Paste it anywhere on your site. The badge links back to this page — a real, crawlable link, not an image.
You can opt out of this issuer's forced arbitration
First Arkansas Bank And Trust'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:
“…months after Account opening in accordance with the CHANGING TERMS Section of this Agreement. This Agreement also includes an Agreement to Arbitrate with a right to reject arbitration. See ARBITRATION AGREEMENT below. The effective date of this Agreement ( Effective Date ) will be the earlier of (i) the date that we approve your application or (ii) the rst date that we extend credit for a transaction by which you or someone authorized by you uses the account (in NY, the rst date that we extend credit for a transaction by which you or someone authorized by you signs a sales slip or memorandum). 3. ADDRESSES. Your full name, address, and signature are con- sidered part of this Agreement. For purposes of this Agreement, you agree and represent that you live at the address shown on your application or from time to time designated by you for the receipt of billing statements. You agree promp…”
Detected in the CFPB-filed cardholder agreements from First Arkansas Bank And Trust. 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.
Show the exact wording ↓Hide wording ↑
“…Agreement control. 34. ARBITRATION AGREEMENT. (Agreement to Arbitrate). Arbitra- tion is a method of deciding disputes outside the court system. This Arbitration Provision (the Provision ) governs when and how any disputes you and we may have will be arbitrated instead of decided in court. CERTAIN DEFINITIONS Certain wo…”
“…ng disputes outside the court system. Your Cardholder individual upon request. The Ohio Civil Rights Commission administers Agreement will include an Arbitration Provision (the Provision ), which compliance with this law. governs when and how any disputes you and we may have will be arbitrated instead of decided in cour…”
“…AGREEMENT: (Agreement to Arbitrate) Arbitration is a method of deciding disputes outside the court system. Your Cardholder Agreement will include an Arbitration Provision (the WISCONSIN RESIDENTS: We will not charge you attorneys fees, Provision ), which governs when and how any disputes you and court costs or other co…”
The issuer reserves the right to change your rates, fees and terms at any time.
Show the exact wording ↓Hide wording ↑
“…t to you from Ar- kansas. All payments under this agreement are received by the remittance processing center designated by us. 29. CHANGING TERMS. We can change, add to, delete or other- wise modify the terms of this Agreement at any time, beginning twelve (12) months after Account opening, in any way permitted by law. We will send you a notice of change at least 45 days (or as otherwi…”
Slip up and your rate can jump to a much higher penalty APR.
Jumps to ~28.24%
Show the exact wording ↓Hide wording ↑
“…expiration of any Introductory Period, your rate will increase to the Purchase Rate, Balance Transfer Rate, Cash Advance Rate, or, if triggered, the Penalty Rate as set forth in the Credit Terms provided. B. VARIABLE RATE. If your Account is a variable rate account as indicated on the Credit Terms provided, th…”
“…troductory APR for the first six (6) billing cycles. After that, your APR will be 23.74%. This APR will vary with the market based on the Prime Rate. Penalty APR and 27.49%. This APR will vary with the market based on the Prime Rate. This APR may be applied to your account When it Applies if you: (1) Make a la…”
“…troductory APR for the first six (6) billing cycles. After that, your APR will be 24.49%. This APR will vary with the market based on the Prime Rate. Penalty APR and 28.24%. This APR will vary with the market based on the Prime Rate. This APR may be applied to your account When it Applies if you: (1) Make a la…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
Show the exact wording ↓Hide wording ↑
“…welve (12) months after Account opening in accordance with the CHANGING TERMS Section of this Agreement. This Agreement also includes an Agreement to Arbitrate with a right to reject arbitration. See ARBITRATION AGREEMENT below. The effective date of this Agreement ( Effective Date ) will be the earlier of (i) the date that we app…”