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Close an account

You might need to close a Swan account for several reasons.

Different closure processes

The account closure process depends on who is closing the account.

  1. You or a legal representative: Your guides are on this page.
  2. Swan or a third party: Refer to the explanatory content about account closures when requested by a third party, such as a notary or a liquidator, or decided by Swan.
  3. Account holder: Swan's end-user Support Center documents the process for your users.
Limited or Unlimited

As a Swan Partner, your process depends on the account's payment level: Limited or Unlimited. You can find the payment level by going to Dashboard > Data > Accounts, then clicking the account you're trying to close. The payment level is part of the account's general information.

Close a Limited account​

Step 1: Submit closure request​

  1. Submit a ticket through your Dashboard, or send an email to support@swan.io.
  2. Include the account ID of the account you need to close. You can also send a list of account IDs to close several accounts at once.
  3. Explain why you want to close the account.

Step 2: Swan reviews request​

For Limited accounts, consent from the account holder isn't required. Therefore, Swan proceeds with account closure without contacting the account holder.

Before changing the account status to Closing, Swan confirms several details:

  1. If the account status is Suspended, the account holder is already communicating with Swan about the suspension. The same Swan team takes over account closure.
  2. If the account balance is positive, or if transactions have already been made from the account, Swan follows the process to close an Unlimited account instead.
  3. If the account balance is negative, Swan can't close the account.

Step 3: Swan changes account status​

If the process to close the account doesn't need to change based on details confirmed in step 2, Swan changes the account status to Closing.

Since the account was never used, passing from Closing to Closed happens quickly; there isn't a required notice period.

Close an Unlimited account​

Step 1: Submit closure request​

  1. Submit a ticket through your Dashboard, or send an email to support@swan.io.
  2. Include the account ID of the account you need to close. You can also send a list of account IDs to close several accounts at once.
  3. Explain why you want to close the account.
  1. Additionally, make sure to tell Swan when you'd like the account to close. There are three options, explained in the following table.
OptionExplanationRequirements
1Account closed in 60 daysNone
2Account closed on a specific date more than 60 days in the futureShare the specific date with Swan
3Account closed on a specific date within fewer than 60 daysProvide signed document with consent from account holder (contractual evidence)
  1. If you choose option 3, send Swan the contractual evidence.
    • Contractual evidence is a document signed by the account holder stating that they agree to close their Swan account on the specific date.
    • The document is required by law to close an account within fewer than 60 days.

Step 2: Swan reviews request​

Before notifying the account holder of their upcoming account closure, Swan confirms several details:

  1. If the account status is Suspended, the account holder is already communicating with Swan about the suspension. The same Swan team takes over account closure.
  2. If the account balance is negative, Swan asks the account holder to transfer funds to their account so the balance reaches zero.

Step 3: Swan initiates account closure​

After reviewing the request, Swan initiates the actual account closure.

  1. Swan emails the account holder informing them that their account will be closed.
    • The email specifies whether the account will close in two months or on a specific date, based on the option you selected in step 1.
    • Swan must send the email. It's generic and straightforward for all account holders.
  2. Swan changes the account status to Closing after two months or on the specific date.
  3. The account undergoes the closing process. Refer to the account statuses section for an overview of what happens while an account is Closing.
  4. After the account status changes to Closed, Swan sends a final email to the account holder informing them that their account is officially closed.

If the account holder's legal representative requests an account closure, the process starts with the API.

  1. Call the closeAccount mutation with the legal representative's user access token.
  2. The API returns a consentUrl.
  3. Send the consentUrl to your user so they can complete Strong Customer Authentication.
  4. As soon as the user consents, the account status changes to Closing.

Refer to the account statuses section for an overview of what happens while an account is Closing.

🔎 Open the mutation in API Explorer

Mutation
mutation closeAccount {
  closeAccount(
    input: {
      accountId: "$YOUR_ACCOUNT_ID"
      reason: { type: ClosingRequested }
      consentRedirectUrl: "$YOUR_REDIRECT_URL"
    }
  ) {
    ... on CloseAccountSuccessPayload {
      __typename
      consent {
        consentUrl
      }
    }
  }
}

Payload
{
  "data": {
    "closeAccount": {
      "__typename": "CloseAccountSuccessPayload",
      "consent": {
        "consentUrl": "https://identity.swan.io/consent?consentId=$YOUR_CONSENT_ID&env=Sandbox"
      }
    }
  }
}