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Contract X-Ray — what's buried in the fine print
3 red flags · 1 filed doc
Detected in the CFPB-filed cardholder agreements from Bb&T Corporation. 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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“…ns of the Military Lending Act, 10 U.S.C. ?? 987 and its implementing regulations, 32 C.F.R. ?? 232.1, et seq. 32. IT IS IMPORTANT THAT YOU READ THIS ARBITRATION PROVISION CAREFULLY. IT PROVIDES THAT YOU MAY BE REQUIRED TO SETTLE A CLAIM OR DISPUTE THROUGH ARBITRATION, EVEN IF YOU PREFER TO LITIGATE SUCH CLAIMS IN COURT…”
You can't band together with other cardholders in a class action.
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“…EVEN IF YOU PREFER TO LITIGATE SUCH CLAIMS IN COURT. YOU ARE WAIVING RIGHTS YOU MAY HAVE TO LITIGATE THE CLAIMS IN A COURT OR BEFORE A JURY. YOU ARE WAIVING YOUR RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT, CLASS ACTION ARBITRATION, OR OTHER REPRESENTATIVE ACTION WITH RESPECT TO SUCH CLAIMS. Any dispute, claim, controversy or cause of act…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…ge a foreign transaction fee for transactions made or processed outside the U.S. as listed in paragraph 8(e) of the Truth in Lending Disclosures. 25. Change In Terms: Bank may change the terms of this Agreement at any time. The new terms will apply to both new Purchases and Cash Advances and any unpaid balance and accrued INTEREST at the time the change is effective. We…”