SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange 
Act of 1934
Date of Report (date of earliest event reported): December 21, 1998
BANC ONE HELOC TRUST 1998-1                  
   (Exact name of registrant as specified in its charter)
          OHIO        			333-0391101 		
36-1248602
 (State or Other Jurisdiction	(Commission File  
(I.R.S. Employer of Incorporation)			 Number)			 
Identification No.)
c/o The First National Bank of Chicago. 
Corporate Trust Services Division - 9th floor 1 N. State Street, 
Chicago IL				
60670-0126 (Address of Principal Executive Offices)				
(Zip Code)

Registrant's telephone number, including area code:		312/407-1902

Item 5.	Other Events
On behalf of Banc One HELOC Trust 1998-1, a Trust created pursuant to the 
Pooling Agreement, dated August 31, 1998, the Paying Agent has caused to 
be filed with the Commission, the Monthly Report dated December 21, 1998.  
The Monthly Report is filed pursuant to and in accordance with (1) numerous 
no-action letters (2) current Commission policy in the area.  The filing of the 
Monthly Report will occur subsequent to each monthly distribution to the 
holders of the Trust's Investor Certificates.  

A.	Monthly Report Information: Aggregate distribution information 
for the current distribution date December 21, 1998.
Principal		Interest		Ending Balance
Cede & Co.	$19,777,138.75	$3,714,381.00	$ 792,409,617.35

B.	No delinquency in payment under the Transferor Certificate, or 
the MBIA Insurance Policy has occurred.

C.	Have any deficiencies occurred?  NO. Date: Amount:

D.	Were any amounts paid or are any amounts payable under the 
MBIA Insurance Policy?  NO Amount:

E.	Are there any developments with respect to the MBIA Insurance 
Policy?  NONE.

F.	Item 1:  Legal Proceedings:  NONE

G.	Item 2:  Changes in Securities:  NONE

H.	Item 4:  Submission of Matters to a Vote of Security Holders:  NONE

I.	Item 5:  Other Information - Items 1, 2, 4, 5 if applicable:  NOT 
APPLICABLE

Item 7.	Monthly Statements and Exhibits
Exhibit No. 1.	Monthly Statement to Certificateholders dated December 21, 1998 

Statement to Certificateholders (Page 1 of 2)				
				
Distribution Date:			11/20/98 	12/21/98 
				
	INVESTOR CERTIFICATES DISTRIBUTION SUMMARY			
	(Per $1000 Original Principal Amount)			
A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS			
				
	Investor Certificate Interest Distributed		4.645023 	4.369860 
	Investor Certificate Interest Shortfall Distributed		0.000000 	0.000000 
	Remaining Unpaid Investor Certificate Interest Shortfall		0.000000 	0.000000 
				
	Managed Amortization Period ? (Yes=1; No=0)		1	1
	Investors Certificate Principal Distributed		29.393611 	23.267222 
	  Principal Distribution Amount		27.047266 	20.687793 
	     Maximum Principal Payment		43.767052 	48.775657 
	     Alternative Principal Payment		27.047266 	20.687793 
	     Principal Collections less Additional Balances		27.047266 	20.687793 
	  Investor Loss Amount Distributed to Investors		0.000000 	0.014517 
	  Accelerated Principal Distribution Amount		2.346345 	2.564912 
	  Credit Enhancement Draw Amount		0.00 	0.00 
				
	Total Amount Distributed to Certificateholders (P & I)		34.038633 	27.637082 
				
B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE			
				
	Beginning Investor Certificate Balance		"837,171,325.14 "	"812,186,756.10 "
	Ending Investor Certificate Balance		"812,186,756.10 "	"792,409,617.35 "
	Beginning Invested Amount		"839,660,359.64 "	"816,670,183.71 "
	Ending Invested Amount		"816,670,183.71 "	"799,073,220.08 "
	Investor Certificateholder Floating Allocation Percentage		97.9759% 	97.9201% 
	Pool Factor		0.9555138 	0.9322466 
	Liquidation Loss Amount for Liquidated Loans		0.00 	"12,601.52 "
	Unreimbursed Liquidation Loss Amount		0.00 	0.00 
				
C.	POOL INFORMATION			
				
	Beginning Pool Balance		"857,007,290.84 "	"834,017,114.91 "
	Ending Pool Balance		"834,017,114.91 "	"816,419,889.18 "
	Servicing Fee		"357,086.37 "	"347,507.13 "
				
D.	INVESTOR CERTIFICATE RATE			
				
	Investor Certificate Rate		5.476880% 	5.310940% 
	LIBOR Rate		5.226880% 	5.060940% 
	Maximum Rate		9.092216% 	8.625992% 
				
E.	DELINQUENCY & REO STATUS			
				
	Delinquent 30-59 days			
	    No. of Accounts		70 	93 
	   Trust Balances		"1,806,206.00 "	"2,506,964.00 "
	Delinquent 60-89 days			
	    No. of Accounts		22 	25 
	   Trust Balances		"854,594.00 "	"699,461.00 "
	Delinquent 90+ days			
	    No. of Accounts		0 	14 
	   Trust Balances		0.00 	"623,652.00 "
	Delinquent 9+ Months			
	    No. of Accounts		0 	0 
	   Trust Balances		0 	0 
	REO			
	    No. of Accounts		0 	0 
	   Trust Balances		0.00 	0.00 
				
				
Statement to Certificateholders (Page 2 of 2)				
				
Distribution Date:			11/20/98 	12/21/98 
				
	"IN WITNESS WHEREOF, the undersigned has caused"			
	this certificate to be duly executed			
	"this 16th day of December, 1998"			
				
				
	"       Bank One, NA"			
	       as Servicer			
				
	       _______________________________________			
				
	       Tracie Klein			
	       Vice President			
	Distribution List:			
				
	   Barbara Grosse - First National Bank of Chicago			
									
					
SIGNATURES
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 thereunto duly authorized.

BANC ONE HELOC TRUST 1998-1

By  _______________________________________ Name:	Barbara Grosse 
Title: Vice President
Dated: December 31, 1998