“The reflex reaction of any trial lawyer is to decide on an arbitration agreement, in particular a procedure that will undoubtedly involve proceedings that are inclined to the author of the agreement,” Schrama said. “Apart from that, it is only the types of disputes that have been built for arbitrations: small sums in question, lean procedures, no need for lawyers, no detailed, fast, inexpensive bids, no complaints, etc. When a company has acted in one way or another, our legal system provides consumers with a class action mechanism that allows them to partner and bring the company to justice. Tell me, a consumer thinks he was unfairly charged an overdraft price of 30 $US on his current account. In the grand scheme of things, $30 is not a large amount of money – but $30 is $30. To recover that $30, the consumer thinks that he should rightly, he should go after a head with a major financial institution and its resources, probably through a class action. However, some companies prefer that disputes and disputes of this type be dealt with a little more privately. The Consumer Financial Protection Bureau passed a rule banning the practice in 2015, but it was later overturned by President Trump. Last year, the Supreme Court upheld the application of mandatory arbitration clauses by employers in a 5-4 decision. “If something similar happened to Chase,” Luthi says, “people who don`t choose this provision would probably have less or nothing at all.” Here too, you must distance yourself from this binding agreement or you cannot participate in collective actions.
About 10 years later, Chase wants to use this sneaky tactic again. This agreement means that its Slate cardholders are unable to take legal action against the bank, with the exception of small claims. The most important thing is that cardholders cannot come together and bring a class action against the bank. I have asked Chase to comment on this new clause and I will be updated when I return. YOU HAVE THE RIGHT TO REFUSE THIS ARBITRATION AGREEMENT, BUT IF YOU WISH TO REJECT IT, YOU MUST DO SO IMMEDIATELY. If you do not refuse this arbitration agreement before 07.08.2019 in the manner described below, I believe that once the arbitration refusal period has expired, all new accounts opened with Chase automatically include the binding arbitration clause. This should not apply to family members or members of the military service, under the Military Credit Act. I called Chase three times about it and asked if my account was going to be closed, and I got different answers from different people.
One man said that if I did not accept the new agreement, I would have no business with them. The next one, a woman, said quickly and with certainty that it would not close my account. The third person spoke to two superiors, both of whom said that this should not close the account.