I read the fine print. Awhile back my MBNA Credit Cards (business and personal) became Bank of America. Today I opened the business CC 'change of terms' letter.
In the new 'agreement' - SECURITY INTEREST "Company and guarantor each grants FIA Card Services a security interest and contractual right of offset in and to, all deposit accounts now or hereafter maintained by Company or Guarantor (including, without limitation, joint accounts) with Bank of America or any of its affiliates....."
Meaning they can TAKE YOUR CASH (or, the cash from the accounts of anyone else who may have given you joint access (parental retirement funds? children's college funds?)).
Oh, and "If you have other loans from us or you take out other loans with us or in the future, collateral securing these loans will also secure your obligation under this Agreement"
If I am reading this correctly, this means if you have a CC with BOA and you have an auto or truck loan with a subsidiary or affiliate of BOA, and you default your CC -- they can take your trucks.
BOA, transforming unsecured debt into collateralized debt. Great magic trick.