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Article: When Closing Accounts Is Counter-Revolutionary.(Cards)(Revolution Money Inc.'s market share and customer services)(Company overview)
- Article from:
- American Banker
- Article date:
- September 17, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Maria Aspan
Revolution Money Inc. has become the latest credit card company to shut down a slice of cardholder accounts, an unusual move for a fledging network trying to gain share and visibility.
The St. Petersburg, Fla. company, which started its RevolutionCard two years ago, started telling some cardholders this month that their accounts had been closed to further use "as part of the process of adding an additional banking partner to our network."
Revolution would not identify the new partner or explain why its addition led it to close accounts. But that action, though not out of step with the card industry retrenchment trend, is ...