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) September 20, 2000

BANC ONE HELOC TRUST 1998-1
   (Exact name of registrant as specified in its charter)

       United States     333-03911-01 		  36-1248602
     (State or Other	(Commission File  	(I.R.S. Employer
      Jurisdiction	 Number)     		Identification No.)
      of Incorporation)

c/o Bank One, National Association
Corporate Trust Services Division - 9th floor 1 N. State Street,
Chicago IL
(Address of Principal Executive Offices)
60670-0126
(Zip Code)

Registrant's telephone number, including area code:		312-336-9730

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 September 20, 2000.
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 September 20, 2000.
		  Principal	Interest	Ending Balance
Cede & Co.	$ 9,406,872.01	$ 3,162,702.76 	$ 543,030,290.68

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 September 20, 2000
Statement to Certificateholders (Page 1 of 2)

	Distribution Date:						9/20/00

		INVESTOR CERTIFICATES DISTRIBUTION SUMMARY
		(PER $1000 ORIGINAL PRINCIPAL AMOUNT)

	A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

		Investor Certificate Interest Distributed		 3.720827
		Investor Certificate Interest Shortfall Distributed	 0.000000
		Remaining Unpaid Investor Certificate Interest Shortfall 0.000000

		Managed Amortization Period ? (Yes=1; No=0)		 1
		Investors Certificate Principal Distributed		 11.066908
		  Principal Distribution Amount			     	 10.791741
        	  Maximum Principal Payment				 24.873913
		  Alternative Principal Payment			     	 10.791741
		  Principal Collections less Additional Balances	 10.791741
		  Investor Loss Amount Distributed to Investors		 0.247569
		  Accelerated Principal Distribution Amount		 0.027598
		  Credit Enhancement Draw Amount			 0.00

		Total Amount Distributed to Certificateholders (P & I)	 14.787735

	B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE

		Beginning Investor Certificate Balance		     552,437,162.68
		Ending Investor Certificate Balance		     543,030,290.68
		Beginning Invested Amount			     561,658,017.64
		Ending Invested Amount				     552,274,604.17
		Investor Certificateholder Floating Allocation Percentage 97.0232%
		Pool Factor					     0.6388592
		Liquidation Loss Amount for Liquidated Loans	     216,889.79
		Unreimbursed Liquidation Loss Amount		     0.00

	C.	POOL INFORMATION

		Beginning Pool Balance		           	     578,890,625.84
		Ending Pool Balance				     569,500,755.92
		Servicing Fee					     241,204.43

	D.	INVESTOR CERTIFICATE RATE

		Investor Certificate Rate			     6.870000%
		LIBOR Rate					     6.620000%
		Maximum Rate				             9.695537%

	E.	DELINQUENCY & REO STATUS

		Delinquent 30-59 days
		    No. of Accounts			             188
		   Trust Balances				     5,230,269.00
		Delinquent 60-89 days
		    No. of Accounts				     51
		   Trust Balances				     1,376,601.00
		Delinquent 90+ days
		    No. of Accounts				     79
		   Trust Balances				     2,594,597.00
		Delinquent 9+ Months
		    No. of Accounts				     0
		   Trust Balances				     0.00
		REO
		    No. of Accounts				     0
		   Trust Balances				     0.00


	Statement to Certificateholders (Page 2 of 2)

	Distribution Date:						9/20/00

		IN WITNESS WHEREOF, the undersigned has caused
		this Certificate to be duly executed and certifies to the
		best of her knowledge and belief that information is true
		and correct this 15th day of September, 2000

	Bank One, N.A.  as Servicer

	     __/s/_Tracie Klein______

	       Tracie Klein
	       First Vice President

	Distribution List:
	"   Keith Richardson - Bank One, N.A."

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  __/s/_Keith Richardson______
Name:	Keith Richardson

Dated September 25, 2000