Accounts

Accounts track the storage and movement of money.

Every account has a balance. It’s calculated in real-time from an append-only list of Transactions under the account.

You always create accounts under a Customer, and you may create any number of them.

To move money in and out of an account, you can create a Payment under it.

To support the full range of use cases, Unit offers multiple account primitives:

• Deposit Account: these accounts are bank accounts with unique routing and account numbers. They are interest bearing, and eligible for FDIC insurance.
• Wallet Account (FBO): these accounts aren't bank accounts, but they offer much of the same functionality, including unique routing and account numbers, and eligibility for FDIC insurance. They are typically used in money movement use cases, like accounts receivable or accounts payable.
• Credit Account: these accounts help you manage and offer a credit product, like charge cards, revolving credit cards, and lines of credit. The balance in credit accounts tracks how much credit a customer has used, up to a limit that you control.

All accounts:

• Are created under a customer
• Contain a balance, calculated in real-time from an append-only list of transactions
• Support sending and receiving money by creating payments
• Support issuing cards that spend from their balance
• Have associated terms and limits based on profiles that you can create