Ok i logged onto my acct for FCNB and I recieve this message. Has anyone else recieved this message? I have had them since May 00 never late but only 100 credit limit. Hardly ever use it. My credit is getting better so I really don't need it. But still WTF ??? Ok I am wondering I put a 100 deposit on this. Does it take them forever to give my money back or should I just charge it up to my amount I deposit until it is close to 100 and let them deduct it out of my deposit???????????????????? I do have a balance right now and its only 50 dollars. Other question since this is closing should I call first and cancel it out. How does this show up on my report. Got me thinking I should apply for another card real soon this week. I only have 2, Sterling and this one. My score is getting close to 600 may have already hit it but have not ck report in about 2 months. 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.
FCNB made some bad loans, and now they're being forced to shut down their Visa/MC operations. If I were you, I'd call FCNB and ask them to close your account and send you a check for the balance of your deposit. I'm sure they'll send you the money if you ask. I wouldn't try to charge up the $100, because you're risking going over the limit and paying a fee if you don't do it right.
WOW! This was my oldest account... I'm stunned, it was my sock drawer card, with a credit limit of $1300. I guess I better close it before March 7, 2003, before they do!
WOW! This was my oldest account... I'm stunned, it was my sock drawer card, with a credit limit of $1300. I guess I better close it before March 7, 2003, before they do!
I am wandering when close how much it affects your score?? I have only had it since May 01. Hope not too much
I hope it doesn't affect my score to much, but I know it will because it's one of my oldest accounts that has never been late nor over the limit. I'm so madd!!
I called the automated system (800-8263262) and the number is busy all morning. I wonder what happened to FCNB??? Ron.
I received a notice, however, I read somewhere that they were having some kind of problems (don't remember what), and were trying to find someone to buy their portfolio. The Office of the Comptroller of the Currency said "no" to Cap 1, and another company (that I can't think of right now) buying the portfolios. I don't know what will happen with Spiegel, etc. Will try to locate article and post--think a link to it was previously posted. Cariba
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 (read they may buy the accts), 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 you can't get through their main cust svc line (800-876-3262), try (800) 876-0028, then press 0 for an operator. When you hear the message to access account information, press 1. Then be prepared to wait in Easy Listening hell for 30+ minutes. wajaba
I finally, finally got through to somebody. Here's what I was told: 1) Sometime after they pull the plug on all Visa/MC accounts on March 7, those accounts will be reported as CLOSED AT THE REQUEST OF THE CONSUMER (or some such wording) unless your account is actually delinquent at the time. In that case, it'll show as CLOSED BY CREDIT GRANTOR. 2) FCNB should (SHOULD) apply any security deposits to the balance. Nothing more specific than that. When I told the rep that I was planning a balance transfer and wanted to know the amount to tell the other credit card co., he said I should do it for the entire balance and just wait for my deposit to be mailed to me, "just to be safe." wajaba
But will those dirty dogs keep verifiying info to the CRAs when I dipute a 5 year old paid charge off. Getting them to delete has become a full time job for me
I feel very sorry for those who have this as their only card. There are people out there who preach about only having one card, but this is a prime example why that is not a good idea! If this is your only card by choice, now you have to hope you can get another one. Cariba
Ya know there are a few other secure cards out there, but they only give you credit limit of what deposit you give them Anybody knows how these report on CR as secured or just regular Here is my list , I need feedback regarding these cards if anybody has them. 1.) Elan - www.elancard.com 2.) Washington Mutual - http://www.wamu.com/clending/creditCards.jsp 3.) Skypass -http://www.skypassvisa.com/cgi_w/cfm/creditcards/korean_air/skypass_secured.cfm 4.) The Associates - http://www.theassociates.com/pf/credit/portal/acq_index.htm 5.) Amalgamated Bank Any feedback really appreciated thanks
I called really late last night and got a caall center. The guy said the FDIC is investigating them. I have 2900 limit with them. Hmm. What should I do?
This is from Ron's thread concerning non-renewal of his Eddie Bauer MC: FCNBâ??S CARD BONDS LIKELY TO REPAY EARLY Two issues of First Consumers National Bank securities backed by bank card receivables are expected to go into early amortization in March because of poor performance, Spiegel Inc., the bankâ??s owner, said today in a filing with the U.S. Securities and Exchange Commission. Moodyâ??s Investors Service last week put the $850 million in card bonds on review for possible downgrade because of the likelihood of an early payout. Spiegel originally said that it expected that it would be several months before the card bonds would fall below minimum requirements. Spiegel revised its forecast, however, after reviewing data for the period that will end Feb. 28. Card bonds typically go into an automatic early amortization when excess spread, the difference between a card bondâ??s revenues and expenses, falls below 0% for three consecutive months. A third issue backed by Spiegelâ??s private-label cards also may go into an early payout, Spiegel said. If the performance of the card bonds triggers early amortization, newly generated receivables will be used to repay principal to investors on an accelerated basis. That means there would be a shortfall in cash to fund operations, Spiegel said. Itâ??s also unlikely that Spiegel will able to obtain alternative financing since it has been in default on its existing revolving credit facility since 200l, according to the SEC filing. Under an agreement with the Office of the Comptroller of the Currency, FCNB must sell or liquidate its card portfolio by April 30. If FCNB is unable to sell the portfolio, it will be liquidated. According to the SEC filing, Spiegel is continuing discussions with potential buyers, but there is no guarantee the portfolio will be sold before the OCC deadline. Spiegel plans to remain in the private-label credit business, which accounted for about 41% of net sales in 2001, according to a spokesperson.
