Why in the world would you just not close the account and open a new one? What are you charging this customer to monitor the account for 90 days? What you are doing is a losing proposition for the bank.
Account on Restricted Status-When to Remove
When a customer notifies us of a potential fraudulent activities on their account, we place the account on a "restricted" status (any debits trying to hit will reject and have to be worked manually) for a maximum of 90 days. Is it safe to remove the restricted status if no fraudulent activities occur? What would be the best way to handle day 91?
First published on 12/12/2015