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You can opt out of this issuer's forced arbitration
Cross River Bank'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:
“…claims court if your claims qualify, so long as the matter remains in such court and advances only on an individual basis. E. Your Right to Opt Out If you do not want this Arbitration Agreement to apply to your Card Account, you may opt out by sending us written notice of your decision within thirty (30) days of the opening of your Card Account. Such notice must clearly state that you wish to cancel or opt out of the Arbitration Agreement section of this Agreement. It should include your name, address, and your signature and should be sent to us at support@current.com. This is the sole and only method by which you can opt out of this Arbitration Agreement. Your exercise of the right to opt-out will not affect any remaining terms of this Agreement and will not result in any adverse consequence to you or your Card Account. You agree that our business records will be final and conclusive ev…”
“…S TO BE ARBITRATED AND FORBIDS CLASS ACTIONS UNLESS YOU (1) ARE SUBJECT TO THE PROTECTIONS OF THE MILITARY LENDING ACT OR (2) EXERCISE YOUR RIGHT TO REJECT ARBITRATION AS PROVIDED IN THE ARBITRATION PROVISION OF THIS AGREEMENT. Neu Money Neu Cardholder Agreement Page 5 of 30 Data Classification: Restricted CUSTOMER AGREEMENT Welcome to the Neu Money Neu Card issued by Cross River Bank. Thank you for opening an online credit Card Account with us. This Customer Agreement contains the terms for your Card. Some Definitions The meanings of the terms you see capitalized appear in the Glossary Section. We will also use the following personal pronouns: you, your, and yourself mean each person responsible for complying with this agreement, including the applicant for the Account; any person to whom we address billing statements; any person responsible for paying the Account; and anyone you author…”
“…RY ARBITRATION PURSUANT TO THE FEDERAL ARBITRATION ACT, AND INCLUDES A WAIVER OF CLASS ACTION AND JURY TRIAL PROVISION, UNLESS YOU PROMPTLY OPT OUT OF THE ARBITRATION AGREEMENT. THE AGREEMENT TO ARBITRATE REQUIRES THAT YOU SUBMIT CLAIMS YOU HAVE AGAINST US TO BINDING AND FINAL ARBITRATION, AND FURTHER (1) YOU WILL ONLY BE PERMITTED TO PURSUE CLAIMS AND RELIEF AGAINST US ON AN INDIVIDUAL BASIS, NOT AS A PLAINTIFF, REPRESENTATIVE OR CLASS MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION OR PROCEEDING, AND (2) YOU MAY NOT BE ABLE TO HAVE ANY CLAIMS YOU HAVE AGAINST US RESOLVED BY A JURY OR IN A COURT OF LAW. THE ARBITRATION AGREEMENT DOES NOT APPLY TO YOUR SEPARATE HELOC AGREEMENT THAT YOU HAVE WITH LENDER. 1. Opening Your Card In order to obtain a Card, you must first obtain a HELOC from Lender and agree to the Trovy Lending Co. Home Equity Line of Credit Agreement ( HELOC Agreement ). Bank is…”
Detected in the CFPB-filed cardholder agreements from Cross River Bank. 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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“…REEMENT WITH US NOTICE: EXCEPT AS PROVIDED ABOVE UNDER MILITARY LENDING ACT DISCLOSURE, THIS AGREEMENT REQUIRES ALL DISPUTES TO BE RESOLVED BY WAY OF BINDING ARBITRATION. THE TERMS OF THE ARBITRATION CLAUSE APPEAR AT THE END OF THIS AGREEMENT. This Agreement outlines the terms and conditions governing your use of your…”
“…ACTIONS UNLESS YOU (1) ARE SUBJECT TO THE PROTECTIONS OF THE MILITARY LENDING ACT OR (2) EXERCISE YOUR RIGHT TO REJECT ARBITRATION AS PROVIDED IN THE ARBITRATION PROVISION OF THIS AGREEMENT. Neu Money Neu Cardholder Agreement Page 5 of 30 Data Classification: Restricted CUSTOMER AGREEMENT Welcome to the Neu Money Neu Ca…”
“…TH BELOW) AND YOU WILL NOT HAVE THE RIGHT TO BRING OR PARTICIPATE IN ANY CLASS ACTION OR SIMILAR PROCEEDING IN COURT OR IN ARBITRATION. HOWEVER, THIS ARBITRATION PROVISION WILL NOT APPLY TO ANY CLAIM THAT IS THE SUBJECT OF A CLASS ACTION FILED IN COURT THAT IS PENDING AS OF THE EFFECTIVE DATE OF THIS ARBITRATION AGREEME…”
You can't band together with other cardholders in a class action.
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“…TRIAL ........................................................................................................................................ 25 G. WAIVER OF CLASS, CONSOLIDATED, AND REPRESENTATIVE ACTIONS AND NON-INDIVIDUALIZED RELIEF .............................. 25 H. MANDATORY PRE-ARBITRATION DISPUTE RESOLU…”
“…ccount for consumer credit, is a covered member of the armed forces or a dependent of a covered member (as defined in 32 CFR 232.3(g)(2) and (g)(3)). CLASS ACTION WAIVER Unless prohibited by applicable law, if you sign this Agreement, you waive your right to ask a court or an arbitrator to allow you to pursue any Clai…”
“…ard. PLEASE READ THIS AGREEMENT CAREFULLY. THIS AGREEMENT IS SUBJECT TO MANDATORY ARBITRATION PURSUANT TO THE FEDERAL ARBITRATION ACT, AND INCLUDES A WAIVER OF CLASS ACTION AND JURY TRIAL PROVISION, UNLESS YOU PROMPTLY OPT OUT OF THE ARBITRATION AGREEMENT. THE AGREEMENT TO ARBITRATE REQUIRES THAT YOU SUBMIT CLAIMS…”
You waive your right to have a dispute heard by a jury.
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“…TO OPT OUT .................................................................................................................................... 24 F. WAIVER OF JURY TRIAL ........................................................................................................................................ 25 G.…”
“…eof. We are located in the State of Delaware, disburse funds from the State of Delaware, and this Agreement is entered into in the State of Delaware. WAIVER OF JURY TRIAL Unless prohibited by applicable law, if you sign this Agreement, you waive your right to have a jury trial to resolve any claim (defined below…”
“…ard. PLEASE READ THIS AGREEMENT CAREFULLY. THIS AGREEMENT IS SUBJECT TO MANDATORY ARBITRATION PURSUANT TO THE FEDERAL ARBITRATION ACT, AND INCLUDES A WAIVER OF CLASS ACTION AND JURY TRIAL PROVISION, UNLESS YOU PROMPTLY OPT OUT OF THE ARBITRATION AGREEMENT. THE AGREEMENT TO ARBITRATE REQUIRES THAT YOU SUBMIT CLAIMS YOU HAVE AGAINS…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…Park Ave. S., PMB 242757, New York, New York 10003-1502. You may also contact us at myaccount@trovy.com. You can telephone us at 1-833-987-6890. 14. Change in Terms. We can make changes to this Agreement at any time, in our sole discretion, unless prohibited by applicable law. We may make these changes without your consent, unless this Agreement or applicable law…”
Slip up and your rate can jump to a much higher penalty APR.
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“…es 0% APR for Balance Transfers Balance transfers are not available for your Card. APR for Cash Advances Cash Advance is not available for your Card. Penalty APR and When it Applies We do not charge a penalty rate. How to Avoid Paying Interest on Purchases Your due date is at least 23 days after the close of e…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…in small claims court if your claims qualify, so long as the matter remains in such court and advances only on an individual basis. E. Your Right to Opt Out If you do not want this Arbitration Agreement to apply to your Card Account, you may opt out by sending us written notice of your decision within thirty (30) days of the opening of y…”
“…IRES CLAIMS TO BE ARBITRATED AND FORBIDS CLASS ACTIONS UNLESS YOU (1) ARE SUBJECT TO THE PROTECTIONS OF THE MILITARY LENDING ACT OR (2) EXERCISE YOUR RIGHT TO REJECT ARBITRATION AS PROVIDED IN THE ARBITRATION PROVISION OF THIS AGREEMENT. Neu Money Neu Cardholder Agreement Page 5 of 30 Data Classification: Restricted CUSTOM…”
“…TO MANDATORY ARBITRATION PURSUANT TO THE FEDERAL ARBITRATION ACT, AND INCLUDES A WAIVER OF CLASS ACTION AND JURY TRIAL PROVISION, UNLESS YOU PROMPTLY OPT OUT OF THE ARBITRATION AGREEMENT. THE AGREEMENT TO ARBITRATE REQUIRES THAT YOU SUBMIT CLAIMS YOU HAVE AGAINST US TO BINDING AND FINAL ARBITRATION, AND FURTHER (1) YOU WI…”