Closing accounts
A Swan account might need to be closed for several reasons. You, your account holders, Swan, and third parties can all request an account be closed.
You only pay for accounts with the status Opened.
As soon as an account enters the closure process, the status changes to Closing and you're no longer charged for the account.
Account closure processes​
The account closure process depends on who closes the account.
| Requester | Process |
|---|---|
| Swan | Refer to Swan closing accounts on this page. |
| Third party | Refer to closure requested by a third party on this page for information about account closures when requested by third parties such as a notary or a liquidator. |
| Account holder or Legal representative of the account |
|
| You | Your guides are in this section. Follow the guide relevant to your situation.
Learn whether an account's payment level Limited or Unlimited by going to your Dashboard > Data > Accounts, then clicking the account you're trying to close. The payment level is part of the account's general information. |
Swan closing accounts​
Swan reserves the right to close accounts, and might decide to close an account for the following reasons:
- The account holder's identity document looks fake, stolen, or altered; the device used to complete an identification is altered; or the applicant seems to have performed their identification against their will.
- Suspicion of other fraudulent activity or activities that aren't compliant with Swan's policies.
- The onboarding, identification, or Know Your Customer (KYC) process wasn't completed.
- The Partner (you) is no longer working with Swan.
When closing accounts, Swan is required by law to provide a two-month notice period.
More specifically, Swan waits 60 days after notifying the account holder to change the account status to Closing.
This provides the account holder with enough time to open an account at another financial institution before losing access to their Swan account.
Swan can close accounts immediately if the closure is due to fraud or a third-party request.
Closure requested by a third party​
Swan can receive requests from third parties to close accounts. For example, liquidators can request account closure if the account holder's company is being liquidated. Additionally, notaries can request account closure in the case of the account holder's death.
Before accepting requests from third parties, Swan performs the following actions:
- Swan confirms the request is legitimate. If the request is fraudulent, Swan doesn't comply.
- Swan checks the account balance.
- Zero balance: No action required.
- Positive balance: Swan requests bank details from the third party, then transfers the funds.
- Negative balance: Swan requests the third party transfer funds so the balance reaches zero.
When the account balance reaches zero, Swan changes the account status to Closed immediately for legitimate third-party requests.
Refer to the account statuses section for an overview of what happens while an account is Closed.