YOUTUBE How to Opt-Out of JP Morgan Chase New Arbitration Agreement AdminMarch 30, 2024042 views Jp Morgan by Chase Bank is trying to take away the right for 47 million customers to TAKE THEM TO COURT them, and what the solution they are proposing benefits them 100% more than it does you the customer. What is Chase Arbitration Agreement: – With arbitration, you cannot go to court, have a jury trial or initiate or participate in a class action for your dispute(s) with us,” the bank said in notifications sent to customers. – Unlike court cases, arbitration cases do not leave a trail of public documents and they cannot be brought by groups of aggrieved customers. – Customers could still take action in small-claims court. Pros According to Chase: Faster for the customer More favorable odds for the business Cons: – Arbitration is a rigged process that in favor of the company not the customer – Future: Could it become a standard – Arbitrators have incentive to role in favor of the business because they’ll be hired for more gigs ( they only get paid if selected as an arbitrator, not like judges who get paid either way) – These clauses are usually hidden in the fine print some employers have also been known to do this. – You cant file a law suit – And you also can’t join a class action suit against the company – Arbitrators get paid about 300 dollars for a 4hour case plus expenses, strong incentive to get more cases – (which essentially prohibits customers from joining together in a class-action suit against the company). – Facts: When arbitrator rule for the business, there are 40% more likely to be chosen again. If arbitrators were chosen at random the average person would have gotten 50k more – They already had this standard for there loans but ow want to roll it over everywhere – Chase cards used to have these provisions, but under the terms of a settlement, the company dropped forced arbitration in 2009, along with Bank of America, Capital One, and HSBC. According to a study of forced arbitration by the CFPB in 2015, 15.8% of issuers have arbitration clauses, though this was done when those four large banks did not have the clauses. How to opt out before Aug. 9 – Send opt-out letters to P.O. Box 15298, Wilmington, DE 19850-5298. – The catch is that you have to do so in writing, via snail mail, within 60 says of receiving the bank’s notice — conditions Chase knows will keep most people from exercising their rights. – 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. My thought: – If you never got the noticed you should still have 60 days to send in the later so call in and ask if you can still send it in. – Why not both, let people have the option for both one is faster and one expensive but let them pick. – Pick arbitrator at random – If I can get a credit card online, loan and anything else why are you forcing me to send a letter by mail. Its just to lowsey, most people won’t go through the trouble. – They set the paste and there like apple 75 percent of banks also starting to do this * PRO TIP* INFORMATION IS EVERYTHING Link: Articles 1: https://www.latimes.com/business/lazarus/la-fi-lazarus-chase-rigged-arbitration-system-20190607-story.html 2: https://www.nytimes.com/2019/06/04/business/jpmorgan-chase-credit-card-arbitration.html 3: https://finance.yahoo.com/news/chase-forced-arbitration-credit-cards-sapphire-192909115.html ????Merch???? https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ ????ACORN FREE $5???? Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 My Camera Gear: https://amazon.com/shop/tommybryson ✔ Help Us Reach 5000 Subscribers: https://goo.gl/0wvm6w Social Media~ Facebook: https://www.facebook.com/tommybryson.yt Twitter: https://twitter.com/TommyBrysonVlog Instagram: https://www.instagram.com/tommybryson Snapchat: tommy28fly source