How Fixed Accounts Work

A Fixed Account is like a regular bank account that doesn’t expire. It accepts both credit and debit transactions and can hold money. A Fixed Account is a type of virtual account that you can issue to your customers with Bloc.

In this section, you will learn all about Fixed Accounts and when it is best to issue Fixed Accounts to your customers.

Who can create a Fixed Account?

Anyone can.

As long as you are a verified business on Bloc, you can create, assign and manage bank accounts for your customers.

Non-technical customers can create accounts with the Dashboard, while technical customers can create accounts with the Dashboard or the API.

How it Works

A Fixed Account works exactly like a normal bank account number. The account numbers issued when you create virtual accounts for your customers are owned by Banc Corp Microfinance Bank, a duly licensed bank by the CBN.

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Important to Note:

Banc Corp Microfinance Bank is a subsidiary of Bloc HQ Ltd and the holder of the CBN banking licence that allows you to create and issue bank accounts and hold customers' money.

When you sign up to Bloc to use our Accounts product, you no longer need a banking licence because the accounts you use will already be licensed.

1. What do you mean by it doesn't expire?

A Fixed Account can be active for as long as you want it. It will continue to hold, send and receive money forever until you choose to close it.

However, if an account is left dormant for a period of time, i.e., it has not performed any transaction, the account will become inactive until the customer decides to reactivate it again.

2. How many accounts can I create?

You can create as many accounts as you want for different customers, depending on your use case or the number of customers you want to assign the accounts to. As long as you have their KYC detail available for verification.

To learn more about KYC, read this article: KYC Compliance at Bloc

You can also create more than one account for the same customer. Every account you create for a customer automatically assumes the customer's KYC tier. This means that if an existing customer already has an account and is on KYC Tier 3, when you create a new account for that customer, the account will automatically be on Tier 3. You will not need to duplicate efforts for that customer again.

3. How fast and reliable are Fixed Accounts?

Creating an account is near-instant. Credit and debit transactions are typically completed in less than 2 minutes. This is possible because of our direct integration with NIBSS, the switching provider responsible for instant inter-bank transfers.

4. What does our NIBSS integration mean?

It means that when customers want to transfer to an account created on the Bloc, they can find our bank (Banc Corp Microfinance Bank) listed on the recipient bank list, and they can verify the account number.

It also means that transfers and deposits on a Fixed Account are now powered by a proprietary infrastructure, reducing the risk of downtimes from a third-party service provider.

5. How much does it cost to create an account?

Account creation is completely free.

Pricing

To learn more about our pricing, visit our Pricing page.