Feature catalogue

Taking money out

Money leaves a deposit account in one of three ways. Which ones an account offers depends on its product.

What you select What it does Typical product
Withdraw Pays out an amount you type Call deposit
Withdraw All Funds Capitalises interest, then pays the whole balance Call deposit
Early Withdrawal Pays out before the term ends, usually for a fee Fixed and notice deposits

All three ask the same question at the end: where does the money go.

Withdrawing part of the balance

  1. Open the account and select Withdraw.
  2. Type the Amount.
  3. Choose the Payout Destination.
  4. Confirm.

You cannot withdraw more than the current balance. If you try, the operation is refused and nothing posts — the balance is exactly what it was.

Accrued interest is not part of the current balance until it capitalises, so it is not available to a partial withdrawal. Use Withdraw All Funds when the customer wants the interest too.

Worked example

An account holds 1,000. A withdrawal of 1,500 is refused, and the balance stays at 1,000. Nothing appears on the transaction list, because nothing happened.

Withdrawing everything

Withdraw All Funds runs two steps in order:

  1. It capitalises the accrued interest, moving it into the balance.
  2. It pays the whole balance out.

Capitalising first is what makes the customer’s last day of interest reach them. A straight balance withdrawal would leave the accrual behind.

Worked example

An account holds 2,000 with 75 of interest accrued.

  1. A capitalisation of 75 posts. The balance becomes 2,075.
  2. A withdrawal of 2,075 posts and one payment of 2,075 is sent.

The capitalisation has no cash leg — it moves money between two positions on the same account. Only the withdrawal reaches the payment rail.

If there is nothing to pay out, the operation is refused before the capitalisation posts. You never get a capitalisation with no withdrawal behind it.

Taking money out before the term ends

Early Withdrawal is for a deposit the customer committed for a term — a fixed deposit, or a notice deposit where the notice period has not run. It needs a countersignature.

It comes in two shapes, and the product decides which you get:

The fee

The fee is a percentage of the amount withdrawn, taken from the price list, and it arrives in the form pre-filled. It is an ordinary editable field, so waiving the fee is a matter of typing zero — there is no separate waiver to find. A zero fee posts no fee at all.

Where your organisation charges tax on fees, the pre-filled figure is the gross amount. The net fee and the tax are shown separately on the transaction.

Worked example

A notice deposit holds 5,000. The customer withdraws 1,000 early. The price list charges 1% for early withdrawal, and tax on fees is 15%.

Line Amount
Withdrawal 1,000.00
Fee, net 10.00
Tax on the fee 1.50
Fee charged 11.50
Balance afterwards 3,988.50

The fee comes out of the account. The customer receives the 1,000 in full.

When a notice is in the way

On a notice deposit, an early withdrawal that would drop the balance below the total already under notice is refused, and the message names the notices blocking it. Cancel those notices first. See notice periods for why they are never shrunk quietly.

Where the money goes

Every payout asks the same two-part question.

Destination What you supply How it settles
The customer’s bank Pay To — a nominated external account A payment on the rail, on the rail’s own timing
Another account here Pay Into Call Account — a call account of the same customer An internal transfer, same day, with no rail leg

The nominated bank account is the default. An internal transfer must belong to the same customer, in the same currency and the same operating entity.

When you leave the destination blank

A payout has to know where the money goes. If you confirm without choosing one, the operation is refused and the message names the missing destination. Nothing posts — the balance is untouched and no transaction appears on the account.

This is deliberate. A payout that posted first and looked for a destination afterwards would leave the customer’s balance down with no payment behind it.

When the payment is refused after the money has left

Most refusals reach you while you are still in the screen. A few arrive later — the beneficiary’s approval is withdrawn between your confirmation and the payment being sent, or the amount falls under the minimum your organisation sets for that currency. By then the account has already been debited.

The account records the refusal and the reason for it, and it appears on the account’s history beside the withdrawal it belongs to. The money has not gone anywhere, but the balance is down until you put it back.

Reverse the withdrawal. The system does not reverse it for you, because a refused payout and a payout you want to retry look the same from the outside, and only you know which one this is.

Worked example

An account holds 5,000. You withdraw 1,500 to a beneficiary. The balance becomes 3,500. The payment is then refused because the beneficiary is no longer approved.

What you see Where
Balance 3,500 The account
The withdrawal of 1,500 The transaction list
The refusal, and why The account’s history

Reverse the withdrawal to bring the balance back to 5,000, then either have the beneficiary approved again or pay somewhere else.

Paying out a disbursement account

A disbursement account is different: it holds money your organisation owes an intermediary, such as a motor dealer or a conveyancer, rather than a customer’s savings. Select Pay Out, type the Amount, choose the account to Pay To, and confirm. You cannot pay out more than the account holds.

There is no interest to capitalise and no early-withdrawal fee — a disbursement account is a holding place, not a deposit.

What your organisation configures