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

[BallBounces]

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?

[ptatohed]

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-membe...

[ocheosa]

@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.

[AndySoCal]

@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

[ptatohed]

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@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.

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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.  

[BallBounces]

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@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

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

[tofu159mac]

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.

[ptatohed]

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@BallBounces wrote:

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@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

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

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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.  

[AndySoCal]

@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.

[Thomas_Thumb]

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@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?

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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.