Opt Out of My Legal Rights?

[SCCutler]

Well said . I don't play in the consumer world at all, all commercial (and mostly real estate disputes among sophisticated parties). The restrictions on discovery and the occasionally insane deadlines that some people plug in are usually unworkable in my world. Plus, neither JAMS nor AAA are what I'd call "inexpensive."

Indeed. The sliding scale filing fees are impressive numbers, and all that the filings do is get you started on a limitless flow of petty little Case Administrator emails. Clients love finding out that the filing fees do not pay for the arbitration - just the administration.

 

[Ventucky Red]

Sounds like the credit union hired a new risk and compliance officer.... or some dung is about to hit the fan...

 

[Jim_R]

Sounds like the credit union hired a new risk and compliance officer.... or some dung is about to hit the fan...

I think it's more likely that they're just getting with the times. Frankly, I'm surprised that in 2024 there are financial institutions that don't already require binding arbitration. A clause like this has been in my membership agreement for many years or even decades with both of my CUs and all of my credit cards:

Arbitration and Waiver of Class Action​

To the extent allowed by law, all claims or controversies arising between you and the Credit Union shall be subject to arbitration. ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO ONLY VERY LIMITED REVIEW BY A COURT.​

It goes on for a few paragraphs.

 

[Lindberg]

I think it's more likely that they're just getting with the times. Frankly, I'm surprised that in 2024 there are financial institutions that don't already require binding arbitration. A clause like this has been in my membership agreement for many years or even decades with both of my CUs and all of my credit cards:

Arbitration and Waiver of Class Action​

To the extent allowed by law, all claims or controversies arising between you and the Credit Union shall be subject to arbitration. ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO ONLY VERY LIMITED REVIEW BY A COURT.​

It goes on for a few paragraphs.

If I were to guess, and we're all guessing, I'd guess that the current member agreement does have an arbitration agreement and it's being modified to keep up with ongoing trends in arbitration.

 

[Clip4]

I would opt of of arbitration. If the event presented itself later, you could still agree to arbitration with a mutually agreed upon arbitrator.