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July 10, 2019 07:42 pm PDT

Chase customers have ONE MONTH left to opt out of binding arbitration

Ten years ago, Chase was forced to withdraw the binding arbitration clauses in its credit card agreements as part of a settlement in a class-action suit (the company was accused of conspiring with other banks to force all credit-card customers to accept binding arbitration) (one of the things binding arbitration does is deprive you of your right to join class-action suits!). Last May, the company stealthily reintroduced the clauses, and gave customers until August 7 to notify the company in writing if they do not agree to binding arbitration. You have ONE MONTH LEFT to opt out.

Binding arbitration is a system of private law in which you surrender the rights that Congress gave you and resolve your disputes with massive, powerful companies by pleading your case in front of a contractor they hire (these contractors usually find in favor of the companies who are paying their bills, not the customers they've wronged.

To get a sense of why you should always opt out of binding arbitration, even though the companies make it very hard to do so (you have to print and sign a letter opting out and then mail it to them), consider yesterday's news about T-Mobile, who were caught selling realtime access to its customers' location to brokers who sold the information on to bounty hunters, debt collectors and even stalkers. T-Mobile says that its customers can't form a class action suit against it, because they didn't opt out of binding arbitration when they had the chance. Read the rest


Original Link: http://feeds.boingboing.net/~r/boingboing/iBag/~3/w6-AqKIbXjQ/mail-in-today.html

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