Answer:
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
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Question:
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?
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