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Contract X-Ray — what's buried in the fine print
3 red flags · 2 filed docs
Detected in the CFPB-filed cardholder agreements from Green Dot 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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“…XTENT THAT YOU ARE A COVERED BORROWER AS THAT TERM IS DEFINED BY 32 C.F.R. ?? 232.3(G), 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 Cardholder Agreement and Security Agreement (this Agreement ) is your…”
You can't band together with other cardholders in a class action.
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“…his arbitration provision may not be joined or consolidated in arbitration with any Claim of any other person or be arbitrated on a class basis, in a representative capacity on behalf of the general public or on behalf of any other person, unless otherwise agreed to by the parties in writing. However, co-applicants, secon…”
“…his arbitration provision may not be joined or consolidated in arbitration with any Claim of any other person or be arbitrated on a class basis, in a representative capacity on behalf of the general public or on behalf of any other person, unless otherwise agreed to by the parties in writing. However, co applicants, secon…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…Security Deposit Account. 4. GO2bank will open the Security Deposit Account in your name. The Security Deposit Account does not earn interest. We may change these terms at any time by adding new terms or deleting or amending current terms, subject to applicable law and any required notices. The amount deposited by you (subject t…”