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| Even if your bank closes down, you still have to pay your credit card debt. Image credit: allieddebtconsolidationloans.com |
You hold a credit card from a bank that failed. What’s going
to happen to your account?
When one bank fails, another bank takes on an existing
credit card account. But you need to realize that the bank is not required to
keep offering you that card. It will first investigate your account and decide
if you are a good credit risk. And consider this, one of the reasons that a
bank fails is that it was too lenient about extending credit, it stands to
reason that the acquiring bank may not want to keep your business.
Bottom line? If the bank thinks that you are a sort of
credit risk, your credit card should be shut down.
Another question. Now thatg your bank has failed, do you
still need to pay off your debts?
Of course you have. There’s no way that you’ll ever get out
of your personality responsibility. You made the charges, so you’re responsible
to paying them up. Keep paying anyway. But make sure to keep your receipts.
While the transition to your new bank may be seamless, but you can never tell.
Adapted from: Suze Orman’s 2009 Action Plan: Keeping Your Money Safe
& Sound
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