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Contract X-Ray — what's buried in the fine print
3 red flags · 23 filed docs
Detected in the CFPB-filed cardholder agreements from 1st Financial Bank USA. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
Forced arbitration with no opt-out found — you likely can't take this issuer to court, and there's no way to reject it.
Forced arbitration
You give up your right to sue in court — disputes are pushed into private arbitration.
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“…is agreement will be considered changed to the extent necessary to comply with the law. The other provisions shall not be affected. ARBITRATION: THIS ARBITRATION PROVISION DOES NOT APPLY TO YOU IF AND FOR AS LONG AS YOU ARE A COVERED BORROWER, AS THAT TERM IS DEFINED IN THE DEPARTMENT OF DEFENSE REGULATION THAT IMPLEMEN…”
“…suant to a transaction involving interstate commerce, and shall be governed by the Federal Arbitration Act, 9 U.S.C. 1-16, as it may be amended. This arbitration provision applies to any and all Claims that you have against us and/or any of our subsidiaries, affiliates, agents, licensees, predecessors, successors, assig…”
You can't band together with other cardholders in a class action.
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“…JUDGE OR JURY, INCLUDING THE RIGHT TO CONDUCT DISCOVERY OR TO APPEAL, NOR SHALL YOU HAVE THE RIGHT TO BRING OR PARTICIPATE IN A CLASS ACTION OR OTHER REPRESENTATIVE ACTION (SUCH AS IN THE FORM OF A PRIVATE ATTORNEY GENERAL ACTION) OR THE RIGHT TO CONSOLIDATE DISPUTES BY OR AGAINST OTHERS IN ANY ARBITRATION OR TO ACT IN…”
“…we elect to arbitrate a Claim, the arbit ration will be cond ucted as an individual action. Neither you nor we agree to any arbitration on a class or representative basis, and the arbitrator shall have no authority to proceed on such basis. This means that even if a class action lawsuit or other representative action i…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…both of you. Similarly, one of you can notify the Bank and the Bank will consider it to be notice from both of you. CHANGING THIS AGREEMENT: The Bank may change this agreement at any time without prior notice, except where such notice is required by applicable Federal or South Dakota law, including, without limitation, changing the int…”
“…th of you. Similarly, one of you can notify the Bank and the Bank will consider it to be notice from both of you. CHANGING THIS A GREEM ENT: The Bank may change this agreement at any time without prior notice, except where such notice is required by applicable Federal or South Dakota law, including, without limitat ion, changing the in…”