Wells Fargo unilaterally changes contract, demands 1-year repayment of $87k home-equity balance

Source: 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."

The Bandurs were told they had one year to pay off the roughly $87,000 they had outstanding on the account.

... "The bank may change any term or condition of this agreement with respect to both current and future balances on my account, including, without limitation, the index, the spread, and the provisions relating to the determination, calculation and reassessment of finance charge, membership fee, late charge and any other charges, fees or costs."

Read more: http://www.latimes.com/business/la-fi-lazarus-20120914,0,5732676,full.column