topic Re: Elan closed both my accounts for no reason in Credit Cards

Elan closed both my accounts for no reason

MrDisco99 — Thu, 10 Jul 2025 18:42:31 GMT

I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.

Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.

So yeah... if you have account with Elan they might just shut you down and not tell you why.

Re: Elan closed both my accounts for no reason

Vinjints — Thu, 10 Jul 2025 18:20:38 GMT

Did they mention anything about sending you a letter, or email explaining anything prior to your phone call to them? Did they say they would follow up with any documentation of the closure after your phone call?

I'm also curious, did you use the MCP for anything other than your utilities?

Re: Elan closed both my accounts for no reason

MrDisco99 — Thu, 10 Jul 2025 18:34:00 GMT

They told me the closure was as of July 2, which was my last statement date. There was nothing about the closure on my statement. It's possible there's a letter in the mail, but I haven't received anything there either. And no email either.

I kept asking questions on the call but the guy would only say he could not tell me anything else. So I have no idea if I have documentation incoming or not.

I mainly used my card for utilities. Occasionally they would do a spend offer for like 5% on $1K at restaurants or whatever, and sometimes I went for it, but this was for the most part my utilities card.

Anyone have recommendations for rewards on utilities (other than USBank Cash+)?

Re: Elan closed both my accounts for no reason

odd_dog — Thu, 10 Jul 2025 19:00:13 GMT

Anyone have recommendations for rewards on utilities (other than USBank Cash+)?

Venmo Visa

Re: Elan closed both my accounts for no reason

SouthJamaica — Fri, 11 Jul 2025 05:19:39 GMT

@MrDisco99 wrote:
I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.

Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.

So yeah... if you have account with Elan they might just shut you down and not tell you why.

That's a bummer. I've had similar experiences with Capital One, Bank of America, and Barclays, all at times when my scores were excellent and my utilization low. Never found out the actual reason, but I suspected it was because I was taking advantage of attractive balance transfer offers.

Re: Elan closed both my accounts for no reason

ocheosa — Fri, 11 Jul 2025 07:14:20 GMT

@MrDisco99 wrote:
I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.

Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.

So yeah... if you have account with Elan they might just shut you down and not tell you why.

@MrDisco99 , If you recall the app asked if you had a deposit account. I think the easy access to bank/credit union websites and issuing of cards w/o following guidelines is now being corrected.

Lately, when browsing different banks who have elan seriviced cards, I've noticed you have to login to online banking in order to apply for cards.

Re: Elan closed both my accounts for no reason

MrDisco99 — Fri, 11 Jul 2025 13:28:37 GMT

@ocheosa wrote:
@MrDisco99 wrote:
I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.

Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.

So yeah... if you have account with Elan they might just shut you down and not tell you why.
@MrDisco99 , If you recall the app asked if you had a deposit account. I think the easy access to bank/credit union websites and issuing of cards w/o following guidelines is now being corrected.

Lately, when browsing different banks who have elan seriviced cards, I've noticed you have to login to online banking in order to apply for cards.

It was 3 years ago. I don't remember anything about that application process.

You reminded me of something I forgot to mention, though... when I asked about the supposed "deposit account agreement" the guy on the phone asked me if I'd remembered the document I'd signed when I accepted the card. Of course I told him no, because I don't remember signing anything, and even if I did, I certainly don't remember what was in it. He said I'd agreed to terms in that document. I asked what specific terms were causing my accounts to be closed and he couldn't answer. So I still don't know what document I supposedly signed or what was in it.

If cardholders are supposed to have deposit accounts and they are cracking down on that, then I guess that would be a reasonable explanation. He could've just said so, though. And it's kind of annoying for them to be enforcing that policy retroactively.

Re: Elan closed both my accounts for no reason

Varsity_Lu — Fri, 11 Jul 2025 13:32:52 GMT

@MrDisco99 wrote:

Anyone have recommendations for rewards on utilities (other than USBank Cash+)?

Huntington Voice. I'd go with it over the Venmo Visa which is a Synchrony card.

Re: Elan closed both my accounts for no reason

MrDisco99 — Fri, 11 Jul 2025 13:34:31 GMT

@SouthJamaica wrote:
@MrDisco99 wrote:
I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.

Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.

So yeah... if you have account with Elan they might just shut you down and not tell you why.
That's a bummer. I've had similar experiences with Capital One, Bank of America, and Barclays, all at times when my scores were excellent and my utilization low. Never found out the actual reason, but I suspected it was because I was taking advantage of attractive balance transfer offers.

Yeah I never did any of their BT offers even though they send me those blank checks just about every month. At least those will stop showing up now.

Re: Elan closed both my accounts for no reason

Varsity_Lu — Fri, 11 Jul 2025 13:34:56 GMT

@MrDisco99 wrote:

So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed."

So yeah... if you have account with Elan they might just shut you down and not tell you why.

Uh...they DID tell you why.

Re: Elan closed both my accounts for no reason

coldfusion — Fri, 11 Jul 2025 14:05:43 GMT

@MrDisco99 wrote:
@ocheosa wrote:
@MrDisco99 wrote:
I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.

Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.

So yeah... if you have account with Elan they might just shut you down and not tell you why.
@MrDisco99 , If you recall the app asked if you had a deposit account. I think the easy access to bank/credit union websites and issuing of cards w/o following guidelines is now being corrected.

Lately, when browsing different banks who have elan seriviced cards, I've noticed you have to login to online banking in order to apply for cards.
It was 3 years ago. I don't remember anything about that application process.

You reminded me of something I forgot to mention, though... when I asked about the supposed "deposit account agreement" the guy on the phone asked me if I'd remembered the document I'd signed when I accepted the card. Of course I told him no, because I don't remember signing anything, and even if I did, I certainly don't remember what was in it. He said I'd agreed to terms in that document. I asked what specific terms were causing my accounts to be closed and he couldn't answer. So I still don't know what document I supposedly signed or what was in it.

If cardholders are supposed to have deposit accounts and they are cracking down on that, then I guess that would be a reasonable explanation. He could've just said so, though. And it's kind of annoying for them to be enforcing that policy retroactively.

You can try taking a look at the current (at least recent) cardmember agreement to see if there are any lines in the terms & conditions sections you see that you might have crossed.

https://online1.elancard.com/oad/teamsite/decisioning/elan/docs/global_default/FR006213482_z02_ELAN_NPSL.pdf

You can also try a Hail Mary and file a CFPB complaint although given that agency's current status I don't know if there's any reasonable chance of that driving a positive outcome.

Re: Elan closed both my accounts for no reason

Varsity_Lu — Fri, 11 Jul 2025 14:33:51 GMT

@MrDisco99 wrote:

If cardholders are supposed to have deposit accounts and they are cracking down on that, then I guess that would be a reasonable explanation. He could've just said so, though. And it's kind of annoying for them to be enforcing that policy retroactively.

Wouldn't the obvious solution just to open a deposit account with the bank you are getting the card through? That seems like a small hassle for 5% on utilities.

Re: Elan closed both my accounts for no reason

Vinjints — Fri, 11 Jul 2025 15:41:26 GMT

I don't think there is a requirement to have a deposit account. I was asked about the money I kept at the bank I applied with and stated zero. They gave me the card anyway (at $500). Unless there's something in there about having a certain time frame to open an account, which I strongly doubt. What are the chances you fudged the number you had on deposit when you applied? Did you close any accounts with the FI that you applied with since getting the card?

Re: Elan closed both my accounts for no reason

Varsity_Lu — Fri, 11 Jul 2025 16:52:20 GMT

@Vinjints wrote:
I don't think there is a requirement to have a deposit account. I was asked about the money I kept at the bank I applied with and stated zero. They gave me the card anyway (at $500). Unless there's something in there about having a certain time frame to open an account, which I strongly doubt. What are the chances you fudged the number you had on deposit when you applied? Did you close any accounts with the FI that you applied with since getting the card?

Perhaps each bank has their own requirements for the card?

Re: Elan closed both my accounts for no reason

ocheosa — Fri, 11 Jul 2025 19:09:48 GMT

@MrDisco99 wrote:
@ocheosa wrote:
@MrDisco99 wrote:
I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.

Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.

So yeah... if you have account with Elan they might just shut you down and not tell you why.
@MrDisco99 , If you recall the app asked if you had a deposit account. I think the easy access to bank/credit union websites and issuing of cards w/o following guidelines is now being corrected.

Lately, when browsing different banks who have elan seriviced cards, I've noticed you have to login to online banking in order to apply for cards.
It was 3 years ago. I don't remember anything about that application process.

You reminded me of something I forgot to mention, though... when I asked about the supposed "deposit account agreement" the guy on the phone asked me if I'd remembered the document I'd signed when I accepted the card. Of course I told him no, because I don't remember signing anything, and even if I did, I certainly don't remember what was in it. He said I'd agreed to terms in that document. I asked what specific terms were causing my accounts to be closed and he couldn't answer. So I still don't know what document I supposedly signed or what was in it.

If cardholders are supposed to have deposit accounts and they are cracking down on that, then I guess that would be a reasonable explanation. He could've just said so, though. And it's kind of annoying for them to be enforcing that policy retroactively.

@MrDisco99

We can never be sure the exact reason why banks close accounts without notice. They can/and do use whatever reason they find best fits to cease relationship. I can confirm that elan does credit bureau account reviews often. Not sure if that may have also contributed to this decision.

My first MCP was under that direct elan general application site. I left the account relationship box empty and they sent me a Bank of Ca MC. When I applied for my 2nd MCP and business cards, I first opened deposit accounts with associated local banks .

On the application it asked-

ACCOUNT RELATIONSHIP INFORMATION
$???? Checking, Savings, and Money Mar...
$???? Investments and Retirement Accoun...

IMPORTANT TERMS AND APPLICATION AGREEMENT

"You agree that, in order to open and administer the Account that may be established as a result of this Application, we and the correspondent financial institution that solicited this Application may share certain information about you and your ongoing Account activity. By submitting this application, you certify that you read and understood the disclosures here and you agree to the terms of this Application."

terms

Re: Elan closed both my accounts for no reason

TrapLine — Fri, 11 Jul 2025 19:11:44 GMT

Fidelity Visa Signature Credit Card Rewards (actual account verbage) and note, rewards NOT deposited into a Fidelity Eligible Account will generally be LESS than 2% along with other listed options:

"We may change APRs, fees, and other Account terms in the future based on your experience with Elan Financial Services and its affiliates as provided under the Cardmember Agreement and applicable law.

1. You will earn 2 Points per dollar in eligible net purchases (net purchases are purchases minus credits and returns) that you charge. Account must be open and in good standing to earn and redeem rewards and benefits. Upon approval, refer to your Program Rules for additional information. Subject to applicable law, you may not redeem Reward Points, and you will immediately lose all of your Reward Points, if your Account is closed to future transactions (including, but not limited to, due to Program misuse, failure to pay, bankruptcy, or death). Reward Points will not expire as long as your Account remains open. Certain transactions are not eligible for Reward Points, including Advances (as defined in the Agreement, including wire transfers, travelers checks, money orders, foreign cash transactions, betting transactions, lottery tickets and ATM disbursements), convenience checks, balance transfers, unauthorized or fraudulent charges, overdraft advances, interest charges, fees, credit insurance charges, transactions to fund certain prepaid card products, U.S. Mint purchases, or transactions to purchase cash convertible items. The 2% cash back rewards value applies only to Points redeemed for a deposit into an eligible Fidelity account. The redemption value is different if you choose to redeem your Points for other rewards such as travel options, merchandise, gift cards, and/or statement credit. Other restrictions apply. Full details appear in the Program Rules new card customers receive with their card. Establishment or ownership of a Fidelity account or other relationship with Fidelity Investments is not required to obtain a card or to be eligible to use Points to obtain any rewards offered under the program other than Fidelity Rewards".

Re: Elan closed both my accounts for no reason

MrDisco99 — Fri, 11 Jul 2025 19:11:40 GMT

@Varsity_Lu wrote:
@MrDisco99 wrote:

So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed."

So yeah... if you have account with Elan they might just shut you down and not tell you why.
Uh...they DID tell you why.

Care to elaborate?

Re: Elan closed both my accounts for no reason

MrDisco99 — Fri, 11 Jul 2025 19:17:18 GMT

@coldfusion wrote:
@MrDisco99 wrote:
@ocheosa wrote:
@MrDisco99 wrote:
I've had an Elan (Renasant Bank) MCP for the last 3 years that I've used to pay my utility bills each month. That's several hundred dollars each month and I paid in full religiously and never missed a payment. I also got an Everyday Rewards+ card that I briefly used for restaurant spend but has mostly been in the sock drawer for the last year or so.

Yesterday I tried to pay my gas bill with my MCP as is my usual routine and the transaction was declined. I called the number on the back of the card and they told me my account was closed, could not explain why, and gave me a number to call. So I called that number and spoke to someone else who looked me up and told me that "due to the terms of the deposit account agreement the accounts have been closed." I told him I don't have a deposit account, and asked what terms I was afoul of. He told me he couldn't tell me anything else.

So yeah... if you have account with Elan they might just shut you down and not tell you why.
@MrDisco99 , If you recall the app asked if you had a deposit account. I think the easy access to bank/credit union websites and issuing of cards w/o following guidelines is now being corrected.

Lately, when browsing different banks who have elan seriviced cards, I've noticed you have to login to online banking in order to apply for cards.
It was 3 years ago. I don't remember anything about that application process.

You reminded me of something I forgot to mention, though... when I asked about the supposed "deposit account agreement" the guy on the phone asked me if I'd remembered the document I'd signed when I accepted the card. Of course I told him no, because I don't remember signing anything, and even if I did, I certainly don't remember what was in it. He said I'd agreed to terms in that document. I asked what specific terms were causing my accounts to be closed and he couldn't answer. So I still don't know what document I supposedly signed or what was in it.

If cardholders are supposed to have deposit accounts and they are cracking down on that, then I guess that would be a reasonable explanation. He could've just said so, though. And it's kind of annoying for them to be enforcing that policy retroactively.
You can try taking a look at the current (at least recent) cardmember agreement to see if there are any lines in the terms & conditions sections you see that you might have crossed.

https://online1.elancard.com/oad/teamsite/decisioning/elan/docs/global_default/FR006213482_z02_ELAN_NPSL.pdf

You can also try a Hail Mary and file a CFPB complaint although given that agency's current status I don't know if there's any reasonable chance of that driving a positive outcome.

Yeah the cardmember agreement is pretty boilerplate. I can't think of anything I might have done that would have crossed any lines. I put my power, gas, and water bill on the card and religiously paid it down to zero every month.

I'm not even going to bother with the CFPB.

Re: Elan closed both my accounts for no reason

MrDisco99 — Fri, 11 Jul 2025 19:20:09 GMT

@Varsity_Lu wrote:
@MrDisco99 wrote:

If cardholders are supposed to have deposit accounts and they are cracking down on that, then I guess that would be a reasonable explanation. He could've just said so, though. And it's kind of annoying for them to be enforcing that policy retroactively.
Wouldn't the obvious solution just to open a deposit account with the bank you are getting the card through? That seems like a small hassle for 5% on utilities.

Nothing implied that I needed to do that when I applied. And I'm surely not going to do it now after they've shut me down.

Re: Elan closed both my accounts for no reason

MrDisco99 — Fri, 11 Jul 2025 19:24:56 GMT

@Vinjints wrote:
I don't think there is a requirement to have a deposit account. I was asked about the money I kept at the bank I applied with and stated zero. They gave me the card anyway (at $500). Unless there's something in there about having a certain time frame to open an account, which I strongly doubt. What are the chances you fudged the number you had on deposit when you applied? Did you close any accounts with the FI that you applied with since getting the card?

Like I said, I've never had any deposit accounts with Renasant Bank before or since applying for the card. I don't remember all the details of my application, but if it asked for amount in deposits I surely would've put zero. I would've had no reason to input anything else.

Again, this was three years ago. They had plenty of time to shut me down if I'd done something wrong on my application.