Reply
Member
lattle
Posts: 7
Registered: ‎10-03-2012
0

Orchard Bank Security Deposit Refunded

So...I received a statement today from Panhandle State Bank saying that my account that holds my security account for Orchard Bank had been cleared out on 1/24/2013.  I just figured that Cap One switched banks, since I have tried and failed numerous times to get this card changed to an unsecured card.  I called Panhandle and the rep said, without checking my specific information, that all Orchard Bank accounts were being closed and checks would be mailed out in 2-3 weeks.  She said Cap One no longer required security deposits.  The way she explained it, I understood it to be all Orchard Bank cards, not just mine...since she knew the exact date my account was closed without asking for my account number. 

 

Am I the only one who received this, or has any other Orchard Bank folks gotten the same thing?  I wonder if they are getting ready to switch my Orchard card to a Cap One?



Starting Score: 585
Current Score: 702
Goal Score: 750


Take the myFICO Fitness Challenge
Contributor
londonhogfan
Posts: 142
Registered: ‎01-15-2013
0

Re: Orchard Bank Security Deposit Refunded

All Orchard Bank accounts will be closed in the next 2-4 weeks? That's news to me. Hope to get a good PC and not just a closed account.



I'll be in the garden... FICO Score | TU-08: 732 in May 2013
Member
lattle
Posts: 7
Registered: ‎10-03-2012
0

Re: Orchard Bank Security Deposit Refunded

I don't know if the Orchard Credit card is going to be closed...I just know my savings account that held my security deposit is being closed and the rep at that bank made it seem like ALL Orchard bank security accounts were being closed out.



Starting Score: 585
Current Score: 702
Goal Score: 750


Take the myFICO Fitness Challenge
New Visitor
AlexL
Posts: 1
Registered: ‎02-11-2013
0

Re: Orchard Bank Security Deposit Refunded

I got a refund from my application process which was posted to my Orchard Bank Credit Card.

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Orchard Bank Security Deposit Refunded

Did you close the card or did Orchard close it?

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Orchard Bank Security Deposit Refunded

interesting I look forward to getting my deposit back =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Member
lattle
Posts: 7
Registered: ‎10-03-2012
0

Re: Orchard Bank Security Deposit Refunded

I did not close the card...it is still open, and I use it once a quarter or so to keep activity on it and PIF.  The only reason I have not closed it is because its my oldest card.  It served its purpose to rebuild my credit, but my credit is good now and I wanted to close it out and get my $1800 deposit back...but I will be buying a house soon and did not want to do anything until that process was over.

 

That being said, i did not initiate anything for them to close the security deposit savings account...that was orchard/cap one's doing.  I am just curious as to what is going to happen next.  Are they going to close the credit card account?  Are they going to change it to a cap one?  Are they going to merge it with my existing cap one? Or are they just going to leave it as is and I will now have an unsecured orchard bank card?



Starting Score: 585
Current Score: 702
Goal Score: 750


Take the myFICO Fitness Challenge
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Orchard Bank Security Deposit Refunded

Nice capital one allows authorized users I intend to keep it around just to add friends and family to help boost their scores :smileywink: although after a little while my Amex would probably be much better :smileyhappy:


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Orchard Bank Security Deposit Refunded


lattle wrote:

I did not close the card...it is still open, and I use it once a quarter or so to keep activity on it and PIF.  The only reason I have not closed it is because its my oldest card.  It served its purpose to rebuild my credit, but my credit is good now and I wanted to close it out and get my $1800 deposit back...but I will be buying a house soon and did not want to do anything until that process was over.

 

That being said, i did not initiate anything for them to close the security deposit savings account...that was orchard/cap one's doing.  I am just curious as to what is going to happen next.  Are they going to close the credit card account?  Are they going to change it to a cap one?  Are they going to merge it with my existing cap one? Or are they just going to leave it as is and I will now have an unsecured orchard bank card?


Interesting, Keep us posted, please.

Valued Contributor
daybreakgonesXe
Posts: 1,862
Registered: ‎11-17-2012
0

Re: Orchard Bank Security Deposit Refunded

[ Edited ]

Wolf3 wrote:

lattle wrote:

I did not close the card...it is still open, and I use it once a quarter or so to keep activity on it and PIF.  The only reason I have not closed it is because its my oldest card.  It served its purpose to rebuild my credit, but my credit is good now and I wanted to close it out and get my $1800 deposit back...but I will be buying a house soon and did not want to do anything until that process was over.

 

That being said, i did not initiate anything for them to close the security deposit savings account...that was orchard/cap one's doing.  I am just curious as to what is going to happen next.  Are they going to close the credit card account?  Are they going to change it to a cap one?  Are they going to merge it with my existing cap one? Or are they just going to leave it as is and I will now have an unsecured orchard bank card?


Interesting, Keep us posted, please.


Not sure what they're exactly going to do with it, but me and another poster were talking about this three days ago...all the Orchard Bank secured cards were converted from secured to unsecured before they completely transition to Cap One. What Cap One will do with them, who knows, but so far we all have unsecured Orchard Bank cards! Looks like they will eventually become some type of unsecured Cap One card because there is absolutely no indication of the accounts closing and it seems they will all remain opened in some form...Here is the e-mail response I received from Orchard Bank:

 

Dear daybreakgonesXe,

We are writing to you in response to your inquiry regarding your Account 
ending in XXXX issued by Capital One Bank (USA), N.A. or  Capital One, N.A.

Thank you for your email inquiry dated 02/10/13. As a way of welcoming you to
Capital One, we looked at your account and determined that you qualify to
graduate to an unsecured status.  Your deposit will be mailed to your current
mailing address in February.  If you do not receive your funds by mid-March,
we request you to you may call the deposit bank.

You are important to us and we appreciate your business.

Sincerely,

Vishwanath Sharma Mandapaka
Orchard Bank Customer Care


Capital One Bank (USA), N.A. and Capital One, N.A. will not send or request
sensitive personal or account information through e-mail or the telephone.  If
you receive suspicious email or phone calls regarding your credit card
account, contact us immediately at the phone number printed on the back of
your credit card or on your billing statement.

Capital One, PO Box 5226, Carol Stream, IL 60197-5226

�  2013 Capital One

 

 

^^^ also notice how they're not mentioning HSBC anymore in their e-mails..the conversion is getting closer and closer!

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

FICOS: EX 744 EQ 706 TU 733 Credit Karma (TU) 785 Transrisk 808/990 Credit Sesame (EX) 764 Credit.com (EX) 764 VantageScore 3.0 719 Quizzle (EQ) 721

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}