Etrade Home Equity Line Of Credit

Etrade bank has suspended my Line of Credit, is this legal?

I have a sizeable HELOC against which I can withdraw funds as needed. I have not used it in 2 years and balance is ZERO. I received a letter stating it was suspended due to falling home prices and the equity being reduced. Is this legal?

Unfortunately, it is. I’ve worked in the financial industry for over a decade, and with this economic crisis, banks are reviewing their customer’s credit files (all legal) and taking action where they can.

For example, if they have $10mil in accounts and are forced to reduce that number to $8mil, because their investors are afraid they are going to tank, the bank is going to review all accounts and cut out enough risky-looking customers to amount to $2mil in possible loans.

The stimulus packages the banks have received, billions of dollars’ worth, is designed to keep the banks from having to do this. Unfortunately, none of the banks are reporting what they’re doing with that money now, but they still seem to be closing accounts and reducing credit limits in an effort to please their stockholders. They won’t say where all the money is going to, or what it’s doing to help the economy, except by saying general things like, “The funds are strengthening our balance sheets.”

These days, you can’t be too careful with your credit. Something you’d think would be an innocent action on your part could easily construed as risky by a creditor. For example, if you get your tax return and pay off a good chunk of your credit cards… seems great to you, right? Your creditors might think that’s risky… especially if you close your accounts. They might see it as a drastic change in your financial situation and close your accounts… such as what’s happened to you now. The sad thing is, your other creditors may see that Etrade has closed your accounts, and close your accounts with them, as well!

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