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You can opt out of this issuer's forced arbitration
Sofi 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:
“…ereof, which are for a court to decide, provided that disputes about the validity or enforceability of the Agreement as a whole are for the arbitrator to decide. RIGHT TO REJECT: You may reject this Arbitration Agreement by mailing a signed rejection notice to SOFI BANK, N.A. 2750 East Cottonwood Pkwy, Suite 300, Cottonwood Heights, UT 84121 within sixty (60) days after we open your Account. Any rejection notice must include my name, address, e-mail address, telephone number and Account number. IMPORTANT DISCLOSURE AND JURY TRIAL WAIVER: IF EITHER YOU OR WE CHOOSE ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL, TO ENGAGE IN DISCOVERY EXCEPT AS PROVIDED IN THE APPLICABLE ARBITRATION RULES, OR OTHERWISE TO LITIGATE THE DISPUTE OR CLAIM IN ANY COURT (OTHER THAN IN AN ACTION TO ENFORCE THE ARBITRATION AGREEMENT OR THE ARBITRATOR S AWARD). FURTHER, YOU WILL NOT HAVE 27 THE RIG…”
“…ereof, which are for a court to decide, provided that disputes about the validity or enforceability of the Agreement as a whole are for the arbitrator to decide. RIGHT TO REJECT: You may reject this Arbitration Agreement by mailing a signed rejection notice to SOFI BANK, N.A. 2750 East Cottonwood Pkwy, Suite 300, Cottonwood Heights, UT 84121 within sixty (60) days after we open your Account. Any rejection notice must include my name, address, e-mail address, telephone number and Account number. IMPORTANT DISCLOSURE AND JURY TRIAL WAIVER: IF EITHER YOU OR WE CHOOSE ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL, TO ENGAGE IN DISCOVERY EXCEPT AS PROVIDED IN THE APPLICABLE ARBITRATION RULES, OR OTHERWISE TO LITIGATE THE DISPUTE OR CLAIM IN ANY COURT (OTHER THAN IN AN ACTION TO ENFORCE THE ARBITRATION AGREEMENT OR THE ARBITRATOR S AWARD). FURTHER, YOU WILL NOT HAVE 26 THE RIG…”
Detected in the CFPB-filed cardholder agreements from Sofi 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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“…o the extent not preempted by federal law, the laws of the State of Utah (without regard to internal principles of conflict of laws), except that the arbitration provision is governed by the Federal Arbitration Act, 9 U.S.C. 1 et seq. The legality, enforceability, and interpretation of this Agreement and the amounts con…”
You can't band together with other cardholders in a class action.
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“…INAL AND BINDING EXCEPT FOR ANY APPEAL RIGHT UNDER THE FAA. OTHER RIGHTS THAT YOU OR WE WOULD HAVE IN COURT ALSO MAY NOT BE AVAILABLE IN ARBITRATION. CLASS ACTION WAIVER: IF EITHER YOU OR WE ELECT TO ARBITRATE A CLAIM, NEITHER YOU NOR WE WILL HAVE THE RIGHT TO PARTICIPATE IN A CLASS ACTION, PRIVATE ATTORNEY GENERAL AC…”
You waive your right to have a dispute heard by a jury.
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“…open your Account. Any rejection notice must include my name, address, e-mail address, telephone number and Account number. IMPORTANT DISCLOSURE AND JURY TRIAL WAIVER: IF EITHER YOU OR WE CHOOSE ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL, TO ENGAGE IN DISCOVERY EXCEPT AS PROVIDED IN THE APPLIC…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…d or changing the date upon which interest begin to accrue or any other terms related to your Account). Changes that are favorable to you may be made at any time without prior notice. Changes in terms may be based upon factors including, but not limited to, anti-fraud policies and procedures, market practices, regulatory guidance, your record of ma…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…ny part thereof, which are for a court to decide, provided that disputes about the validity or enforceability of the Agreement as a whole are for the arbitrator to decide. RIGHT TO REJECT: You may reject this Arbitration Agreement by mailing a signed rejection notice to SOFI BANK, N.A. 2750 East Cottonwood Pkwy, Suite 300, Cottonwood Heights, UT 84121…”