Let's keep this real simple.
If you have a Chase credit card then you should not have your checking or savings account with Chase. And don't forget, Chase owns Washington Mutual.
If you have a Bank of America mortgage then you should not have your checking or savings account with Bank of America. And don't forget, Bank of America owns Countrywide, so the same rule applies.
This rule applies if you guaranteed or signed a loan on behalf of someone or a business.
Let me explain. The banks are so desperate they are doing anything they can to recover money. Normally, if you did not pay a debt owed to a bank, then the bank must file a legal action in court, obtain a court ordered judgment, located your property, bank account or job, and place a lien on what you own. This includes garnishing wages. This is a long and costly process that does not serve a banks best interests.
So...they have come up with a great solution. If you are behind on a Chase credit card, then no worries Chase will just take the money from your savings or checking account. The best part...they don't even notify you first. One day you wake up and your money is gone.
Or...let's say you are a guarantor on a Bank of America (BOA) personal or business loan and the loan is unpaid..well no problem for BOA, they will just take the money from your account. Same day, same time.
Now in response to these immoral (perhaps illegal) actions, the bank will say "We have the right to do it." Perhaps they do...perhaps they don't. The problem is, once the money is taken from the account, one must go through HELL to get it back.
As you read this, lenders are "combing" through the records of every customer who has an outstanding debt or the responsibility of another person's debt. They are then matching this information with checking and savings accounts for the same customers. The next step is to just take the money from the account to pay off the debt.
It's a simple process from their perspective. A destructive process from the account holders perspective.
Now admittedly, there actions are justified to a degree. If a lender is owed an outstanding obligation why should they run around chasing a customer, especially if the money is sitting in an account by the same customer.
So Be Aware and follow these rules.
1. Your checking account should be at a separate bank from your savings account.
2. Your savings and checking account should be at a separate bank from your credit card account.
3. Your savings and checking account should be at a separate bank then your mortgage loan.
4. Your savings and checking account should be at a separate bank then your business loan.
5. If you are a guarantor for any type of loan then make sure you do not have a savings or checking account at the same bank.
Keep this in mind and protect your money.