topic Re: Recommendation to reject Chase Bank binding arbitration in Community Chat

Recommendation to reject Chase Bank binding arbitration

Caffeina — Fri, 12 Jul 2019 14:58:34 GMT

If you have a Chase Bank branded credit card, it's recommended that the new binding arbitration agreement be rejected. The rejection must be in writing and mailed. No electronic or phone rejection are accepted. The Military Money Manual site has a template letter you can copy and customize. Deadline is next month.

Re: Recommendation to reject Chase Bank binding arbitration

Desertdi — Fri, 12 Jul 2019 15:01:21 GMT

Good thing Chase dropped me, since I hadn't used their card in years..........

Re: Recommendation to reject Chase Bank binding arbitration

luvmybeetle — Fri, 12 Jul 2019 15:26:15 GMT

@Caffeina I have a Chase AARP Visa card. I guess if I received some paperwork with my bill I didn't pay attention. Can you explain what this is about? I know what arbitration is but don't understand the point of this. Thanks.

Re: Recommendation to reject Chase Bank binding arbitration

on the bay — Fri, 12 Jul 2019 15:38:47 GMT

@luvmybeetle -

I understand it to mean, you cannot take a case against Chase (JP Morgan) to court or join a class action against them either.

Re: Recommendation to reject Chase Bank binding arbitration

luvmybeetle — Fri, 12 Jul 2019 15:53:34 GMT

@on the bay Thanks, that's understandable. I like my Visa and get money back from it. I don't recall anytime when I have joined an arbitration against any company so if that's all it is then I'll keep my card.

Re: Recommendation to reject Chase Bank binding arbitration

Johnnyeager — Fri, 12 Jul 2019 15:50:56 GMT

Yes, it basically means you can not sue JP Morgan Chase over card grievances individually or in a class action (unless you opt out by August 7th), but must go to arbitration.

Arbitration historically favors the company. The Economic Policy Institute found only 9% of consumers received relief in an arbitration.

But, most card holders probably won't be impacted by this or know the difference. If you were in a Class Action suit you probably wouldn't get that much anyway. And how often do you want to sue your bank as an individual?

And there are some banks that haven't made their customers do this.

Re: Recommendation to reject Chase Bank binding arbitration

Caffeina — Fri, 12 Jul 2019 15:56:49 GMT

@luvmybeetle, last month I received a notice in the mail. Unfolded, it's close to 2 feet long. I also received an email.

In the 45 or so years of using credit cards, I've never had a legal dispute with any of them. But I'm going with the recommendations of the rejection just in case. I figure there's nothing to lose.

Re: Recommendation to reject Chase Bank binding arbitration

sunshine45 — Fri, 12 Jul 2019 16:40:46 GMT

i have two CHASE credit card accounts.

why are "they" recommending rejection of the arbitration agreement?

Re: Recommendation to reject Chase Bank binding arbitration

peachesncream — Fri, 12 Jul 2019 18:21:49 GMT

@luvmybeetle wrote:
@Caffeina I have a Chase AARP Visa card. I guess if I received some paperwork with my bill I didn't pay attention. Can you explain what this is about? I know what arbitration is but don't understand the point of this. Thanks.

I read this on a financial website. Apparently, this change doesn't apply to you. (It does apply to me, though. And I will be rejecting it. Why should I give away any of my rights?)

"Nearly all of our credit cards will add this element to the card holder agreement, except for the AARP card,” Trish Wexler, J.P. Morgan Chase’s chief communications officer, told MarketWatch.

Re: Recommendation to reject Chase Bank binding arbitration

I am still oxox — Fri, 12 Jul 2019 18:23:26 GMT

Called Chase earlier and the person whp answered had no idea what I was asking about

Re: Recommendation to reject Chase Bank binding arbitration

mspatmac — Fri, 12 Jul 2019 18:29:47 GMT

They will have to take my Amazon Prime Chase card that gives me 5% back in real money will have to pry it out of my cold dead hand. Most large banks including Citi already have this. As an individual you have a much better chance of a larger settlement through arbitration. Most large class action results in a few dollars. If you are really concerned there are many articles out there with information on the pro's and cons of opting out.

Re: Recommendation to reject Chase Bank binding arbitration

Puppy Lips — Fri, 12 Jul 2019 18:33:38 GMT

Without getting into details, Chase Bank messed with our business. I will NEVER do business with them again.

Re: Recommendation to reject Chase Bank binding arbitration

peachesncream — Fri, 12 Jul 2019 20:04:03 GMT

Two of the largest banks - Bank of America and Capital One - do not have forced arbitration clauses in their credit card contracts.

Some other banks allow customers to opt out, but only during the first month or so of opening the account.

Re: Recommendation to reject Chase Bank binding arbitration

GingerPeach — Fri, 12 Jul 2019 20:13:22 GMT

No one is saying you should give up your credit cards. What is being said is that you lose certain legal rights if you don't opt out of this new policy set by Chase.

Here is an excerpt of what Consumer Reports says:

"Consumer Reports’ Slover says that for consumers, the choice is simple: They should opt out.

'Forced arbitration puts consumers at the mercy of the bank and its lawyers. There's no justification for Chase to be doing this now. Everyone should opt out, to preserve their basic legal rights,' he says."

"To opt out, consumers must send a letter stating that you “reject this agreement to arbitrate.” You must include your name, account number, address, and your signature. Rejection letters sent to any other address—for example, to your local bank branch, if you have one—or sent by email or communicated orally will not be accepted, the bank says.

Your notice must be mailed to Chase at P.O. Box 15298, Wilmington, DE 19850-5298. "

Re: Recommendation to reject Chase Bank binding arbitration

deeva — Sat, 13 Jul 2019 01:44:51 GMT

I mailed my letter this morning.

Re: Recommendation to reject Chase Bank binding arbitration

Mindy D — Sat, 13 Jul 2019 04:00:48 GMT

Won’t Chase cancel your card if you don’t agree to the new terms? My notice is sitting next to me, partially read and I was looking for a cancellation clause? I don’t like arbitration but I don’t want my card cancelled either.