Opting Out of Arbitration with bank
I recently saw you on WGN Morning News at 9. While discussing rights we have with our bank, you quickly mentioned that we have the right to opt out of the bank’s Statement to Arbitrate. SInce I didn’t have the opportunity to write anything down, or fully understand why we should do this, may a please request an explanation of why this is a good thing? I was intimidated by my bank’s complicated instructions to opt out, and what I must do to accomplish this by 12/11/2021. This allows me enough time to make sure I am making the right decision for me and my family. I so appreciate what you do to helps us understand our investments.
Terry Says
That wasn’t my story — but it is an interesting question. Most financial firms require you to submit to mandatory arbitration of disputes, as part of your account opening contract.
Here’s why: https://www.bankrate.com/banking/beat-the-bank-in-mandatory-arbitration
You’re probably referring to a December 11th deadline that Chase has given to opt out of arbitration. Here’s the link to the form letter that must be submitted carefully to the noted address.
-https://www.consumerreports.org/contracts-arbitration/opt-out-of-chase-binding-arbitration/
