MBNA cardholders are in for a few changes come late September; they are the latest customers to undergo a post-acquisition transition to TD. The banking giant, which bought MBNA in December 2011, will begin the process of moving MBNA credit card accounts to their system, which is stated to have “new options, increased security and a new telephone banking voice”.
However, unlike the CIBC-TD customer transition this June, all MBNA customers will be keeping their original cards and pins, with no replacements or resets required. That said, there are a few changes and service interruptions to take note of, which we've summarized below. It will be interesting to see if the transition occurs without the hiccups experienced during the aforementioned CIBC customer switch; stay tuned for updates ( and note that yours truly is an MBNA cardholder).
What Is Staying the Same?
Your MBNA card: Cardholders can rest easy knowing there will be no product switch in their near future; all current credit cards will continue to operate under the MBNA brand, with no changes to their features, rewards or pins. However, those wishing to change their pins should do so before September 24, as there will be a freeze on this service until September 29.
Fees: All accounts and annual fees will remain unchanged.
Credit card features: There will be no change to your rewards earning structure, credit card limit, required minimum payment, standard rates, or interest-free grace period (21 days).
All promotional rates: Any special limited-time interest rate offers will continue without interruption until their original expiration dates; for example, if you’ve taken advantage of the MBNA Platinum Plus’ 12-month 0% balance transfer offer, you’ll continue to pay no interest on your transferred balance. However, note that there will be a service interruption for new balance transfers (see below).
Insurance coverage: There will be no changes to the terms and conditions and coverage amounts for insurance included on your MBNA credit card.
Pre-Authorized Debit Service: This will continue during the “conversion” period without interruption. However, you won’t be able see updates to your transaction history and balance until September 30.
Foreign Currency Conversion: This will remain unchanged at 2.5%.
What is Changing?
Your Online Banking account: MBNA’s online banking system is completely moving to TD’s. This means all MBNA cardholders must re-enroll in online banking on or after September 30. To do so, you can use the same site (mbna.ca).
Your Telephone Banking account: Cardholders must also re-enroll for telephone banking services. You’ll be prompted to set up a telephone banking ID when you call in to MBNA (contact remains the same at 1-800-264-8655).
Wire transfers: These will be now be processed as cash advances, and will incur same-day interest charges (24.99% in some cases, but varies depending on your credit card type).
Access cheques: Any existing access cheques will be void as of September 1, with anything processed after September 25 returned along with potential cancellation fees. Cardholders must wait until after September 29 to order new access cheques.
Statement dates: Under TD’s system, your statement date may move three to five days earlier in the month. This is important to note in the case of pre-authorized payments and any automated payments dates you may have set up.
Service Interruptions during “Conversion Weekend”
Balance transfers: No balance transfers will be processed between September 18 - 29th. However, any requested prior to that date will be processed without interruption.
No rewards redemption: There will be no MBNA reward redemption between September 24 - 29. However, there will be no change to rewards structure or redemption rate.
No Online Banking: Cardholders will be unable ot see their transaction information, balances, and other info online between September 24 and 30th. You must then re-enroll in online banking on or after September 30. There will also be no secure chat service during this time frame.
No pin resets: You cannot update your pin between September 25 - 29th.
Do you have questions about your MBNA credit card transition to TD?