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
                                    Amendement 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):  April 25, 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 March 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 0.066%.  The
revised  Monthly  Loss Rate is 0.792%.  The  Rolling  Twelve  Month Loss Rate as
previously reported was 0.012% and has been revised to reflect a rate of 0.139%.
The actual  dollar  amount of reported  losses for March 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 May 9, 2000 on a Form 8-K dated as of
April 25, 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 of
             EX-99.1            Home Equity Loan Trust 1999-1, relating to the
                                April 25, 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 April 25, 2000 distribution.





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