The most common statuses you will see for an account are “Draft” and “Completed.” However, there are various instances where you will see other options within the Accounts Table.
Below are the explanations for each status you will see in the Accounts Table.
Draft | The account application has been sent to the client, but it has not been completed by them yet. |
Completed | The account application has been completed by the client and processed. The account is open and in good order. |
Suspended/
Pending Verification | The account application has been completed by the client, but some portion of the client’s identity did not pass the verification process. If the account is suspended, the client success team will reach out to explain why this failed and what is needed to resolve the account suspension.
These are the categories reviewed during the identity check process:
The most common reason accounts are suspended are for failure to verify address. |
Action Required | The account application has been completed by the client, and their identity has been verified. However, the client’s application requires an additional review by the Customer Identification Program (CIP) team. It’s possible that the client’s name matches someone who is a potentially dangerous person, and we need to manually review their application to ensure they can support this client. No action is needed by you as the advisor or by the client. This process usually takes less than a business day. |
Investigation Submitted | The account application has been completed by the client, but similar to action required, we are taking an additional review of the client’s application. This review window is traditionally shorter than the action required stage and typically takes less than a few hours. |
To Be Submitted | The account application has been completed by the client, but hasn’t been submitted for processing yet. This is a transient state that should only appear for a few minutes. If you notice this status for a prolonged period of time, please contact your client support representative at Zoe or [email protected]. |
Waiting for signatures | This status only applies to joint accounts. The account application has been completed by one of the two co-clients. However, the application is pending completion by the other co-client before it can be processed. |
Closing requested | Either the client, the advisor, or a Zoe representative with written approval has requested to close the account. |
Vendor Request Submitted | This status only applies to trust accounts. The account application has been completed and has been submitted for processing. All trust accounts require a manual review of the application and trust documents. This status indicates that the application is queued for review. When the application is approved, the status will be updated to “Completed.” This process typically takes a full business day. |
Rejected | This status typically only occurs if an application has been in a “Suspended” status for more than 60 days. This status can often be appealed by providing the documents needed to resolve the account suspension. |
I see “Creation in Progress” in some places? What does this mean?
“Creation in Progress” is a blanket status that you’ll see only when you’re in the Household tab within the client profile. This will show for any account that isn’t in a draft status or a completed status. For a more specific status, you can visit the accounts table by selecting the “Accounts Tab” from your main dashboard, and searching for the specific client.
Within the household view, if the account is in a draft status or if a joint account only has one signature, you should see "Pending Client Signature,” and if the account is completed, you should see a small green check mark on the account.
If you need any additional assistance, you can contact your Zoe relationship manager or the Zoe Client Success team at [email protected] or 646-264-4449.