Closing a secured charge card

How do you close a credit builder card.

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

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

Changing the card status to inactive

To close Eline's card, you need to ensure that no further transactions occur on the card. This is done by changing the card status to inactive using our Update Card endpoint.

An example of a card status update request is shown below.

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.

An example of a successful response is shown below.

{
  "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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Credit account balance must be zero

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

Now that the card has been made inactive, one final repayment cycle must be executed to bring the balance of the credit builder 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 credit builder card credit account can now be closed. This is done using our Close an account endpoint.

An example of a request to close Eline's credit account is provided below.

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 Eline's 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.

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

For more information, see ACH transfers.

Closing the security deposit account

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

An example of a request to close Eline's security deposit account is shown below.

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 Eline's security_deposit_account_id value 173121d8-f05e-4bb6-b280-b5b761d2214f as a path variable.


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