Paying money in
A deposit account is funded in one of two ways: you collect the money from the customer’s bank, or the money has already arrived and you apply it.
| What you select | Where the money comes from | Who does it |
|---|---|---|
| Invest | Collected from the customer’s nominated bank account | An operator |
| Receive Deposit | Money already received | The system, on an inbound receipt |
Both put the same amount on the account, and both show on the transaction list as a deposit.
Investing
- Open the account and select Invest.
- Type the Amount.
- Choose the account to Pay From — one of the customer’s nominated bank accounts.
- Confirm.
Two things happen. The balance goes up straight away, and a collection is raised against the bank account you chose. The collection travels on the payment rail on the rail’s own timing.
Worked example
An investment of 1,000 is captured. The account’s balance rises by 1,000, one accounting entry of 1,000 is written, and one collection of 1,000 is raised against the customer’s bank account.
The balance moves on the day you capture it, not on the day the money clears. That is deliberate: the deposit’s value date is the day the customer’s instruction takes effect. See value dating.
When money arrives on its own
Receive Deposit is the other half. It records money that reached the account without an operator asking for it, so it posts the deposit and raises no collection — the cash is already in.
It never appears in the account’s list of actions, because there is nobody to select it. It is here so that the movement it makes has a name and an explanation when you find one on a transaction list.
Where the deposit lands
A deposit credits the account’s balance. It does not touch accrued interest, and it does not change the account’s rate or its term.
On a fixed deposit, the deposit that opens the account is normally the only one — the term is priced against a fixed amount. On a call deposit, money goes in and out freely.
When deposits are blocked
An account on a closure path refuses deposits. The clearest case is a notice given for the full balance: while that notice stands, money paid in would either skip its notice period or quietly rewrite the customer’s instruction. Cancelling the notice re-opens deposits. See notice periods.
What your organisation configures
- Which products offer Invest, and whether it needs a countersignature.
- The payment rails a collection may travel on, and what each costs. See what a payment costs.
- Which of the customer’s bank accounts are on file to collect from.