Chase Forced Arbitration Opt-Out
UPDATED 8/8/2019: While the deadline to submit your letter to Chase has passed, keep an eye on our page for more information and other important consumer updates.
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Montanans who own a Chase credit card are facing a deadline to reject new terms proposed by the international bank that would make it harder for consumers to enforce their rights, according to consumer watchdog and candidate for Attorney General Raph Graybill.
“You have until August 7 to tell the bank ‘no’,” Graybill said. “Chase wants you to sign a ‘forced arbitration clause,’ which is just a fancy term for taking away your right to take the bank to court if they break the law.”
All Chase credit cardholders in Montana are affected by the proposed changes, which will hit up to 47 million accounts nationally.
The bank announced earlier in the summer it would insert what are called “forced arbitration clauses” in its credit card agreements. The clauses prevent cardholders from enforcing their rights in court, even if the bank defrauds, abuses, or breaches its contract with the cardholder. The clauses also prevent cardholders from joining class action lawsuits against the bank for major abuses.
To avoid the new terms customers must send the bank a written letter at a specific address rejecting the change. The bank will not accept emails or phone calls. A form letter consumers can use to reject the agreement may be downloaded from this page.
“No one is talking about this, and that’s exactly what the bank wants,” Graybill said. “Banks use fine print like this because it flies under the radar until it’s time for the consumer to enforce their rights. By then, it’s often too late.”
Arbitration agreements help banks keep hundreds of millions of dollars which would otherwise go back to harmed consumers. According to a study by the federal government, over 6.8 million Americans got compensation from class action lawsuits against banks who harmed them. During the same period, only 16 Americans received the same relief under forced arbitration agreements.
What: Change to Chase cardholder agreements that locks consumers out of court
Who is affected: All Chase credit cardholders in Montana
How to reject: Customize the letter with your information, print, and mail to the address
OPT OUT USING THIS FORM
Customize Your Information
Mail to Chase address on form before August 7