Yahoo Finance: You have one day to keep your right to sue Chase

For the past ten years, Chase cardholders have had the right to sue the company if they wanted. But after August 8 (tomorrow), the rules are going to change. Instead of joining a class-action suit, the only option for resolution to a dispute will be going through an arbitration process. This action typically favors the corporation, not the consumer.

If you are a Chase customer and want to keep the old agreement, you must send a physical letter by August 8 stating your desire to do so.

RELATED STORY:

• FOX: Seized ship with $1.3B in cocaine aboard owned by JPMorgan Chase

With the exception of the AARP products, this new rule applies to all Chase credit cards and includes a “binding arbitration” agreement. This agreement requires customers to settle disputes through a private, extra-judicial system, which has the consequence of prohibiting customers from joining together in a class-action suit against the company.¹ The new agreement states:

“With arbitration, you cannot go to court, have a jury trial or initiate or participate in a class action for your dispute(s) with us. In arbitration, disputes are resolved by an arbitrator, not a judge or jury, and procedures are simpler and more limited than rules applicable in court.”¹

RELATED STORY:

• Wells Fargo executive in charge of fake accounts unit that cost bank a $185m fine and 5,300 jobs will walk away with $125m golden handshake

To opt-out of the agreement, cardholders MUST send a physical letter to Chase (you can’t opt-out online) with account numbers of the cards, address, and signature, stating that you “reject this agreement to arbitrate.” (Mail letters to Chase at P.O. Box 15298, Wilmington, DE 19850-5298.)¹

While unfortunate, this change is not surprising because this will shield the company from class-action lawsuits.

RELATED STORY:

• NY Times: Seattle software tech arrested in Capital One data breach affecting 106 million

A Consumer Financial Protection Bureau study in 2015 of forced arbitration revealed that 15.8% of card issuers contain arbitration clauses. A spokesperson from Chase said about forced arbitration:

“Our experience in Consumer Banking and Auto Finance has been that it’s often faster, easier, and less expensive.”¹

There you have it – if you want to keep your right to sue Chase bank, here’s how. Time is of the essence!

Source:

1. Yahoo Finance

Please get on our update list today, as social media is strangling our reach: Join here: http://healthnutnews.com/join  THANK YOU!