH timelines typically include the time required for both transactions to be processed as well as to be considered settled, before the funds are made available.

For more information, see ACH transfers.

Closing the security deposit account

After the account refunding has settled successfully, you can close the security deposit account using the Close an account endpoint.

The following is an example of a request to close a security deposit account.

curl --request POST \
     --url https://api.bond.tech/api/v0.1/accounts/173121d8-f05e-4bb6-b280-b5b761d2214f/close \
     --header 'Accept: application/json' \
     --header 'Authorization: YOUR-AUTHORIZATION' \
     --header 'Identity: YOUR-IDENTITY'

Note that we provide the security_deposit_account_id value 173121d8-f05e-4bb6-b280-b5b761d2214f as a path variable.