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Contract X-Ray — what's buried in the fine print
3 red flags · 124 filed docs
Detected in the CFPB-filed cardholder agreements from Simmons 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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“Updated Contact Information. You agree to notify us within 15 days (c) The arbitration will be performed in accordance with this Arbitration Provision and the rules of the chosen arbitrator in effect guidance, regulatory examinations, agreements or orders, (b) rule, regulation, restriction, requirem…”
“…Act Regulations with regard to any prior agreement, this arbitration clause does not cover any claims related to that prior agreement. You agree that either you or we can choose to have binding arbitration resolve any claim, dispute or controversy between you and us that arises from or relates to this Agreement or the Account and credit issued thereu…”
You waive your right to have a dispute heard by a jury.
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“…e cannot try to collect the amount in question or report you as of any rewards program applicable to your Account; the privacy notice ARBITRATION AND JURY TRIAL WAIVER aspect of the initial award requested by the appealing party. The decision of any action(s) against you (known as diligence); to demand payments of…”
“…nt). To receive this disclosure by phone, please call 1-800-272-2102 and select the option for Military Lending Act oral disclosures. ARBITRATION AND JURY TRIAL WAIVER NOTE: If you are a Covered Borrower under the Military Lending Act Regulations, you are not required to submit to arbitration in the case of a disp…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…d, or by making any payment on the account. Offer Terms We have the right to change the terms of this offer (including the APRs) and benefit features at any time prior to account opening. We may also change the account terms and benefit features after account opening in accordance with the credit card agreement you will receive and applicable law. Minimum Payment The mini…”