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Advanta Bank to close all credit accounts this week

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posted on Jun, 1 2009 @ 09:56 AM
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I never heard, or read about this until today, and this was released on the 27th of May. I would advice for people to have as much cash as they can get out without affecting those things they have to pay through their banks, but have some cash with you because as this continues there will be a bank Holiday, banks will close for a time and noone will be able to get cash from their accounts.




All Advanta Bank credit card accounts will be closed in four days, the card issuer for small business told its customers Tuesday.Cardholders received e-mails from the bank notifying them that they would not be able to make new transactions as of Saturday. Those who carry a balance will be allowed to continue paying down that balance over time.

The bank issued a public announcement on May 11 that it would shut down credit card accounts on June 10, but did not communicate that directly to cardholders until this week. Why Advanta has chosen an earlier closure date is unclear. Bank representatives could not be reached for comment Tuesday.

news.vin.com...




posted on Jun, 1 2009 @ 10:11 AM
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reply to post by ElectricUniverse
 


I strongly disagree. This is just a minor credit card. The article itself says it is the credit card company everybody hates and they have unfair and (now) illegal rate increases. I expect they are shutting down because they can no longer perform their bad business under new credit card reform laws.



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