Open an Interest Checking Account

Create an interest checking account

Please note: ICA-US is a recent product currently on beta. It is possible changes to the characteristics of this node occur in the near future.

Previous Step: Create User and OAuth User. This applies to interest accounts.

API ENDPOINT

https://uat-api.synapsefi.com/v3.1/users/:user_id/nodes

PATH PARAMETER

user_id:
required
string

Object ID of the user a interest account is being created for

BODY PARAMETER

type:
required
string

Type of node. This should be `ICA-US`

info.document_id:
required
string

Document ID of user

info.nickname:
required
string

Nickname associated with the node

extra.supp_id:
string

Any Id you wish to register to the node

is_active:
boolean

If the node is indexed or marked deleted

TIP: After the account is created, please also save the node ID _id as it will be referenced when creating transactions.

EXAMPLE REQUEST

POST /v3.1/users/5bb6ab05472e2500adffad5a/nodes HTTP/1.1
Host: uat-api.synapsefi.com
X-SP-USER-IP: 127.0.0.1
X-SP-USER: oauth_q0gEuw3NO08DPfe7nJxsVCISTjzvYdltiKcMAFWp|n38dj3h8NE393bv24ovoRY34kd62
Content-Type: application/json

{
  "type": "ICA-US",
  "info": {
    "nickname": "Interest Bearing Checking Account",
    "document_id": "ff7687215be2bf998553a3af27fc51c27f486ab67ad874fe99b4421f2b1c3f08"
  }
}
body = {
  "type": "IB-DEPOSIT-US",
  "info": {
    "nickname":"My Interest Bearing Account"
  }
}

user.create_node(body)
const body = {
  "type": "IB-DEPOSIT-US",
  "info": {
    "nickname":"My Interest Bearing Account"
  }
};

user.createNode(body);
body= {
  "type": "IB-DEPOSIT-US",
  "info": {
    "nickname":"My Interest Bearing Account"
  }
}

user.create_node(payload: body)
$info= (object) [
   "nickname" => "My Interest Bearing Account"
];
$body = (object) [
   'type' => 'IB-DEPOSIT-US',
   'info' => $info
];

$user->create_node($body);
body := `{
  "type": "IB-DEPOSIT-US",
  "info": {
    "nickname":"My Interest Bearing Account"
  }
}`

data, err := user.CreateNode(body)

EXAMPLE RESPONSE

{
  "error_code": "0",
  "http_code": "200",
  "limit": 20,
  "node_count": 1,
  "nodes": [
    {
      "_id": "5ceda11a4926ec3b76a8c35b",
      "_links": {
        "self": {
          "href": "https://uat-api.synapsefi.com/v3.1/users/5c7ecb207d093e03a41d6686/nodes/5ceda11a4926ec3b76a8c35b"
        }
      },
      "allowed": "CREDIT-AND-DEBIT",
      "client": {
        "id": "5beb506f6d7ceb002490631f",
        "name": "SynapseFI"
      },
      "extra": {
        "note": null,
        "other": {
          "ib_residual": 0
        },
        "supp_id": ""
      },
      "info": {
        "balance": {
          "amount": 0,
          "currency": "USD",
          "interest": 0
        },
        "bank_code": "EBT",
        "document_id": "ff7687215be2bf998553a3af27fc51c27f486ab67ad874fe99b4421f2b1c3f08",
        "name_on_account": " ",
        "nickname": "Interest Bearing Checking Account"
      },
      "is_active": true,
      "timeline": [
        {
          "date": 1559077146563,
          "note": "Node created."
        }
      ],
      "type": "ICA-US",
      "user_id": "5c7ecb207d093e03a41d6686"
    }
  ],
  "page_count": 1,
  "success": true
}

Monthly Statements
Please visit our Statements API to set up monthly statements for end-users. These are required for all deposit accounts, including interest bearing ones, to give users full transparency into their account activity.

1099-INT forms
In addition to monthly statements, you can also generate 1099-INT forms with our statements API. See more details on our Statements Documentation.

Close an Account
To close an account, please return funds to the user, set is_active to false and change the permissions to INACTIVE.

Subscribe to Webhooks

We recommend that you subscribe to webhooks to stay updated on the status of nodes.

Business Account Requirements

To open interest bearing deposit accounts for businesses, you must supply a UBO form as part of your KYC. This document helps us identify beneficial owners per regulations. Read more here.

Negative Balance Reconciliation

We reconcile negative balances when accounts have been negative for 30 days with no successful activity. These reconciliations occur throughout the month, and funds will be debited from your reserve account to reconcile these balances. After an account has been reconciled, the user will be locked.

For example:
If a user has a negative balance of -$500 and they pay +$400 toward that negative balance before the 30 day period is up, we will reset the 30 day countdown. If another 30 days passes and there is no successful activity, we will reconcile the remaining negative balance of -$100 from your reserve funds.

We recommend setting up webhooks to monitor your reserve account balance. This will help you automatically fund your reserve when it falls below your required minimum balance.

Please Note:
We reconcile high risk negative balances more frequently than every 30 days. This includes negative balances greater than $2000.

Open an Interest Checking Account


Create an interest checking account

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