By Admin on Dec 6, 2009 in Credit
OK yeah well whatever asked:
I have a WaMu credit card (love it because it has a good interest rate AND I can see my credit score 24/7 at no charge). They are in trouble financially for the same reason as a lot of other banks are. So if they go under or get sold or some other catastrophic thing happens to WaMu (or indeed to any credit card issuer), what happens to my credit card account? Can they demand all outstanding balances as immediately due and payable?
http://1mortgagecalculator.info
I have a WaMu credit card (love it because it has a good interest rate AND I can see my credit score 24/7 at no charge). They are in trouble financially for the same reason as a lot of other banks are. So if they go under or get sold or some other catastrophic thing happens to WaMu (or indeed to any credit card issuer), what happens to my credit card account? Can they demand all outstanding balances as immediately due and payable?
http://1mortgagecalculator.info
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oh gosh i got wamu cc too and i sure dont know the answer and would like to hear others input.
Felecity | Dec 8, 2009 | Reply
The accounts are sold with the biz and you continue to pay as usual.
Sandy S | Dec 9, 2009 | Reply
Another firm that is solvent will take over your account…Don’t count upon not having to pay the debt back….sorry.
slimick | Dec 12, 2009 | Reply
you’ll end up paying for all of bank’s debt. good luck! MUHAHAHA!!
SmartAndHot | Dec 13, 2009 | Reply
The account (if you carry a balance) will be sold as a receivable. However, it will convert to a closed-end loan. Thus, no more using the card. Reason being the first 6 digits on the card are the BIN, Bank Identification Number. Visa/MC’s systems will not function properly if one bank is managing cards issued with multiple BIN’s. Even worse, the system would melt down if one BIN was used by multiple banks. The whole routing of transaction information to move money needs this one-to-one relationship.
IcyKold | Dec 16, 2009 | Reply
Whenever something like this happens another bank—the one that took over the credit division of your bank (or your bank)—will also take over the accounts. Your credit card may eventually be rebranded and it will be managed differently to reflect a new company’s interests (e.g. right now, as a WaMu cardholder, you get a free PFICO, and that may change unless it is guaranteed in your terms), but you will keep your account (as you would keep any debt you have).
IcyKold’s scenario will not apply.
James P | Dec 16, 2009 | Reply