I just received a letter that my business account was closed and sold to another company due to their inability to raise capital. I have been a customer for over six years with an outstanding payment history.

I called to inquire about the new credit card laws and their lack of compliance with the grace period and on the same day they closed my account.

I called their customer service department and was put on hold for 35 minutes before I was able to talk to their customer service representative which she was not able to provide any answers to quesstions why the account was closed without notice despite the fact that their letter gave a grace period of one week and they were going to cap the credit limit to the current credit limit or an amount that is $100 greater than the existing outstanding balance.

They simply closed the account and blocked all activity for no sound reason. Moreover, I asked where I can send my final payment because the due date is fast approching and her response was to wait until I got the notice from the new company. I asked what happens if that information arrives past the due date? She had no answer and provided the same response.

I am glad that I will no longer have to deal with them in the future. Their operation reminds me of the TV commercial showing an office run by group of out of control apes. They have no regard for their clients.