Like many of you I thought that First Consumers National Bank was trying to hide something when it suddenly sent out notices of it's termination of credit cards for business reasons. After an exhausting investigation I found out that FCNB was ordered by the SEC to stop doing Business.
FCNB is owned by Spiegel and Spiegel is in BIG financial trouble. The federal agency that oversees banks has ordered Spiegel to sell or liquidate it's credit card business (FCNB) because of Spiegel's failure to meet the requirements on securities that back bank card debt. A SEC report states that Spiegel will fail to meet minimum performance standards. Now we know that FCNB is not actually at fault but rather it's parent company Spiegel.
I wouldn't count on receiving any rebates on annual fees or a refund on a credit balance. For more information please go the following www.chicago sun times click on archives or search function for spiegel/fcnb 2-26-03
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