Best Way to Close a Credit Card Account
Author: archive
Posted: Tue Jul 27, 2004 1:26 am
Post subject: Best Way to Close a Credit Card Account
Karen Dahlin
Date: 9/3/2001 7:44 am CDT
My husband has an account with Merrick Bank. He closed this account a year ago and wants to pay it off. I have asked for a letter for payoff many times and this company still has not sent it to us they keep adding on annual fees and late charges and monthly charges now. They keep harrassing me by phone all hours of the day and night. What and how am I going to pay this bill off if they won't cooporate.
Thank You
Karen Dahlin
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: archive
Posted: Tue Jul 27, 2004 1:27 am
Post subject: Best Way to Close a Credit Card Account
Board Monitor - AD
Date: 9/3/2001 10:22 am CDT
Karen,
Before you can request to close an account, you need to first pay off the balance in full. Simply call the bank, ask for a payoff amount within a 10 day period (if you plan to pay it off by then), and then once they have received payment (and you have verified this) ask to close the account.
Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com
Author: archive
Posted: Tue Jul 27, 2004 1:27 am
Post subject: Best Way to Close a Credit Card Account
: Ed Mason
Date: 9/3/2001 11:39 am CDT
Karen, \
If this is a credit card account, you can always close it by calling the Customer service Toll Free # on the back of the card.. It does not matter if there is a balance or not.. It still has to be paid.. Also another question.? Why are you getting late fees? Have you made any of the required Monthly minimum payments..? Even if you were waiting for a payoff balance, you still should have been making your payments.. I looked up Merrick Bank on the Computer.. and it seems that you can call any branch and they should be able to give you a payoff figure.. If you want to figure out how much interest will be added on each day,, Use this formula..
Lets say the Interest rate on your acct is 15.9
Divide 15.9 By 365 days to get your daily periodic rate =
.04356164
Now lets say that the balance as of your last statement that is subject to finance charges is 5000.00 Take the 5000.00 and multiply it by the periodic rate
5000.00 x .04356164= 2.17 per day.... all you have to do is take the 2.17 and multiply it times the amount of days that you think that it will take for you payment to arrive.. Just add the amount that you come up with to the balance on your statement.. If you overpay it.. You will be refunded,,
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Jul 27, 2004 1:26 am
Post subject: Best Way to Close a Credit Card Account
Karen Dahlin
Date: 9/3/2001 7:44 am CDT
My husband has an account with Merrick Bank. He closed this account a year ago and wants to pay it off. I have asked for a letter for payoff many times and this company still has not sent it to us they keep adding on annual fees and late charges and monthly charges now. They keep harrassing me by phone all hours of the day and night. What and how am I going to pay this bill off if they won't cooporate.
Thank You
Karen Dahlin
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: archive
Posted: Tue Jul 27, 2004 1:27 am
Post subject: Best Way to Close a Credit Card Account
Board Monitor - AD
Date: 9/3/2001 10:22 am CDT
Karen,
Before you can request to close an account, you need to first pay off the balance in full. Simply call the bank, ask for a payoff amount within a 10 day period (if you plan to pay it off by then), and then once they have received payment (and you have verified this) ask to close the account.
Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com
Author: archive
Posted: Tue Jul 27, 2004 1:27 am
Post subject: Best Way to Close a Credit Card Account
: Ed Mason
Date: 9/3/2001 11:39 am CDT
Karen, \
If this is a credit card account, you can always close it by calling the Customer service Toll Free # on the back of the card.. It does not matter if there is a balance or not.. It still has to be paid.. Also another question.? Why are you getting late fees? Have you made any of the required Monthly minimum payments..? Even if you were waiting for a payoff balance, you still should have been making your payments.. I looked up Merrick Bank on the Computer.. and it seems that you can call any branch and they should be able to give you a payoff figure.. If you want to figure out how much interest will be added on each day,, Use this formula..
Lets say the Interest rate on your acct is 15.9
Divide 15.9 By 365 days to get your daily periodic rate =
.04356164
Now lets say that the balance as of your last statement that is subject to finance charges is 5000.00 Take the 5000.00 and multiply it by the periodic rate
5000.00 x .04356164= 2.17 per day.... all you have to do is take the 2.17 and multiply it times the amount of days that you think that it will take for you payment to arrive.. Just add the amount that you come up with to the balance on your statement.. If you overpay it.. You will be refunded,,
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:22 PM
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