It’s been said for years not to keep any savings accounts or checking account with more than a few dollars in it at a bank you have credit card accounts at, since they can try to seize your savings to repay your debt. I received a notice from PenFed that they are changing their terms as of Oct 1 to include this exact language:
To protect us if you are in default on any credit extended or cash advanced under this account, you have granted a security interest in all of your shares, deposits, payments and dividends which may be received, whether held jointly or individually, up to the amount
of your outstanding balance. The foregoing security interest includes the right to apply funds available to you in any jointly held account on your date of death. This does not include your individual retirement account (IRA). We may take all the shares needed by us to repay your credit extension or cash advance. If it is necessary to take all of your shares for the payment of this account, you understand your membership in PenFed may end. Collateral securing other loans with the credit union may also secure this loan.