PenFed - don't let your unsecured cc and Loc become secured lines!

[NotRonJeremy]

REPOST!

DO NOT Keep Cash/Assets At Banks You Have Credit Cards With

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, paym…