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For existing Chase credit card users

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Frequent Contributor

Re: Chase & Forced Arbitration


@CelticThunderJen wrote:

@VanderSnoot wrote:

Thanks for sharing this article, especially since it neatly sums up how to opt out (below). I am a Chase customer but have not received the email. I may send a letter addressing my two accounts just to err on the side of caution.

 


Can I (the customer) reject this agreement to arbitrate?

Yes. You have the right to reject this agreement to arbitrate if you notify us no later than 8/9/2019. You must do so in writing by stating that you reject this agreement to arbitrate and include your name, account number, address and personal signature. Your notice must be mailed to us at P.O. Box 15298, Wilmington, DE 19850-5298. Rejection notices sent to any other address, or sent by electronic mail or communicated orally, will not be accepted or effective.


So if I Opt Out and mail it in would it be best to send it Certified Mail so that I proof?  It makes sense to me but I would like other opinions.

 

Thanks!!


Make sure you pay for the postage with  a chase cc.

Message 11 of 34
Moderator Emeritus

Re: Chase & Forced Arbitration


@VanderSnoot wrote:

@etx wrote:
Is anyone afraid Chase will start selectively closing down some accounts that opt out?

No, that would be too blatantly retalitatory and (I presume) illegal.


I don't even know how we'd catch it unless they did some boneheaded move like cut everyone off at the knees as soon as the period is up.

 

I'm distinctly of two minds on the change: I can't see them blatantly trying to screw their customers as the article suggests by putting on a fraudulent $150 charge but other shennigans, maybe.  On the flipside, I'm totally in bed with Chase currently and not really looking to change that or rock the boat... that's probably a slippery slope if I start getting screwed.




        
Message 12 of 34
Frequent Contributor

Re: Chase & Forced Arbitration

And people wonder how the creditors get away with this? More than half will ignore this and go on and years later experience some shady stuff and get the slap in the face, forced arbitration.  And then that’s where Chase will have the last laugh. To me seems very shady thing to do, and it’s in the era of companies not caring how shady they look anymore.

EQ 812 / TU 802 / EX 818 (Before the credit sprees will update soon)
Message 13 of 34
Valued Contributor

Re: Chase & Forced Arbitration

I would like to know many people on here will opt out. I am thinking about opt out. Because if i want to go to court then i will have the right to go.

 

In the past 20 years (when i was not paying in full). I have been part of class action and received checks from citi, sears and the biggest check from Bankcorp

Message 14 of 34
Frequent Contributor

Re: For existing Chase credit card users

An up-and-coming bank made a website that automates the opt-out process. They are even paying for the cost of postage:

 

Mail a letter to Chase, on us. ( https://www.chaseoptout.com/ )

 

 

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.
Message 15 of 34
Valued Contributor

Re: Chase & Forced Arbitration


@JoeLuvsHisCredit wrote:

I would like to know many people on here will opt out. I am thinking about opt out. Because if i want to go to court then i will have the right to go.

 

In the past 20 years (when i was not paying in full). I have been part of class action and received checks from citi, sears and the biggest check from Bankcorp


I for one have no plans to opt out.

 

On the off-chance that some day I do need to dispute something, well...to me, this makes no difference. With the current political environment (which the article also alludes to), I can rest easy at night knowing the judicial branch isn't going to be on my side much longer either, so whether I pour money into a black hole only to lose in court or pour money into a black hole only to lose in forced arbitration feels like 6 of one, half dozen of the other to me.

 

In full disclosure, I also own a not-insignificant amount of JPM stock, so they're going to serve my interests one way or the other.

Message 16 of 34
Valued Contributor

Re: For existing Chase credit card users

Have you read all of your CC agreements/loan documents/bank account T&C/Utility, cell phone, Internet, etc T&C?

 

I'll bet a lot of those have the same language we are talking about here.

 

Unfortunately forced arbitration clauses have become the rule and not the exception. 


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Message 17 of 34
Moderator Emeritus

Re: For existing Chase credit card users

@MakingProgressconfirming that most of the lenders I use have put in place similar language. The best part is that lenders very seldom loose in Arbitration (isn't that just fine). Smiley Mad

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Message 18 of 34
Valued Contributor

Re: For existing Chase credit card users


@Dinosaur wrote:

@MakingProgressconfirming that most of the lenders I use have put in place similar language. The best part is that lenders very seldom loose in Arbitration (isn't that just fine). Smiley Mad


There used to be a saying to never sign a contract without reading it.   In today's society that sould be never click agree to Terms and Conditions without reading them.   Unfortunatly no one reads T&C, we just click and go on our merry way. 


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Message 19 of 34
Valued Contributor

Re: For existing Chase credit card users


@MakingProgress wrote:

@Dinosaur wrote:

@MakingProgressconfirming that most of the lenders I use have put in place similar language. The best part is that lenders very seldom loose in Arbitration (isn't that just fine). Smiley Mad


There used to be a saying to never sign a contract without reading it.   In today's society that sould be never click agree to Terms and Conditions without reading them.   Unfortunatly no one reads T&C, we just click and go on our merry way. 


I'm not convinced that reading and accepting the terms really even matters anymore. The T&Cs aren't up for negotiation, and in some cases the particular applications are either essential or useful enough that saying no really isn't an option. Everything from smartphones to your television now come with T&Cs that you must accept, or contain language stating that usage of the product is considered acceptance.

 

Don't like it? Return that TV and buy another one only to find it has similar T&Cs. The only choice you're going to have in the matter is which company owns your information and can use it for any (legal) reason they see fit.

 

Honestly, at this point, the only real recourse is to get the government involved in the form of consumer protection legislation and regulation, but good luck convincing enough people to get on board for that. The only thing half this country hates more than some company they have no say in taking their freedoms and telling them what to do is having the very government they help elect take their freedoms and tell them what to do.

Message 20 of 34
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