Recommendation to reject Chase Bank binding arbitration

Caffeina · ‎03-09-2010

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.

Desertdi · ‎03-13-2010

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

♥Surface of the Sun♥

luvmybeetle · ‎08-10-2013

@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.

on the bay · ‎03-09-2010

@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.

"If you walk the footsteps of a stranger, you'll learn things you never knew. Can you sing with all the voices of the mountains? can you paint with all the colors of the wind?"

luvmybeetle · ‎08-10-2013

@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.

Johnnyeager · ‎09-05-2014

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.

Caffeina · ‎03-09-2010

@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.

sunshine45 · ‎03-09-2010

i have two CHASE credit card accounts.

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

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"The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing." - Albert Einstein

peachesncream · ‎03-13-2010

@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.