(WOIO) -- If you are a Chase credit card customer you may have gotten an email last week that describes new policy changes impacting your rights.
Unless you weed through all of the changes with your attorney, you probably didn’t notice the section that said you’ll no longer be able to take the company to court.
"This arbitration agreement provides that all disputes between you and Chase must be resolved by BINDING ARBITRATION whenever you or we choose to submit or refer a dispute to arbitration. By accepting this arbitration agreement you GIVE UP YOUR RIGHT TO GO TO COURT (except for matters that may be taken to a small claims court). Arbitration will proceed on an INDIVIDUAL BASIS, so class actions and similar proceedings will NOT be available to you."
Chase Bank, Binding Arbitration clause
By doing nothing, customers agree to the new terms, saying any legal dispute with Chase will be handled by a third party arbitrator and not the courts.
The cards impacted are Sapphire, United MileagePlus and Slate cards.
“Nearly all of our credit cards will add this element to the card holder agreement, except for the AARP card,” Trish Wexler, J.P. Morgan Chase’s chief communications officer, told MarketWatch.
There does appear to be one way to opt-out of the forced arbitration clause according to what Chase told Fast Company but you must do so by Aug. 7, 2019.
“You must do so in writing by stating that you reject this agreement to arbitrate and include your name, account number, address and personal signature. Your notice must be mailed to us at P.O. Box 15298, Wilmington, DE 19850-5298. Rejection notices sent to any other address, or sent by electronic mail or communicated orally, will not be accepted or effective.”
Chase via Fast Company
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