Euro account types
Account types
There are several types of accounts that can be created. Which you should use will depend on your agreement with ClearBank, and the purpose of the account.
When you join ClearBank you are given these three accounts by default:
- Your Institution Master Account is not an account of its own; it is a superset of all your other accounts.
- Your Repair Suspense Account is an account used to apply funds relating to your institution which cannot be applied to the intended creditor account. Funds held in this account should be re-routed to the correct account or sent back by you.
- Your Operating Account holds your own operational funds. Your first Operating Account may be referred to as your Primary Operating Account.
You will need to create a Designated Segregation Account and/or a General Segregation Account to hold customers' funds that need to be safeguarded. You can also create additional operational and safeguarding accounts as needed. You can create virtual accounts within a general segregation account in order to manage multiple customer's funds in one real account. Note that a segregation account should not be used to hold any of your own funds.
It is important to select the correct usage for the account when you create it, as this cannot be amended later. The account usage determines, for example, whether the account can be used for safeguarding funds.
When you create a real account use the Kind field to select YourFunds, DesignatedSegregated, or GeneralSegregated.
The Kind value determines the autogenerated prefix assigned to the account, for example, 'Gen Seg Acc Retl'. The prefixes for each account are shown in the figure above.
To create and manage accounts, refer to: