They didn't even buy me dinner first......... Two weeks ago they sent me some cash advance checks to use until Oct at 5.9%. I called them because I didn't know I had available cash on a Spiegel retail card. They said yes, it was 1/2 my credit limit which would be 2,000.00. They said I could make the check out to myself or use it to pay off other creditors. I went ahead and desposited it into my BofA checking account and paid off a few little bills. Today I check my checking account and I am 1600.00 overdrawn. It is because I had a check I deposited returned. I knew it had to be spiegel so I check their website and it said they were not honoring any more charges and any checks processed after 3/9 would be returned unpaid and to contact the issuer to arrange payments. Now I'm really screwed. I'm sure BofA is going to start holding deposits. I'm going to have a several checks bounce now and who knows what else. I'm so pissed!!! I probably talked to them on the 6th and deposited the check the following day. How can they do that!!!!
Hi maer! I would contact BA and simply SHOW THEM ANY NEWSPAPER about the Spiegel bankruptcy. I am certain they know. YOU, the customer, need to work something out - like an overdraft line of credit for $1600 - because you had no way of knowing this company would be OUT OF BUSINESS - basically - since you wrote the check. I am certain BA would appreciate you "clearing the issues" - tell them you want an overdraft line. Later - dogman
I am a member of a shopping forum also. About a year ago spiegel allowed its customers to use some codes. 6 months later spiegel stated the codes that were used were bogus and without even telling anyone they started charging people the difference on their credit cards. Now spiegel is screwing people again and what do they say- they hope to keep their valued customers. Only an idiot would stay with this company after the way they have been treated. I would urge anyone to stay away and never shop with them again. You will regret it.
My BofA credit cards were included in my b/k 6 years ago. I don't think they will too anxious to issue me a line of credit. I'm waiting until 7:00 so I can speak to a live person. I'm stuck at work until 3:00...damn, I wish I could go there in person but there is no way I can wait until then. I will definately explain the whole Spiegel mess to them but I kind of doubt they will care.
Picantel: You are right. I always liked Spiegel and ordered from them occasionally. They will certainly NEVER recover from this as far as this customer is concerned. I have always had a good relationship with my BofA checking account. I've had it many many years and they never hold checks or anything like that. I'm sure that will no longer be the case. I'm told once you do something like this they flag your account and hold your checks for up to 10 business days (2 weeks). I am really screwed..........
maybe not, as these are definitely extenuating circumstances. They told you one thing, and did another. I feel sure the bank will work with you on this, since you've been a loyal customer.
I'm sure you and Picantel will rush to sigh up for this newsletter! TRENTON, N.J., March 18 /PRNewswire/ -- Bankruptcy Creditors' Service, Inc., today announced publication of SPIEGEL BANKRUPTCY NEWS, tracking yesterday's chapter 11 filings in Manhattan by Spiegel, Inc. (OTC Bulletin Board: SPGLA), Eddie Bauer, Inc., Spiegel Catalog, Inc., Ultimate Outlet Inc. Newport News, Inc., and 15 other subsidiaries. A free copy of the first issue of SPIEGEL BANKRUPTCY NEWS is available at http://www.bankrupt.com/spiegel.txt "Spiegel's brand names clearly have value, but whether Spiegel can reinvigorate the business before the cash disappears is an open question," Daisy V. Flores, one of the newsletter's editors says, noting that Spiegel plans to burn nearly $3 million a day in the first month of its bankruptcy. Ms. Flores and Frauline Sinson-Abangan serve as the newsletter's editors. They explain that SPIEGEL BANKRUPTCY NEWS provides the information necessary to understand the critical issues in Spiegel's bankruptcy: value and timing -- how big is the pie, what size slice each constituency gets and how long the chapter 11 process will last. Mesdames Flores and Abangan relate that the first issue of SPIEGEL BANKRUPTCY NEWS includes: * background information about the Company's operations; * data extracted from the Debtors' bankruptcy petitions; * a consolidated list of Spiegel's 30-largest unsecured creditors; * a summary of Spiegel's pre-petition credit agreements -- including hard to find information about the lending syndicates obtained from http://www.LoanDataSource.com -- and a detailed look at the new debtor-in-possession financing facility; * information about the U.S. Trustee's efforts to form one or more official committees to represent stakeholders; and * a calendar of the key dates and deadlines in the Debtors' chapter 11 cases. Ms. Abangan says that the second edition, available later this week, will provide subscribers with detailed reviews of the initial motions and applications brought before the Bankruptcy Court to maintain continuity and stability from an employee's or customer's perspective and the Company's request to pay its critical vendors. "Our newsletters provide lawyers, creditors, competitors, and other parties-in-interest with an efficient and affordable way to sift through the mountains of court pleadings and seemingly random information delivered to the Bankruptcy Court," says Peter A. Chapman, President of Bankruptcy Creditors' Service, Inc. "Our editors are bankruptcy pros. They know how to quickly sort the wheat from the chaff. They bring order to chaos." SPIEGEL BANKRUPTCY NEWS is distributed on a subscription basis by e-mail for $45 per issue. New issues are published as significant activity occurs (generally every 10 to 20 days) in the company's chapter 11 cases. Since 1990, BCSI has published similar newsletters tracking billion-dollar insolvency proceedings. Currently, BCSI provides similar coverage about the restructuring proceedings involving Kmart Corp., Ames Department Stores, Service Merchandise, Fruit of the Loom, Burlington Industries, Pillowtex, Warnaco, Magellan Health Services, National Century Financial Enterprises, Integrated Health Services, Vencor, Inc., Sun Healthcare Group, Inc., Mariner Post-Acute & Mariner Health, Genesis Health & Multicare, Conseco, Inc., and Conseco Finance Corp., Reliance Group Holdings & Reliance Financial, The FINOVA Group, Inc., Comdisco, United Airlines, US Airways Group, Budget Group, ANC Rental, Genuity, WorldCom, Global Crossing and Asia Global Crossing, Adelphia Communications and Adelphia Business Solutions, Winstar, 360networks, Exodus Communications, Lernout & Hauspie and Dictaphone, GenTek, Federal-Mogul, Hayes Lemmerz, Exide Technologies, W.R. Grace & Co., Owens Corning, Armstrong World Industries, USG Corporation, Safety-Kleen, Laidlaw, The IT Group, Encompass Services Corporation, NationsRent, Polaroid Corporation, Pacific Gas and Electric Company, Enron Corp., EOTT Energy, Covanta Energy Corp., Bridge Information Services, Imperial Sugar, The Loewen Group International, Inc., Vlasic Foods, Harnischfeger Industries, Inc., National Steel, Bethlehem Steel, LTV, Wheeling-Pittsburgh, Kaiser Aluminum and Metals USA. Additionally, BCSI co-publishes the Troubled Company Reporter -- a daily newsletter that provides news about more than 1,000 on-going troubled company situations. Go to http://www.bankrupt.com/periodicals/tcr/tcr.form.html to sign-up for a 30-day free trial subscription to the TCR. CONTACT: Peter A. Chapman Bankruptcy Creditors' Service, Inc. 609-392-0900, or fax, 609-392-0040, or peter@bankrupt.com SOURCE Bankruptcy Creditors' Service, Inc. CO: Bankruptcy Creditors' Service, Inc.; Spiegel Bankruptcy News ST: New Jersey SU: BCY LAW http://www.prnewswire.com 03/18/2003 06:28 EST
I included a BOA MC in my BK in 1996. I now have my checking and savings at BOA and was approved last year for a LOC. I wouldn't count yourself out just yet...
Us too. Got the postcard that said your account is no longer active and to destroy checks, one week after I sent it out!! I photocopied the letter and sent it to the credit card I paid, with another personal check to cover the minimum payment. Begged for them not to charge a NSF fee. We'll see.
If I were you, I'd go down tomorrow to your branch and talk with the manager. Explain what happened and ask for help. they can clear your checks and reverse nsf charges if they want to The manager can do a LOT, so ask how to best work this out with them.
they never hold checks or anything like that. Maer | =============== They should have held this one. The END ************************* LB 59
Update!! Just a quick update on my saga with this.. BofA has been awesome. I called their customer service line and of course the person I spoke to could not have cared less and said she couldn't tell me if my account would be flagged and I better get in there asap and pay this.... I'm ready to have a panic attack over this when later in the day, BofA calls me. She said she wanted to let me know that this check had been returned, I started to explain why and she stopped me and said she knew all about it, and there were many others in the same boat as me. She said she would give me 30 days to pay it off and if I needed more time to just ask. She then gave me her direct number and extension. She did say any other checks that were submitted would be returned but they did pay 2 that had come in the same time as the returned check. They charged me overdraft fees but she offered to reverse them. She also assured me there would be no flag on my account and this would not be held against me in any way. She was so nice. I can't believe they were so good about it. I am a nothing customer to them. No savings, no credit cards and free checking. They don't even make money off me. Today in the mail I received the notice from FCNB saying my account is now closed and don't use the cash access checks. They stopped honoring them on the 7th. THANKS FOR TELLING ME 2 WEEKS LATER!!! So does anybody know if FCNB was just the credit card Spiegel chose (Like Best Buy's card is actually through Household Bank) or are they all part of the same company. I just wonder if Spiegel will maybe have another credit card company carry their Spiegel line of credit (did that make sense? I can't figure out how to explain it)
Update!! Spiegel is more than likely going to have to reorganize. Just have to wait and see what they do.
