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You can opt out of this issuer's forced arbitration
Citizens Bank, National Association's agreement lets you reject arbitration and keep your right to sue — usually within a short window after opening the account. You have to send it in writing. Here's the language from the filed agreement:
“…21 7: READ THIS SECTION CAREFULLY AS IT WILL HAVE A SUBSTANTIAL IMPACT ON HOW LEGAL DISPUTES BETWEEN YOU AND US ARE RESOLVED. If you do not opt out, for a dispute subject to arbitration, there is a waiver of rights as discussed below. Arbitration procedures are simpler and more limited than rules applicable in court. The decision of the arbitrator is generally final and binding. You have the right to cancel or opt out of this Arbitration Agreement as set forth below. SPECIAL DEFINITION OF WE, US AND OUR Solely for purposes of this Arbitration Agreement, the terms we, us and our, in addition to the meanings set forth in this Credit Card Agreement (the Card Agreement ), also refer to our employees, officers, directors, parents, controlling persons, subsidiaries, affiliates, successors and assigns. BINDING ARBITRATION If you have a dispute with us, and we are not able to resolve the dispute…”
Detected in the CFPB-filed cardholder agreements from Citizens Bank, National Association. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
Forced arbitration
You give up your right to sue in court — disputes are pushed into private arbitration.
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“…your Account are subject to this Agreement, unless explained otherwise. We will refer to this document as your Agreement. THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION INCLUDING A NOTICE REGARDING THE RIGHT TO OPT OUT. ACCEPTANCE OF YOUR AGREEMENT Your use of the Account or any payment on the Account indicates your…”
You waive your right to have a dispute heard by a jury.
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“…FEDERAL COURT OF LAW, AND THE PARTIES HEREBY SUBMIT TO THE JURISDICTION OF SUCH A COURT FOR SUCH PURPOSE. TRIAL WAIVER YOU AGREE THAT YOU AND WE ARE WAIVING THE RIGHT TO A JURY TRIAL AND TRIAL BEFORE A JUDGE IN A PUBLIC COURT upon demand by either party for arbitration. However, you and we retain the right to pursue in small…”
Slip up and your rate can jump to a much higher penalty APR.
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“…suspend or terminate credit privileges if you are in default. We may, to the extent permitted by law, demand immediate payment of the total balance. PENALTY APR RATE FOR NEW TRANSACTIONS We may apply the penalty APR rate to new transactions if you: Do not pay at least the minimum payment due by the payment du…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…d 11 12/7/21 7: READ THIS SECTION CAREFULLY AS IT WILL HAVE A SUBSTANTIAL IMPACT ON HOW LEGAL DISPUTES BETWEEN YOU AND US ARE RESOLVED. If you do not opt out, for a dispute subject to arbitration, there is a waiver of rights as discussed below. Arbitration procedures are simpler and more limited than rules applicable in court. The decision…”