On August 21st 2008 I deposited $6,000 of the $10,000 remaining on my home equity line of credit into my savings account. I thought I might need it for emergencies because I had been unemployed since June. According to my July statement I still had $10,000 I could draw upon. I finally had to use some of the deposited funds in October to pay my November bills. Chase removed the funds from my bank account the week before Thanksgiving on 11/20. I received a letter over Thanksgiving stating that they had devalued my property and decreased my credit line and they were going to be kind enough to not charge me any additional fees. I won't even go into the enormous snowball effect of fees from my bank for all of the payments that were paid out prior to the funds being removed from my account from Chase. How are they allowed to dishonor a check 4 months after being deposited into a personal bank account? How far back in time can they go back and retroactively re-value property and take money out of peoples accounts? Had I not closed the account before more damage was done who knows how much they would have taken out over time citing retroactive property devaluations.
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