In 2019 Chase started to include an arbitration provision for cardholders (F.A.Q here). At the time Chase told Bloomberg that account holders that opted out of this provision would not have their accounts closed. Recently reddit user scottLobster2 opted out of this provision only to have their account closed. Upon contacting Chase to agree to this provision to get the account reopened they were told that accounts could not be reopened when closed for this reason and that they would need to reapply for the card.
This obviously won’t affect most readers of this site as most just agree to the terms anyway, but for those that opt out of arbitration clauses this is something worth keeping in mind.
Big bank bully
I actually don’t mind the arbitration, am I really going to sue for most things? Arbitration, company pays the fee and much less hassle for me. Usually just threatening to initiate arbitration is sufficient to move your case/issue forward.
I agree, for most of us who don’t carry balances, and just churn cards, there is very little to have a need to sue chase over….I’m not going to sue them over a late fee that I don’t feel I deserve, I’ll just eat the fee and live to fight another day (i.e churn another SUB).
Exactly. Only downside is when something class-action worthy happens. Although that Chegg lawyer is pushing for class action arbitration
No. They are doing mass arbitration 🙂
I might have had a card closed for declining arbitration, I’m not sure why. I opened a Chase AARP card 2 years ago, got the signup bonus, and then put the card away. I recently joined AARP and was wondering if the card had any advantages and took it out — apparently it had been closed by the grantor, which I saw on a credit report!! The card doesn’t even show up online (I have cards much older that I closed that are still there but hidden from view online). But this card is completely wiped out. If I try to call in and use the card number, they have no record of the card. Total data wipeout, which is probably why it can’t be reopened. The card was not closed for non-use (no warnings about that, as I have gotten from Chase for other unused cards). I have no idea why it was closed by grantor, but it’s not worth my time to investigate because it wasn’t a card I cared about anyway (and it’s being bought out by someone else). I have stellar credit & other chase checking, savings, and credit card accounts (that I have agreed to arbitration).
I’ll feel less guilty churning the next offer that I get.
Paging WSB friends to help here. Prolly will short the stock
Has this happened to anyone else? Or just the one dude? This entire article is based on one datapoint?
My wife and I opted out of arbitration agreement – I will let you know if there is any change. So far so good.
If I remember correctly, it actually said in the notice they sent out that the account would be closed if you opted out.
I Opted out and my cards haven’t been closed yet. I have 4 chase cards
That’s if you opt out of other account changes (such as increased late fees). Who knows, maybe the particular data point opted out using a poorly worded letter that rejected all the changes not just arbitration.
Banks and airlines already know the outrage lasts a news cycle. Then everyone goes back to their tiktok, FB, & bachelor episodes. Then senators go back to massaging their REAL paychecks (their lobbyists). Oh you don’t like that? Oh I’m sure they can stir something up on the newcycle for the right/left/middle class/ to fight about with each other. By then people have long forgotten about the elites.
People on the left AND right think they’re SO smart and know how to use the term “sheep.” Yet the above is the new playbook and it will be played all the way to the bank and there’s NOTHING you can do about it. NOTHING. Regardless of your political affiliation you are all getting played.
Did someone say “outrage”?
Yeah yeah yeah
r/im14andthisisdeep
I love being played. Every time I ride at the front of the plane internationally for free I am happy to be played. My upcoming stay at Cape Fahn for 11 nights for free I will remember how I was played and abused.
Greedy banks being greedy, what else is new