Talk of The Villages Florida - Credit Card Forced Arbitration

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Canceling Disney Chase Card

We got the form yesterday. Ours is a Disney VISA Chase card. We don’t need it. We are opting out in writing and canceling the card. Thanks for the heads up.

Big banks and corporations have been “Favored” lately with tax breaks and regulations changes. I don’t have a Chase credit card but my son does. I will ask him about his knowledge of such a change as he usually keeps up on such changes in the “financial world”. Thanks for the heads up.

Quote:

Originally Posted by dewilson58 (Post 1657849)

"arbitrator is on the bank's payroll"...............not true,

:ohdear: There you go again..... stating the truth and facts! :1rotfl:

:confused: Is that allowed? :oops:

Quote:

Originally Posted by retiredguy123 (Post 1657852)

It I were an arbitrator, I would be fair to both sides, regardless of who was paying me. Isn't that their job?

Yes, but corporations know which arbitrators tend to favor banks vs consumers. Just like prosecutors know which judge to use, and political parties know which judge to elevate to the higher courts. Being fair doesn't mean not having a clear tendency. Find in favor of the consumer and we won't use you again. No need to say it, it is understood. The consumer will never likely need to hire an arbitrator again, but the corporation will. And it pays well. So on a 50/50 case which side might an arbitrator rule even on a subconscious basis. Got to pay the bills.

Quote:

Originally Posted by retiredguy123 (Post 1657852)

It I were an arbitrator, I would be fair to both sides, regardless of who was paying me. Isn't that their job?

:bigbow:

Unethical arbitrators don't last long. Not many individuals will sell their name/ethics for a few hundred dollars.

Some posters like to create stress for other posters.

Quote:

Originally Posted by retiredguy123 (Post 1657825)

If the Consumer Protection Agency wants to help bank customers, why don't they require banks to provide a clear, concise, and short document that contains all of their terms and conditions, so that customers can read and understand it?

Consumer Protection Agency???

Well, guess what. The Consumer Protection Agency is now being hamstrung — while people are not paying attention to the need to stay informed — truly informed.

As goes the consumer so goes our economy.

Diversionary Rah Rah Rah does not a solid economy make.

As things are now heading, at warp speed, mutating into a plutocracy, it is only an ugly matter of time.

And no matter how savvy we might think we are with our financial decisions as individuals, we are all affected when the underpinnings of the economy shift in the wrong direction. Remember 2008.

Consumer Protection Agency??? Now, hamstrung.

The wolves have been dispatched to guard the sheep. That never turns out well — especially, and sooner, for the sheep.

Quote:

Originally Posted by Boomer (Post 1657986)

Yep...:agree: