One obscure possibility for the use of Halo to describe an account is for marketing campaign tracking purposes. Marketing may want to keep track of how many "target" accounts were opened (the specific goal of the campaign), as well as "halo" accounts - or any other type of account that was not the specified goal - that a contacted prospect/customer opened. I've seen it used this way in order to give Marketing two easy buckets to separate out their ROI tracking/campaign success.
WildTurkey
Platinum Poster
Registered: 01/17/03
Posts: 905
Loc: Down South, USA
Quote: Ok I give up - can someone explain and/or define what a h.a.l.o. account/customer is? Thank you for your generosity! .... ashamed i don't know...
A HALO account is an account which is restricted in such a way that large amounts cannot be posted to it (at least not with mgnt approval), .... HALO = High Amount Lock Out.
Next question?
_________________________
This is my opinion; it is not legal advice, nor the view of my employer, and it may change tomorrow.
I never heard of a HALO before, so this is just a guess: if an account typically has a low average balance, and possibly some OD action in the recent past, a HALO would prevent some potential losses due to bad or fraudulent high dollar amount checks being deposited and cashed out.
WildTurkey
Platinum Poster
Registered: 01/17/03
Posts: 905
Loc: Down South, USA
Quote: Interesting. Can you give an example of why an account would be restricted in that manner?
To prevent accidental or fraudulent excess credits, especially for manually keyed cash transactions where the transaction cannot later be reverified.
Alternatively, for example, a savings account may restrict withdrawals to, say $1,000, in any one month, therefore any withdrawals in excess of $1,000 would be prohibited by definition.
_________________________
This is my opinion; it is not legal advice, nor the view of my employer, and it may change tomorrow.
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