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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Transfer and Close Bank Accounts 
SAQA US ID UNIT STANDARD TITLE
114764  Transfer and Close Bank Accounts 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
7327  Transfer and close bank accounts  Level 5  Level TBA: Pre-2009 was L5  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for persons who transfer and close accounts.

A person credited with this Unit Standard will be able to:
  • Receive the instruction.
  • Transfer an account.
  • Close an account. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners accessing this Unit standard are competent in Communication at NQF Level 3. 

    UNIT STANDARD RANGE 
    Documents are destroyed or made obsolete in accordance with signature cards, cheque books, mandates files and customer files. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Receive the instruction. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The instruction to transfer or close the account is authenticated in accordance with business specific requirements. 
    ASSESSMENT CRITERION RANGE 
    Identification, signature verification, mail, face-to-face.
     

    ASSESSMENT CRITERION 2 
    The reason why the account is being transferred or closed is established and recorded in accordance with business specific requirements. 

    ASSESSMENT CRITERION 3 
    All information relating to the customer is collated to establish the full extent of the customers relationship with the Bank. 
    ASSESSMENT CRITERION RANGE 
    Other accounts held, relationship with other customers, liabilities with the bank and the account balance.
     

    SPECIFIC OUTCOME 2 
    Transfer the account. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Authorisation to transfer the account is requested in accordance with business specific requirements. 

    ASSESSMENT CRITERION 2 
    The customer is advised to inform all debit order companies of the change in account details. 

    ASSESSMENT CRITERION 3 
    The account is transferred on receipt of authorisation from the relevant branch The records are updated in accordance with business specific requirements. 

    ASSESSMENT CRITERION 4 
    All the customer's document records are sent to the new branch in accordance with business specific requirements. 
    ASSESSMENT CRITERION RANGE 
    Signature cards, mandates, stop order instructions, stop payment details, items lodged in securities and safe custody.
     

    SPECIFIC OUTCOME 3 
    Close the account. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The necessary entries are prepared or generated in accordance with business specific requirements. 

    ASSESSMENT CRITERION 2 
    The account is closed in accordance with business specific requirements. 

    ASSESSMENT CRITERION 3 
    The records are updated in accordance with customer instruction and business specific requirements. 

    ASSESSMENT CRITERION 4 
    Documents are destroyed or made obsolete in accordance with business specific requirements. 

    ASSESSMENT CRITERION 5 
    The payout of the credit balance or deposit to the account is effected in terms of the customers instruction and business specific requirements. 

    ASSESSMENT CRITERION 6 
    All affected departments and divisions are notified of the closure of the account in accordance with business specific requirements. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a learner against this Unit Standard must be registered as an assessor with the relevant ETQA, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard or assessing this Unit Standard must be accredited as a provider with the relevant ETQA, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures.

    Therefore anyone wishing to be assessed against this Unit Standard may apply to be assessed by any assessment agency, assessor or provider institution, which is accredited by the relevant ETQA. or by an ETQA that has a Memorandum of Understanding with the relevant ETQA. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Product knowledge - (particular account type being transferred or closed)
  • Understand the balancing of debit and credits - mandates 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    To collect and evaluate information critically when collating all information relating to the customer to establish the full extent of the customer's relationship with the bank. 

    UNIT STANDARD CCFO COMMUNICATING 
    To communicates effectively when advising the customer to inform all the debit order companies of the change in account details. 

    UNIT STANDARD CCFO SCIENCE 
    To use technology effectively when transferring or closing the account on the computer system. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 7327, which is "Transfer and close bank accounts", 5 credits, NQF level 5. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20184   National Certificate: Banking  Level 3  NQF Level 03  Reregistered  2023-06-30  BANKSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.