How time flies! March 7, 2013, the very beginning of my credit journey I wrote this about Applied Bank:
http://ficoforums.myfico.com/t5/Credit-Cards/Applied-Bank-s-VISA-Business-Card-their-business-your-f...
Less than a year later, GOOD BYE APPLIED BANK WAS NICE KNOWING YOU! Sent out the letter to cancel this sub-prime, predatory, hit-the-customer-with-huge-silly-uneccessary-beyond-creative-fees (even hit the customer with a fee to make a payment!) "bank".
For those of you who have an Applied Bank credit card (unsecured) PLEASE CANCEL THIS CARD RIGHT - don't fall into the trap of calling their customer service to do this - unless you want delay, after delay which happens to end up with you being billed for more fees when the next statement cuts (even if you have a zero balance...or think you do!).
_____________________________________________________________________
January 3, 2014
XYZ Unhappy Customer
XYZ Unhappy Customer Business
Unhappy Customer Street
Unhappy Town, Unhappy State, Unhappy Zip
Applied Bank
P.O. Box 17125
Wilmington, DE 19850-7125
SENT USPS CERTIFIED MAIL
RE: NOTICE OF TERMINATION -- Account # XXXX XXXX XXXX XXXX
To whom it may concern,
This letter serves as a NOTICE OF TERMINATION per the Applied Bank Business Credit Card Agreement.
According to the above referenced agreement,
You may terminate your Account at any time. In order to terminate your Account, you must: give us written notice of your intent to terminate your Account at the address for inquires shown on your statement, and pay off your outstanding balance in full. Your notice of termination will become effective as soon as we can reasonably act on it.
The balance for Account # XXXX XXXX XXXX XXXX is PAID IN FULL.
The final balance of $15.15 was paid, in addition to a separate “payment processing fee” of $10.95, via telephone, as of the date of this letter (I LOVED paying you people a $10.95 fee just to pay you guys the $15.15 I owe you - of that $15.15, $9.95 of that was a mysterious, monthly "account maintence fee").
This “Notice of Termination” has been sent to the address for inquires as shown on my last Applied Bank Business Credit Card Statement.
Please close my account I M M E D I A T E L Y or within the legally defined timeframe of “reasonable” as is referenced in the card agreement.
In this specific case, “reasonable” would entail full account closure BEFORE issuance of the next billing statement.
Please update, as per law, the CLOSED BY CONSUMER and ZERO BALANCE/PAYED AS AGREED status of this account to the two (2) major credit bureaus to which you regularly report.
I will follow up, within a reasonable period of time, as to the status of this account, i.e., that the account was, in fact, CLOSED and said status was correctly reported to the appropriate agencies/bureaus.
As this “Notice of Termination” was executed exactly as per the “Applied Bank Business Credit Card Agreement”, I fully expect no issues, problems, or delays concerning this contractually authorized request.
Sincerely,
XYZ Unhappy Customer
XYZ Unhappy Customer Business Name
USAA Rewards VISA (7,500 - 03/2013) / DiscoverIT (6500 - 03/2013) / Cap One Platinum MC (2750 - 03/2013) / Credit One Platinum VISA (750 - 03/2013) / First Premier Bank MC (300 - 02/2013) / FingerHut/WEBBANK (5200.00 - 02/2013) / Victoria's Secret/Comenity (1500 - 03/2013) / PayPal Smart Connect/GECRB (2900 - 03/2013) / Lowe's/GECRB (2800 - 03/2013) / Amazon.com/GECRB (4500 - 03/2013) / Chevron Texaco/GECRB (1950 - 03/2013) / J.C. Penney/GECRB (2150 - 02/2013) / Target (750 - 07/2013) / Abercrombie & Fitch/Comenity (1850 - 07/2013) / CareCredit/GECRB (4500 - 08/2013) / DCU Visa (2000 - 11/2013) / NFCU Sig cashRewards Visa (7000 - 11/2013) - MilitaryStar/Chase (4700 /12/2013)
