Other Product Features

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The Virtual Account Service (VAS) integrates with BCB’s core banking platform and introduces new product features.

Interest

• No debit or credit interest is applied to Sub Accounts, Parent Accounts, or Settlement Accounts.
• This ensures the service is strictly used for fund segregation and flow management, not as an interest-bearing product.

Credit Limits

• Parent Accounts and Settlement Accounts: Credit limits may be configured, subject to BCB approval.
• Sub Accounts: No credit limit is available — balances must remain non-negative.

Fees and Charges

• Configurable at either the Parent Account level or Sub Account level.
• Fee categories may include:
  • Maintenance fees
  • Statement fees
  • Transaction fees

Overdraft

• Parent Accounts and Settlement Accounts: Overdrafts may be permitted under BCB’s credit policies.
• Sub Accounts: Overdrafts are not permitted — balances must remain ≥ 0.

Statements

• Statements are available for all account types: Sub Accounts, Parent Accounts, and Settlement Accounts.
• Supported formats:
  • Hard copy (paper)
  • Soft copy (digital)
• Statements may be generated at the individual account level, or aggregated at the Parent/Settlement level depending on reporting needs.
• Data aligns with the existing core banking setup, ensuring consistency across all customer channels.