At-Call Deposit Account¶
| Product ID | PRD-006 |
| Launch tier | 2 |
| Jurisdiction | NZ + AU |
| Status | Planned |
| Regulations | AML/CFT Act 2009 · AML/CTF Act 2006 · Privacy Act 2020 · Privacy Act 1988 |
The at-call deposit account is a business-grade transactional deposit account with no notice period for withdrawal. It is the foundational operating account for businesses, trusts, and institutional customers — combining real-time ledger posting with higher balance expectations and business-appropriate fee structures.
Key terms¶
| Term | Value |
|---|---|
| Account type | At-call business deposit |
| Currency | NZD (NZ) / AUD (AU) |
| Minimum opening balance | Per fee schedule |
| Monthly fee | Per fee schedule (waiver typically linked to minimum average balance) |
| Transaction fees | Per fee schedule |
| Interest | Per rate schedule where applicable; most at-call business accounts are non-interest-bearing or earn a low base rate |
| Direct debits | Supported |
| Dual authorisation | Available for payments above configured thresholds (institution-configurable) |
| Statement frequency | Monthly |
System capabilities¶
- Account balance updated in real time on every transaction via MOD-001 and MOD-003 — no batch processing delay.
- Continuous fraud monitoring on all transactions via MOD-023 — not periodic review.
- Dual authorisation rules enforced by the payment validation engine (MOD-020) before any payment above the configured threshold is released.
- Payment limits enforced in real time by MOD-021; limit changes take effect immediately.
- Direct debit mandates cancellable immediately via the app.
- Full immutable payment audit trail (MOD-022) on every transaction from opening.
Eligibility¶
Assessed automatically by MOD-105. Requires entity-level KYC verification per AML-003 — including beneficial ownership verification and entity document verification. Individual authorised signatories must each satisfy identity verification requirements. Jurisdiction match (NZ or AU) required.
Account opening¶
Entity details and authorised signatories are submitted through the bank's onboarding flow. MOD-009 verifies the identity of each authorised signatory. Entity documents (certificate of incorporation, trust deed, or equivalent) are uploaded and verified. On a satisfactory result across all checks, MOD-007 transitions the account to ACTIVE. Entity onboarding typically takes longer than individual onboarding; timeline depends on entity complexity and document completeness.
Fees¶
| Fee type | Amount |
|---|---|
| Monthly account fee | Per fee schedule (waiver conditions per fee schedule) |
| Electronic transaction fee | Per fee schedule |
| Domestic payment fee | Per fee schedule |
| Dishonour fee | Per fee schedule |
| Paper statement fee | Per fee schedule |
Fee waivers are applied automatically by MOD-110. Waiver conditions for business accounts are typically balance-based rather than transaction-count-based.
Interest¶
Where applicable, interest accrues daily on the closing balance and is credited monthly. Rate per rate schedule. Most business at-call accounts are configured as non-interest-bearing; institution-configurable.
Statements¶
Generated monthly by MOD-113 and delivered to the in-app document vault. Available as PDF download. Statements are retained for 7 years and accessible at any time.
Closing / exit terms¶
The account may be closed at the entity's request or at the bank's discretion in accordance with account terms. Outstanding balance must be zero before closure — MOD-007 enforces this gate. All direct debit mandates and payment authorities are cancelled on closure. Authorised signatory access is revoked. Account transitions to CLOSED via MOD-007.
Regulatory¶
New Zealand: Banking (Prudential Supervision) Act 1989; AML/CFT Act 2009 — entity KYC including beneficial ownership per AML-003; Privacy Act 2020.
Australia: Banking Act 1959; Financial Claims Scheme (APRA); AML/CTF Act 2006 — entity identification and beneficial ownership; Privacy Act 1988.
Governing policies¶
- PAY-001 — Payment Operations Policy
- PAY-005 — Payment Fraud Prevention Policy
- PAY-007 — Ledger Posting & Account Integrity Policy
- CON-001 — Customer Fairness & Conduct Policy
- CON-004 — Product Disclosure & Sales Practice Policy
- CON-005 — Fee & Pricing Transparency Policy
- CON-006 — Product suitability and governance
- AML-003 — Know Your Customer (KYC) & Identity Verification Policy
- PRI-001 — Privacy Policy
Implementation modules¶
| Module | Name | Status |
|---|---|---|
| MOD-001 | Double-entry posting engine | Deployed |
| MOD-002 | Immutable transaction log | Deployed |
| MOD-003 | Real-time balance engine | Deployed |
| MOD-007 | Account state machine | Deployed |
| MOD-020 | Pre-payment validation suite | Deployed |
| MOD-021 | Payment limit & velocity controller | Deployed |
| MOD-022 | Payment audit trail | Deployed |
| MOD-023 | Transaction fraud scorer | Deployed |
| MOD-044 | JWT role-based access control | Deployed |
| MOD-049 | Open banking consent management | Deployed |
| MOD-068 | Authentication & session management | Deployed |
| MOD-105 | Product eligibility engine | Not started |
| MOD-110 | Fee engine | Deployed |
| MOD-113 | Statement generation | Not started |
| MOD-114 | Direct debit mandate management | Deployed |
Compiled 2026-05-22 from source/entities/products/PRD-006.yaml