Picked up this article over the weekend and thought it was pretty interesting: American Express pays customers to go away (http://tinyurl.com/da8dd9). Basically, American Express is interested in getting rid of the accounts where the balances are big and the cardholder pays only minimum payments. These accounts obviously are too expensive to keep open and so they are offering some cash to close the account. However, if you were a cardholder with a balance, you still have to pay off the balance; you just no longer have the ability of using the card any longer.
Other banks are considering some alternate ways of getting a divorce from these accounts and you can check out what some are doing in this article from Bankrate.com:
http://tinyurl.com/2hwtqd
.
I would also caution you to check with your tax adviser if you are given some opportunity to close an account on whether any offer to settle your account for less or take any type of incentive will result in producing an income event.
Anyway, just thought it was good info for people to read and know about in this crazy world of banking!
TTFN!
Jax
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