ExternalContractClosureReason1Code
RACC Reason Code: All Accounts Closed
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RACC means all accounts closed in the ISO 20022 contract closure reason code set. 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.
- Code
- RACC
- ISO name
- AllAccountsClosed
- Status
- Registered
- Last updated
- 2016-04-22
Official 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.
Messages and fields that use ExternalContractClosureReason1Code
RACC questions
- What does RACC mean in ISO 20022?
- RACC is All Accounts Closed in the ExternalContractClosureReason1Code code set: 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.
- Where does RACC appear in a message?
- For example in auth.019, element RegdCtrct/RegdCtrctJrnl/ClsrRsn/Cd.
All ExternalContractClosureReason1Code codes · ISO 20022 code sets
The ISO 20022 code names and definitions on this page are reproduced from material published at iso20022.org under the ISO 20022 Intellectual Property Rights policy. This is not the official source: the up-to-date ISO 20022 standards and repository material are published only at iso20022.org. Explanations in our own words are by ZagTrader. ZagTrader is not affiliated with or endorsed by ISO or Swift.