Community Chat

[mspatmac]

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. 

[Puppy Lips]

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

[peachesncream]

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.

[GingerPeach]

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. "

[deeva]

I mailed my letter this morning.

[Mindy D]

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.