Credit Card Forced Arbitration

Credit Card Forced Arbitration

Notices

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Reply
 
Thread Tools Display Modes
  #11  
Old 06-15-2019, 08:11 AM
Jazuela Jazuela is online now
Veteran member
 
Join Date: Feb 2015
Posts: 946
Default

Quote:
Originally Posted by retiredguy123 View Post
I don't understand everything that this law affects, but, if it prevents lawyers from filing a class action lawsuit "on my behalf" where the lawyers make millions, and I get almost nothing, then I may be in favor of it.
It prevents you from hiring a lawyer to sue the bank at all. If you have a beef with the bank, you have to go before one of THEIR arbitrators to fight it out. Since the arbitrator is on the bank's payroll, how do you think that will end?
Reply With Quote

  #12  
Old 06-15-2019, 08:41 AM
Velvet's Avatar
Velvet Velvet is online now
Senior Member
 
Join Date: Mar 2019
Location: Mallory Square
Posts: 492
Default

The ability to sue a bank is very important. My mother in law had an incident. She was 75 and handicapped. An individual living in her home used her credit card to purchase personal items for themselves worth several thousand dollars before MIL realized it. MIL had not authorized these purchases and the bank was stubborn. MIL had to hire her father’s law firm to sue the bank. The bank not only fully refunded her money but apologized profusely over and over again.
Reply With Quote
Sponsored Links
  #13  
Old 06-15-2019, 08:45 AM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
 
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 4,389
Default

"arbitrator is on the bank's payroll"...............not true,
Reply With Quote
  #14  
Old 06-15-2019, 08:47 AM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
 
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 4,389
Default

Quote:
Originally Posted by retiredguy123 View Post
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?



Answer = Attorneys





Everyone thinks going to court is the answer..........posts on this thread are perfect examples.
Reply With Quote
  #15  
Old 06-15-2019, 08:52 AM
retiredguy123 retiredguy123 is online now
Soaring Eagle member
 
Join Date: Feb 2016
Posts: 2,155
Default

Quote:
Originally Posted by dewilson58 View Post
"arbitrator is on the bank's payroll"...............not true,
It I were an arbitrator, I would be fair to both sides, regardless of who was paying me. Isn't that their job?
Reply With Quote
Canceling Disney Chase Card
  #16  
Old 06-15-2019, 10:03 AM
FLSun FLSun is offline
Member
 
Join Date: Mar 2013
Posts: 52
Default 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.
Reply With Quote
  #17  
Old 06-15-2019, 10:11 AM
justjim justjim is offline
Sage
 
Join Date: Feb 2012
Location: Illinois, Tennesee, Florida, Village of Caroline, Sanibel, LaBelle
Posts: 4,300
Default

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.
__________________
Most people are as happy as they make up their mind to be. Abraham Lincoln
Reply With Quote
  #18  
Old 06-15-2019, 10:24 AM
CWGUY's Avatar
CWGUY CWGUY is online now
Soaring Eagle member
 
Join Date: Aug 2012
Posts: 2,216
Default

Quote:
Originally Posted by dewilson58 View Post
"arbitrator is on the bank's payroll"...............not true,
There you go again..... stating the truth and facts!

Is that allowed?
__________________
__________________________________________________
Trying To Understand Some People Is Like Trying To Smell The Color 9
Reply With Quote
  #19  
Old 06-15-2019, 02:35 PM
blueash's Avatar
blueash blueash is offline
Platinum member
 
Join Date: Jan 2008
Posts: 1,840
Default

Quote:
Originally Posted by retiredguy123 View Post
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.
__________________
I was a stranger and you WELCOMED ME : Matt 25:35, real Christianity
Reply With Quote
  #20  
Old 06-15-2019, 03:09 PM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
 
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 4,389
Default

Quote:
Originally Posted by retiredguy123 View Post
It I were an arbitrator, I would be fair to both sides, regardless of who was paying me. Isn't that their job?







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.
Reply With Quote
Reply

Tags
card, arbitration, chase, credit, forced

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 04:54 PM.