Morgan Stanley

bodybutter

Hello all,
way back in May Morgan Stanley wrote to me saying a £20 fee would apply to my account. I was not best pleased with this and after much phoning and furious letter writing I ended up in the position where I got my cashback returned 100% and my account closed. Or so I thought.

I recently sent of for copies of my credit reports from both Experian and Equifax to find that the Morgan Stanley account is showing its still open. No hint of settled, closed etc.

So I have this evening fired of another furious letter to Morgan Stanley stating I'm not best pleased and to close the account and tell me why it was left open.

I really dont know what happened there but I guess the credit cards is one area the big banks are desperate to get out of? All I would say is avoid Morgan Stanley they have really gone stone age in terms of customer service. Why?

17Dave

Credit card companies often leave the account "open" as they will not know if you have charged something to the account just before closing it or have annual "standing orders". Do not worry unduly - if you have destroyed the card you should have no problems. (I had a similar issue with MBNA a couple of years ago)

YorkshireBoy

17Dave wrote: »

Credit card companies often leave the account "open" as they will not know if you have charged something to the account just before closing it or have annual "standing orders".

That's not been my experience Dave. On closing a card you are usually asked if you have made any recent transactions (within the last few days), or have any 'continuous payment authorities' (CPA's) set up on the card. You are then reminded to cancel any such CPA's, and told that any transactions presented to the account will be processed and the account re-opened.

I've had accounts marked as 'settled' with the CRA's in as little as 2 weeks, but they should certainly take no longer than 5-8 weeks.

Do not worry unduly - if you have destroyed the card you should have no problems.

Whilst I agree that, in your field, 'available' credit plays little/no part in mortgage acceptance, it most certainly will affect future credit card applications.