Heloc Question

[monkatom]

I have a home equity line of credit with WAMU. I am up to date on paymnets and plan on keeping the house and keeping up on the payments. My bank account is also with Wamu and I have direct deposit. My question is should I change bank accounts as is there a chance WAMU might freeze or do something to my account when they find out I file BK. My lawyer plans on filling today I hope.
Thanks

[HHM]

Generally, main stream banks do not freeze accounts, that type of action is usually only done by Credit Unions.

I wouldn't worry about it.

[magyar123]

Not exactly familiar with WAMU's practices, but to be on the safe side, yes - close your accounts with WAMU and go to a different bank altogether.

[HHM]

If you are the paranoid type, sure, get a new account. But really, you don't have anything to worry about. Institutional banks do not cross-collateralize your assets.

Simply ask your attorney if any of his clients have had any problems.

Anecdotaly, no member of this board has reported having their bank account frozen (unless they were with a credit union).

[monkatom]

Thanks I will double check with attorney. I almost want to keep account open as they withdraw my Heloc payment monthly and I get like .25% interest rate break because of that.