Voting Question: Can a bank freeze your HELOC account and make it retroactive?
We are using this account to build a house. The bank sent us a letter that said the account was closed. The date was two weeks before we were notified. They also said any charges during this two week period would not be covered by our account so we have to provide overdraft protection using our other accounts. We ordered a large amount of cement block for our project which we cannot return (special order item). If we were notified the account was closing as of a certain date, we would not have ordered some of these costly supplies. Now we are trying to liquidate other accounts to pay off the credit cards which we had to max out to cover what the bank didn’t. Can the bank legally do this?