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You can opt out of this issuer's forced arbitration
Summit Credit Union'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:
“…t many procedures permitted in court are limited or not available in arbitration. This Arbitration Agreement provides You with the right to opt out of this Arbitration Agreement as set forth below. Should You decide not to opt out of the Arbitration Agreement, You will have agreed to the Arbitration Agreement. If You and We cannot informally resolve any Claim, You agree that You or We may elect to submit the Claim to binding arbitration under the terms of this Arbitration Agreement. Claim means any and all disputes arising out of, affecting, or relating to this Credit Card Agreement and Disclosure in any way, including any events leading up to the Credit Card Agreement and Disclosure and the entering into of the Credit Card Agreement and Disclosure (for example, disclosures, advertisements, or oral or written statements). Claim has the broadest possible meaning and includes disputes base…”
Detected in the CFPB-filed cardholder agreements from Summit Credit Union. 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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“…ND WAIVER OF JURY TRIAL NOTICE: THIS AGREEMENT CONTAINS PROVISIONS FOR BINDING (MANDATORY) ARBITRATION AND WAIVER OF JURY TRIAL. Upon the election of either You or Us, any Claim will be resolved by BINDING ARBITRATION as set forth below. In arbitration, a dispute is resolved by an arbitrator instead of a judge or jury. Arbitration procedures are simpler than cou…”
You can't band together with other cardholders in a class action.
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“…or the Account; any person responsible for paying the Account; and anyone You authorize to use, access or service the Account. ARBITRATION AGREEMENT, WAIVER OF CLASS ACTION, AND WAIVER OF JURY TRIAL NOTICE: THIS AGREEMENT CONTAINS PROVISIONS FOR BINDING (MANDATORY) ARBITRATION AND WAIVER OF JURY TRIAL. Upon the el…”
You waive your right to have a dispute heard by a jury.
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“…or the Account; any person responsible for paying the Account; and anyone You authorize to use, access or service the Account. ARBITRATION AGREEMENT, WAIVER OF CLASS ACTION, AND WAIVER OF JURY TRIAL NOTICE: THIS AGREEMENT CONTAINS PROVISIONS FOR BINDING (MANDATORY) ARBITRATION AND WAIVER OF JURY TRIAL. Upon the election of either You or Us,…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…edures, but many procedures permitted in court are limited or not available in arbitration. This Arbitration Agreement provides You with the right to opt out of this Arbitration Agreement as set forth below. Should You decide not to opt out of the Arbitration Agreement, You will have agreed to the Arbitration Agreement. If…”