FYI. I just logged onto my FCNB Mastercard account and the following message appeared in a Pop-Up box, I assume written notices are being sent as well. Does anyone know how this will read on my CR? Will closing it myself look any better? NOTICE OF TERMINATION OF CHARGING PRIVILEGES YOU ARE HEREBY NOTIFIED that the charging privileges on your First Consumers National Bank (FCNB) MasterCard® or VISA® credit card account ("Account") shall be terminated effective March 7, 2003. Federal law and the cancellation provisions of your FCNB Credit Card Account Agreement authorize FCNB to refuse to allow further Purchase or Cash Advance transactions on your credit card account without prior notice. However, FCNB is providing you with prior notice of this termination of charging privileges on your Account so you may avoid any inconvenience associated with the termination. FCNB is terminating the credit privileges of all of its MasterCard card and VISA card accounts for business reasons, and this action has not resulted from your individual credit behavior. This Notice of Termination of Charging Privileges does not in any way change, amend, add to or delete any term or part of your FCNB Credit Card Account Agreement ("Agreement"), and the Agreement remains in full force and effect. Accordingly, YOU MUST CONTINUE TO REPAY ANY AMOUNTS BORROWED ON YOUR ACCOUNT AS REQUIRED BY THE AGREEMENT. HOW YOU CAN AVOID PROBLEMS ASSOCIATED WITH THIS TERMINATION Starting on March 7, 2003, you will no longer be able to use your Account or your FCNB MasterCard card or VISA card for Purchases and Cash Advances of any kind, and any attempt to use your Account or your FCNB MasterCard card or VISA card on or after that date will be refused. On that date, March 7, FCNB will stop authorizing all Purchases and Cash Advances, including but not limited to Access Checks, Balance Transfers, cash or cash equivalent obtained over the counter or through participating ATM networks, recurring charges by third parties, and transactions over the Internet or by telephone or by any other means. If you have authorized third parties to make recurring charges of any kind to your Account, you should immediately instruct them to discontinue charging your Account on or after March 7, 2003. Any Access Checks presented for posting to your Account on or after March 7, 2003, will not be honored and will be returned unpaid. If you have Access Checks from FCNB for use with your Account, we recommend that you not use them and destroy them in order to avoid the risk that they will be dishonored and returned to the payee. If you have authorized another person to use your Account, you should immediately notify that person that FCNB will stop authorizing all Purchases and Cash Advances by any authorized users of your Account starting on March 7, 2003. If your Account has a balance due, you will continue to receive monthly billing statements, and you must continue making payments in accordance with the terms of your FCNB Credit Card Account Agreement at the address shown on your billing statements.
Boomer, I have both Eddie Bauer Rewards Mastercard and Spiegel Charge Card with FCNB. After I read this message, I logged on to both of my accounts and only Eddie Bauer pop-up termination notice and NOT Spiegel Charge. I called their customer serivice last week to find out why I haven't received my Eddie Bauer Mastercard and they told me they were longetr to issue any Visa/MC due to company problem. They cannot issue any card until they find another buyer to take over. They also told me I will receive a letter about termination of the program from the mail next week. Ron.
They told me they are keeping the retail only cards open but ditching the Visa/MC's. They are selling back the retail card accts to the individual store that they are used at. Rumor is that WFNNB will actaully service these accts after sale.
That's unbelievable, I just received the same notice today. This card has never been late and I've had it for 3 years ever since my bankruptcy. I had a $1300 limit on it. It was my only card and now they're going out of business, or ditching their visa/mc card accts. What are the odds of that. Figures that the only card I have terminates me b/c of these problems. If WFNNB took over, would they reinstate my charging privilages? If not, should I try to cancel the card before the 7th so that it shows up "Closed by consumer" on my reports rather than "Closed by merchant?" Would that even work, where they'd say I closed the account? My credit is not good yet either and I think it will be very hard for me to get another unsecured card b/c of defaulted student loans that I'm now working on. I'm screwed. I would have never been late on this card either. I'm trying to rebuild my credit and I have a few credit items that I've been perfect on. The student loans are something different that I'm trying to clear up.
If it's a MC or Visa I would call FCNB immediately and request to close the acct. Ask for a letter to be sent indicating that it was closed at your request. Don't wait any longer on this. The Visa/MC accts have no buyer and will be closed. I wouldn't take a chance on having it read "AT GRANTOR"S REQUEST". As for the retail cards, they are the only products that may be sold to WFNNB. If you have a retail card I would seuggest keeping that open until their fate becomes clearer. But VISA/MC close now, there is no one that wants to buy these accts (similar to fate of Nextcard). Hope this helps!
