Comments on: What would happen to my credit card if the bank fails? http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/ Find out your monthly mortgage payment using this free updated mortgage calculator. Get amoritization tables, bi-weekly savings, refinance info and tips to save money on your home loan. Wed, 14 Sep 2011 21:17:02 +0000 hourly 1 http://wordpress.org/?v=3.2 By: James P http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/comment-page-1/#comment-8953 James P Wed, 16 Dec 2009 17:43:19 +0000 http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/#comment-8953 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. 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.

]]> By: IcyKold http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/comment-page-1/#comment-8952 IcyKold Wed, 16 Dec 2009 08:25:20 +0000 http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/#comment-8952 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. 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.

]]> By: SmartAndHot http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/comment-page-1/#comment-8951 SmartAndHot Sun, 13 Dec 2009 14:39:57 +0000 http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/#comment-8951 you'll end up paying for all of bank's debt. good luck! MUHAHAHA!! you’ll end up paying for all of bank’s debt. good luck! MUHAHAHA!!

]]> By: slimick http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/comment-page-1/#comment-8950 slimick Sat, 12 Dec 2009 15:16:44 +0000 http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/#comment-8950 Another firm that is solvent will take over your account...Don't count upon not having to pay the debt back....sorry. Another firm that is solvent will take over your account…Don’t count upon not having to pay the debt back….sorry.

]]> By: Sandy S http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/comment-page-1/#comment-8949 Sandy S Wed, 09 Dec 2009 12:31:56 +0000 http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/#comment-8949 The accounts are sold with the biz and you continue to pay as usual. The accounts are sold with the biz and you continue to pay as usual.

]]> By: Felecity http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/comment-page-1/#comment-8948 Felecity Tue, 08 Dec 2009 07:23:26 +0000 http://1mortgagecalculator.info/what-would-happen-to-my-credit-card-if-the-bank-fails/#comment-8948 oh gosh i got wamu cc too and i sure dont know the answer and would like to hear others input. oh gosh i got wamu cc too and i sure dont know the answer and would like to hear others input.

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