Add support to flag, lock, block, or hold accounts.
There are times when account (client, loan, or savings) need to be locked or put on hold - the support for flagging/locking/holding an account needs to be provided. The reasons for the need to flag or place the hold the account will vary but the ability to do so should be provided - flagging an account can have different purposes and consequences - informational/notification, blocking an account, restricting transactions, etc.
Background and strategic fit
This a useful feature that is needed for general client management, monitoring risk, preventing fraud, and for compliance with regulations for accounting, KYC/AML, etc. Other software systems provide the capability and we need to do the same.
Possible scenarios for when an account could need to be flagged or put on hold include:
Blacklisting a client
Flagging a savings account as dormant/inactive (currently being implemented)
Flagging an account if there are suspicious activities like illegal entries or fraud
Guaranteeing a loan (implemented)
Compulsory Savings (i.e. 20% of loan amount)
Holding an account for passbook loss
Death of an accountholder
Inactive/dormant accounts and rules for escheatment
Emergency or natural disaster
Portfolio being transferred or bought by another institution
Locking after X days in arrears
Bankruptcy/financial distress (
Flagging of the account could have different intended results:
Flagging of the account could simply be for notification and informational purposes
Flagging could be used to block transactions or place funds on hold.
As an operations manager or system administrator I want to be able to create a new status of On Hold or Flagged for Savings Accounts
Define Loan Account Flags
As an operations manager or system administrator I want to be able to create a new status of On Hold or Flagged for Loan Accounts
Define Reason for Account Flag
As an operations manager, I want to specify the reasons for why an account is On Hold or Flagged
Flag Account or Move into On Hold
As a field officer/employee I want to move an account into On Hold or Flagged Status
Types of Account Flags
As an operations manager I want to define different types of account flags
Some account flags could be for expected and regularly-occurring reasons (i.e. compulsory savings/guarantee) and some could be for unexpected events (fraud, loss, death, etc.)
This could be handled by the reason or you could have flag type dictate if it's for notification only, blocking a whole account, blocking a portion of funds, etc.
Restrict Savings Transactions
As an operations manager, I want to restrict transactions from being made to a savings account that is On Hold or Flagged
Need to specify what transactions are permitted if any (i.e no withdrawals but fees, etc.)
Restrict Loan Transactions
As an operations manager, I want to restrict transactions from being made to a loan account that is On Hold or Flagged
Need to specify what transactions are permitted if any (interest, penalties posting, etc.) Are repayments allowed, transfers from other accounts)
Automatically Remove Account Flag
As an operations manager I want the account to automatically be moved out of On Hold status for certain transactions
Should this be allowed to automatically remove an account flag or is it manual?
Blacklist Client Account
As an operations manager I want to blacklist a client account so transactions can't be made and staff are notified.
Restrict Closing Flagged Accounts
As an operations manager, I want to limit an On Hold or Flagged account from being closed
Remove Account Flag
As an operations manager I want to move an On Hold or Flagged Account to a Specific Status
Need to define what permitted state changes are - active, closed/blacklisted/etc.
As an operations manager, I want to notify a client when their account has been flagged
This might become more common with self-service channels. Also have to be sensitive in not notifying them and providing too much information (i.e. if someone is trying compromise an account by responding and notifying them and providing account #)
As an operations manager, I want myself and other staff notified when their account has been flagged
View Flag History
As an operations manager I want to see a historical view of when and why an account has been flagged.
See Flagged Accounts
As an operations manager I want to generate a report showing all flagged accounts by reason
Flag Inactive/Dormant Accounts
As an operations manager I want to flag inactive/dormant accounts