Attention cardholders: Chase is bringing forced arbitration clauses back to its most popular credit cards
Unhappy Chase credit-card customers may be prevented from getting their day in court, thanks to a new policy the bank is rolling out.
“Forced arbitration clauses are a ‘Get out of Jail Free’ card for companies that violate the law,” said Lauren Saunders, associate director at the National Consumer Law Center. They’re especially popular among banks. A Pew Charitable Trust analysis of 29 banks found that the percentage that used mandatory arbitration clauses rose from 59% to 72% between 2013 and 2016.
New Chase customers may be allowed to opt out as well, but only for a limited time. Many banks that already have arbitration clauses on the books allow consumers to opt out, typically within 30 to 90 days of opening their account, according to a 2017 report from CreditCards.com.
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