Disney VISA changes

[JimC]

Has anyone read the arbitration clause notice from JP Morgan Chase? We got a notice 6/3 and just had an opportunity to read it. JP Morgan acquired Chase (technically merged) on 5/18/2019. The 6/3 notice has a number of changes to the Chase accounts. Number 6, About Our Relationship, covers the binding arbitration notice and states, in part, that unless timely rejected disputes may be resolved by binding arbitration. Number 8 has the arbitration agreement. It says, in part, that we have until 8/7/2019 to reject binding arbitration. To reject binding arbitration there is a very specific means to do so and alternatives will not suffice. I am unsure what else a rejection of binding arbitration does to the account.

 

[starry_solo]

I got the notice, didn't read it. I thought that most credit card companies have binding arbitration as part of the agreement...heck, many insurance companies do too.

 

[JimC]

This provides those who wish to not be bound by binding arbitration to opt out. And my question is why would anyone want to be bound by binding arbitration. Seems to me that having options is better.

 

[starry_solo]

Here's a post about it and a template on how to reject binding arbitration:
https://www.businessinsider.com/how-to-reject-jpmorgan-chase-credit-card-arbitration-2019-6
And another one:
https://thepointsguy.com/news/chase-cardholders-binding-arbitration-opt-out/
OK, I guess I'll send them a letter opting out with all my accounts.