ISO 20022 · Contract closure reason
RACCAll Accounts Closed
Published definition
All customer's accounts are closed: In the case the resident closes all settlement accounts at the bank where the contract was registered without closing the registered contract according to the regulation, the bank shall be entitled to independently close the registered contract after the expiration of 30 working days following the date of closing of the settlement account (last settlement account) of the resident.
Additional source information
Code Allowed for the Registration Agent
Code set and usage
Contract closure reason contains 9 registered codes. Its exact identifier is ExternalContractClosureReason1Code.
Specifies a contract closure reason code, as published in the external ISO 20022 external code set. External code sets can be downloaded from www.iso20022.org.
Use the code with the applicable message version and implementation guide. A matching code value alone does not establish the same meaning in another set.