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Contract X-Ray — what's buried in the fine print
4 red flags · 2 filed docs
Detected in the CFPB-filed cardholder agreements from Ally Bank. 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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“…s the law gives you to dispute billing errors (see the billing rights notice below). Arbitration and Waiver of Jury Trial THIS AGREEMENT PROVIDES FOR BINDING ARBITRATION AND WAIVER OF JURY TRIAL. BY ACCEPTING THE CARDMEMBER AGREEMENT, YOU AGREE TO THIS ARBITRATION AND WAIVER OF JURY TRIAL (THE ARBITRATION PROVISION ),…”
You can't band together with other cardholders in a class action.
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“…IMS TRIBUNAL RESOLVE ANY DISPUTE AGAINST US; AND (C) YOU WAIVE THE RIGHT TO SERVE AS A REPRESENTATIVE, AS A PRIVATE ATTORNEY GENERAL, OR IN ANY OTHER REPRESENTATIVE CAPACITY, AND/OR TO PARTICIPATE AS A MEMBER OF A CLASS OF CLAIMANTS, IN ANY LAWSUIT FILED AGAINST US. THIS ARBITRATION PROVISION DOES NOT APPLY TO YOU IF, AS…”
You waive your right to have a dispute heard by a jury.
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“…ne instead of writing, you may lose certain rights the law gives you to dispute billing errors (see the billing rights notice below). Arbitration and Waiver of Jury Trial THIS AGREEMENT PROVIDES FOR BINDING ARBITRATION AND WAIVER OF JURY TRIAL. BY ACCEPTING THE CARDMEMBER AGREEMENT, YOU AGREE TO THIS ARBITRATION…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…interest charges. You must make the reduced payment amount on time to avoid a Late Fee. We May Amend This Agreement Subject to applicable law, we can amend the terms of this Agreement by changing terms, adding new terms, or deleting terms from this Agreement at any time. We will give you notice of an amendment as required by applicable law. As permitted by applicable law, any amendment of this Agreement will become e…”