CLOSING AND REOPENING SHARE TYPES

BRIEF OVERVIEW  

• A share type is considered closed when there is a valid date in the Date Share Type Closed field in Program #5 Option G
• A share type may be closed regardless of the balance
• Transactions cannot be posted in Program #2 to a Closed share type.
• Zero balance share types that are NOT marked Permanent (See Permanent Closed Share Types below) will be deleted (purged) from the system at month end.
• Zero balance share types that are marked Permanent and those with balances will NOT be deleted (purged) from the system.
• Share types that are Closed can be marked to Not Reopen.  

CLOSING A SHARE TYPE

A share type is closed when a valid date appears in the Date Share Type Closed field in Program #5 Option G.

Transactions cannot be posted via Program #2 to a Closed share type.

You can close any share type by doing one of the following:

• In Program #2, Share Deposits do Transaction #181  SC  Closed Share Account.   This is a $0 transaction.
• A memo is put in the members share history with today's date stating Closed Share Account
• Today's date will be placed by the system in the Date Share Type Closed field in Program #5 Option G.
• Closed will appear next to the share type in Program #2 and #5
• In Program #5 Option G choose the share type and enter a valid date in the Date Share Type Closed field
• Nothing will appear in the member's share history to indicate the account was closed
• A static change will appear in Program #59

REOPEN A CLOSED SHARE TYPE

A share type is considered opened when the Date Share Type Closed field is 00/00/0000

You can re-open any closed share type by doing one of the following:

• In Program #2, Share Deposits do Transaction #488  RO  ReOpen prior CLOSED Share.   This is a $0 transaction.
• A memo is put in the members share history with today's date stating ReOpen prior CLOSED Share
• The Date Share Type Closed field in Program #5 Option G will automatically be changed to 00/00/0000.
• Closed will no longer appear next to the share type in Program #2 and #5
• In Program #5 Option G enter the date 00/00/0000 in the Date Share Type Closed field.
• Nothing will appear in the member's share history to indicate the account was reopened
• A static change will appear in Program #59

PERMANENT CLOSED SHARE TYPE CAN BE REOPENED

Closed share types will typically be purged from the system at the next month-end if the balance is $0 (zero).  If you do not want a share type to be purged from the system even if the balance is $0 (zero), AND this share type can be reopened at the member's request:

• Y in the PERMANENT OPEN/CLOSED FLAG field indicates that this share type should not be purged even if the balance is $0 (zero) for an extended period.  It is, however, OK to reopen this share type at the member's request.  

PERMANENT CLOSED SHARE TYPE CANNOT BE REOPENED

Closed share types will typically be purged from the system at the next month-end if the balance is $0 (zero).  If you do not want a share type to be purged from the system even if the balance is $0 (zero), AND this share type can NOT reopened:

• Z in this field indicates that this share type should not be deleted (purged) and it also cannot be reopened.  

NOT PERMANENT, CLOSED and DO NOT REOPEN

If an account is closed, should be deleted (purged) at month end, but you do NOT want it to be reopened:

• X in this field indicates that this share type should be deleted (purged) and it also cannot be reopened.