BANC ONE FINANCIAL SERVICES HOME EQUITY LOAN TRUST 1999-1
8-K/A, 2000-06-30
ASSET-BACKED SECURITIES
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington D. C. 20549

                                    Form 8-K/A
                                    Amendment 1

                Current Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported):  March 27, 2000

                          BANC ONE FINANCIAL SERVICES
                         Home Equity Loan Trust 1999-1



New York (governing law of          333-39127-05      52-2164454
Pooling and Servicing Agreement)    (Commission       IRS EIN
(State or other                     File Number)
jurisdiction


        c/o Norwest Bank Minnesota, N.A.
        11000 Broken Land Parkway                            21044
        Columbia, Maryland                                  (Zip Code)
        (Address of principal executive offices)


       Registrant's telephone number, including area code:  (410) 884-2000


         (Former name or former address, if changed since last report)


ITEM 5.  Other Events

For the month of February  2000,  the Monthly  Loss Rate and the Rolling  Twelve
Month Loss Rate was misreported for the Bank One Financial Services Home Equity
Loan Trust 1999-1. The Monthly Loss Rate as previously  reported was 0.029%. The
revised  Monthly  Loss Rate is 0.353%.  The  Rolling  Twelve  Month Loss Rate as
previously reported was 0.006% and has been revised to reflect a rate of 0.073%.
The actual dollar amount of reported losses for February was and is correct.  In
addition,  Cumulative Losses were added to the Cumulative Loss Rate line item in
Section G of the Monthly  Servicing  Report. No other information on the Monthly
Servicing Report is affected by this change.

This  Amendment  No. 1 on Form 8-K/A is being  filed  solely for the  purpose of
filing a corrected Exhibit 99.01 which shall replace Exhibit 99.01 as originally
filed on April 7, 2000 on a Form 8-K dated as of March 27, 2000.

  ITEM 7.  Financial Statements and Exhibits

        (c)  Exhibits furnished in accordance with Item 601(a) of
             Regulation S-K

             Exhibit Number                      Description
                                 Revised monthly report distributed to holders
             EX-99.1             of Home Equity Loan Trust 1999-1, relating to
                                 the March 27, 2000 distribution.


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                          BANC ONE FINANCIAL SERVICES
                         Home Equity Loan Trust 1999-1

              By:   Norwest Bank Minnesota, N.A., as Trustee
              By:   /s/ Sherri Sharps, Vice President
              By:   Sherri Sharps, Vice President
              Date: 06/28/2000


                                INDEX TO EXHIBITS

Exhibit Number                   Description

EX-99.1        Revised monthly report distributed to holders of Home Equity
               Loan Trust 1999-1, relating to the March 27, 2000 distribution.






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