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A Binding Contract, But Not For Wells Fargo

Friday, September 14, 2012 - 12:55 PMWells Fargo Bank - Details
This might sound familiar to DA readers who have followed the issue of early withdrawal penalties being increased on existing CDs, but this case deals with HELOCs. According to the Los Angeles Times:
Question: When is a contract not worth the paper it's printed on?

Answer: When it contains weasel words so broad in scope that one party is free to change whatever it wants, whenever it wants.

Janet Bandur and her husband, Darrell, discovered this after Wells Fargo contacted them recently to say that their home equity line of credit was being closed because "it is no longer compatible with today's systems."

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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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