Chase and other banks previously had such arbitration clauses in place. But in 2009, it agreed to temporarily drop it following a class action claiming the bank had conspired with Capital One, Bank of America, Citigroup, Discover and HBSC to push consumers to go to arbitration. But in this rare situation we find ourselves in, Chase cardholders have a choice. So, given the option, you should unsubscribe from a mandatory arbitration procedure? In addition, the Los Angeles Times draws our attention to a study by Stanford University`s Graduate School of Business that confirmed that the mandatory arbitration system is strongly business-oriented. From the L.A. Times: Some members of the military may also be excluded from the arbitration clause. About 10 years later, Chase wants to take over the sneaky tactic. This agreement means that Slate cardholders are not able to take legal action against the bank, except for small claims. Most importantly, this means that cardholders cannot get together and take a class action against the bank.

I have contacted Chase for comment on this new clause, and I will update it when I call it back. However, opponents of these clauses say the statistics are misleading, since consumers are only relieved in 9% of the disputes that preceded arbitration, while companies were successful in 93% of their claims or counter-claims in arbitration proceedings. The first time this post arrived, there were rumors that Chase would close your account if you log out. It made cardholders nervous, that`s understandable. .