Change-of-terms notification for closed accounts? (re: new laws)

[Anonymous]

Hello,

Do CC companies have to send change-of-terms notifications for closed accounts?

I've received COT notifications from ALL my cards about the new laws going into effect Monday, except from Citibank.  My accounts at Citibank are both closed accounts.

I'm still slightly worried that the new laws may not apply to closed accounts.  I've been assured otherwise by people here that the laws apply to all accounts closed or not (I've read the act myself, and there is nothing specific about closed accounts), but I can't help but think the evil vampires working at Citibank might find a way out.

And what worries me even more is that I haven't gotten a COT notification for any of my Citi accounts. Neither in paper, nor in the online document center.

I want to make a huge 15x the minimum payment on Monday so I can start destroying the high-rate-balances on these Citibank accounts that have mixed low-rate high-rate balances.  And if this huge payment goes to the low rate balance I am seriously going to lose my frickn' mind.

Message Edited by bogfrog on 02-20-2010 07:26 AM

[pizzadude]

Yes, they should apply for both open and closed accounts.

This week I received a 4 page mailer detailing the changes for my open Chase account, and my wife received one for her closed Chase account.

It could be that Citi is mailing out on different schedules for open vs closed accounts, but I believe you will be getting one eventually.

[MarineVietVet]

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@Anonymous wrote:

Hello,

Do CC companies have to send change-of-terms notifications for closed accounts?

I've received COT notifications from ALL my cards about the new laws going into effect Monday, except from Citibank.  My accounts at Citibank are both closed accounts.

I'm still slightly worried that the new laws may not apply to closed accounts.  I've been assured otherwise by people here that the laws apply to all accounts closed or not (I've read the act myself, and there is nothing specific about closed accounts), but I can't help but think the evil vampires working at Citibank might find a way out.

And what worries me even more is that I haven't gotten a COT notification for any of my Citi accounts. Neither in paper, nor in the online document center.

I want to make a huge 15x the minimum payment on Monday so I can start destroying the high-rate-balances on these Citibank accounts that have mixed low-rate high-rate balances.  And if this huge payment goes to the low rate balance I am seriously going to lose my frickn' mind.

Message Edited by bogfrog on 02-20-2010 07:26 AM

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When you pay more than your minimum, the excess amount goes toward paying off that higher interest rate balance before the rest of your balance. It shouldn't matter whether the account is open or closed but I must admit I am not 100% sure about that.

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[Anonymous]

Has anyone here received notification from Citibank that the new laws are going into effect?

I personally got notification from Chase (similar to what Pizzadude described) and others, just not Citi.  But those other accounts are open.