topic Re: Closing CU account under which one has received a Elan Max Cash Preferred Card in Credit Cards

Closing CU account under which one has received a Elan Max Cash Preferred Card

BallBounces — Wed, 13 Aug 2025 23:10:43 GMT

I have accounts at a small CU through which I have the Elan MCP card. I would like to sever my relationship and close all the accounts at the CU (with the exception of the MCP card).

I know Elan handles the card independently generally, but want to confirm with anyone that has experience closing all accounts at the parent institution but keeping the MCP card.

If it matters, I have had this tradeline over 10 years, I would like to keep it, and I would like to keep the MCP, so no, I am not willing to risk it being closed. (A platinum card was PC ed in to this card a while ago).

And yes, I know I could contact Elan. Unfortunmately I have found their customer service unreliable.

Thoughts?

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

ptatohed — Thu, 14 Aug 2025 15:10:58 GMT

That's a good question. Bank-wise, obviously if you closed all your, say, Chase, deposit/investment accounts and kept only your Chase credit card(s) open, you'd be fine. With that said, I do believe Credit Union-wise, CU membership is required for any of their products, including credit cards.

https://ncua.gov/regulation-supervision/legal-opinions/2000/use-credit-cards-after-termination-membership

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

ocheosa — Wed, 13 Aug 2025 23:52:31 GMT

@BallBounces I have three elan cards associated with two banks (1 personal, 2 business). Personally, I plan to keep both open since they're free. I prefer statement credits so just need to send a deposit once a year to keep accounts from going dormant. If your bank charges for checking accounts there may be a free savings available?

My first MCP was generic through Elan direct, so that one is statement credit only.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

AndySoCal — Thu, 14 Aug 2025 00:37:06 GMT

@BallBounces The credit union is going to want at least one deposit account checking or savings account. If you close deposit accounts you will lose the credit card account

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

ptatohed — Thu, 14 Aug 2025 00:37:59 GMT

@ocheosa wrote:
@BallBounces I have three elan cards associated with two banks (1 personal, 2 business). Personally, I plan to keep both open since they're free. I prefer statement credits so just need to send a deposit once a year to keep accounts from going dormant. If your bank charges for checking accounts there may be a free savings available?
My first MCP was generic through Elan direct, so that one is statement credit only.

I believe 1.) OP is asking specifically about a CU issued card, not a bank. And 2.) OP is talking about closing all of their deposit accounts and ending membership, not keeping the accounts open.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

BallBounces — Thu, 14 Aug 2025 01:44:09 GMT

@AndySoCal wrote:
@BallBounces The credit union is going to want at least one deposit account checking or savings account. If you close deposit accounts you will lose the credit card account

Hi Andy. I don't mean to argue (I'm not!) but how do you know?

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

tofu159mac — Thu, 14 Aug 2025 05:10:53 GMT

Yes, you can typically keep your Elan Max Cash Preferred (MCP) credit card even if you close all your other accounts at the credit union (CU), because Elan Financial Services operates the card separately.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

ptatohed — Thu, 14 Aug 2025 05:39:58 GMT

@BallBounces wrote:
@AndySoCal wrote:
@BallBounces The credit union is going to want at least one deposit account checking or savings account. If you close deposit accounts you will lose the credit card account
Hi Andy. I don't mean to argue (I'm not!) but how do you know?

See post #2. You need to maintain your CU membership to have any CU products. You need to have at least one deposit account with the CU to maintain membership.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

AndySoCal — Thu, 14 Aug 2025 13:35:19 GMT

@ptatohed When you become a member you must open a deposit account as a part becoming a member of credit union. You cannot become a member of with just a credit card. I have closed my relationship with three credit unions. The account that I opened when was an account that I could not zero the balance on. When I closed that account the membership went with it. I knew that would happen when I asked to close that account.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

Thomas_Thumb — Thu, 14 Aug 2025 14:50:27 GMT

@BallBounces wrote:
I have accounts at a small CU through which I have the Elan MCP card. I would like to sever my relationship and close all the accounts at the CU (with the exception of the MCP card).

I know Elan handles the card independently generally, but want to confirm with anyone that has experience closing all accounts at the parent institution but keeping the MCP card.

If it matters, I have had this tradeline over 10 years, I would like to keep it, and I would like to keep the MCP, so no, I am not willing to risk it being closed. (A platinum card was PC ed in to this card a while ago).

And yes, I know I could contact Elan. Unfortunmately I have found their customer service unreliable.

Thoughts?

I'd call Elan and inquire about a card PC to a non credit union version. Then call back another time and ask to speak with a supervisor. See if you get the same answer.

My guess is they won't convert the card but would offer a new card which loses your history. I could be wrong.

@SouthJamaica has a fair number of credit union CCs. Perhaps he has some insight.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

ptatohed — Thu, 14 Aug 2025 15:13:39 GMT

@AndySoCal wrote:
@ptatohed When you become a member you must open a deposit account as a part becoming a member of credit union. You cannot become a member of with just a credit card. I have closed my relationship with three credit unions. The account that I opened when was an account that I could not zero the balance on. When I closed that account the membership went with it. I knew that would happen when I asked to close that account.

You don't need to tell me this.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

gdale6 — Thu, 14 Aug 2025 23:49:42 GMT

Yep, I got my Max Cash thru Community Banks of Colorado and have never had an account with them.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

ptatohed — Fri, 15 Aug 2025 07:40:14 GMT

@gdale6 wrote:
Yep, I got my Max Cash thru Community Banks of Colorado and have never had an account with them.

But that's a bank, not a CU, right?

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

BallBounces — Fri, 15 Aug 2025 14:07:03 GMT

@ptatohed wrote:
@AndySoCal wrote:
@ptatohed When you become a member you must open a deposit account as a part becoming a member of credit union. You cannot become a member of with just a credit card. I have closed my relationship with three credit unions. The account that I opened when was an account that I could not zero the balance on. When I closed that account the membership went with it. I knew that would happen when I asked to close that account.

You don't need to tell me this.

Nor me, about the opening of accounts.

I am less convinced on the other end, if all CU accounts are closed that the Elan managed card is closed as well.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

BallBounces — Fri, 15 Aug 2025 14:08:15 GMT

@Thomas_Thumb wrote:
@BallBounces wrote:
I have accounts at a small CU through which I have the Elan MCP card. I would like to sever my relationship and close all the accounts at the CU (with the exception of the MCP card).

I know Elan handles the card independently generally, but want to confirm with anyone that has experience closing all accounts at the parent institution but keeping the MCP card.

If it matters, I have had this tradeline over 10 years, I would like to keep it, and I would like to keep the MCP, so no, I am not willing to risk it being closed. (A platinum card was PC ed in to this card a while ago).

And yes, I know I could contact Elan. Unfortunmately I have found their customer service unreliable.

Thoughts?
I'd call Elan and inquire about a card PC to a non credit union version. Then call back another time and ask to speak with a supervisor. See if you get the same answer.

Probably the best course of action, except I might call 6 or 7 times to increase my chances of an accurate answer...

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

SouthJamaica — Fri, 15 Aug 2025 17:29:09 GMT

@BallBounces wrote:
I have accounts at a small CU through which I have the Elan MCP card. I would like to sever my relationship and close all the accounts at the CU (with the exception of the MCP card).

I know Elan handles the card independently generally, but want to confirm with anyone that has experience closing all accounts at the parent institution but keeping the MCP card.

If it matters, I have had this tradeline over 10 years, I would like to keep it, and I would like to keep the MCP, so no, I am not willing to risk it being closed. (A platinum card was PC ed in to this card a while ago).

And yes, I know I could contact Elan. Unfortunmately I have found their customer service unreliable.

Thoughts?

Since you do not want the card to be closed, you shouldn't take the risk. You should keep one deposit account open.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

unsungivy — Sat, 16 Aug 2025 13:27:33 GMT

@AndySoCal wrote:
@ptatohed When you become a member you must open a deposit account as a part becoming a member of credit union. You cannot become a member of with just a credit card. I have closed my relationship with three credit unions. The account that I opened when was an account that I could not zero the balance on. When I closed that account the membership went with it. I knew that would happen when I asked to close that account.

This is specifically about Elan cards at a credit union however.

Not in-general membership at a CU.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

BallBounces — Sat, 16 Aug 2025 22:20:51 GMT

@SouthJamaica wrote:
@BallBounces wrote:
I have accounts at a small CU through which I have the Elan MCP card. I would like to sever my relationship and close all the accounts at the CU (with the exception of the MCP card).

I know Elan handles the card independently generally, but want to confirm with anyone that has experience closing all accounts at the parent institution but keeping the MCP card.

If it matters, I have had this tradeline over 10 years, I would like to keep it, and I would like to keep the MCP, so no, I am not willing to risk it being closed. (A platinum card was PC ed in to this card a while ago).

And yes, I know I could contact Elan. Unfortunmately I have found their customer service unreliable.

Thoughts?
Since you do not want the card to be closed, you shouldn't take the risk. You should keep one deposit account open.

Duh!

But the service and products at this CU are really terrible. I would love to be done with them despite a 25 year relationship. They stink, and are no longer local to me which takes away another positive attribute.

If I don't get warm fuzzies, I won't risk it ... but it never hurts to do some research and see if others have first hand experience!

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

UncleB — Sun, 17 Aug 2025 07:22:07 GMT

Logically I'd say it shouldn't matter since Elan is distinct from the CU, and many folks have Elan cards with no further relationship.

But then there's this tidbit: https://ficoforums.myfico.com/t5/Credit-Cards/Elan-closed-both-my-accounts-for-no-reason/m-p/6831971

It's notable that's not even a CU, that's a bank (Renasant). It could be that example is just a strange (and unfortunate) one-off, but we don't know.

If it were me, I'd consider leaving the share account open with the minimum amount (I'm assuming there's a $5 requirement like many CUs have). That's not going to break the bank, and if that's your only account it shouldn't be too much burden to deal with the occasional statement it'll generate. I know this doesn't quite meet your goal of a 'clean break' but $5 for peace-of-mind might be worth it.

Re: Closing CU account under which one has received a Elan Max Cash Preferred Card

BallBounces — Mon, 18 Aug 2025 21:14:50 GMT

@UncleB wrote:
Logically I'd say it shouldn't matter since Elan is distinct from the CU, and many folks have Elan cards with no further relationship.

But then there's this tidbit: https://ficoforums.myfico.com/t5/Credit-Cards/Elan-closed-both-my-accounts-for-no-reason/m-p/6831971

It's notable that's not even a CU, that's a bank (Renasant). It could be that example is just a strange (and unfortunate) one-off, but we don't know.

If it were me, I'd consider leaving the share account open with the minimum amount (I'm assuming there's a $5 requirement like many CUs have). That's not going to break the bank, and if that's your only account it shouldn't be too much burden to deal with the occasional statement it'll generate. I know this doesn't quite meet your goal of a 'clean break' but $5 for peace-of-mind might be worth it.

That's more or less where I have been for years. Guess it'll just stay that way.