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You can opt out of this issuer's forced arbitration
Technology 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:
“…provision that limits your rights to bring legal action in court, including class action lawsuits unless you timely exercise your right to opt out. Please see the Binding Arbitration Agreement contained in your Credit Card Agreement for details. 9009 LASER FPDF FI1002797 Rev 9-2023 page 2 of 2 COPYRIGHT 2009 Securian Financial Group, Inc. All rights reserved.”
“…provision that limits your rights to bring legal action in court, including class action lawsuits unless you timely exercise your right to opt out. Please see the Binding Arbitration Agreement at the end of this Credit Card Agreement for details. CREDIT CARD AGREEMENT THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE OF CREDIT UNDER THIS AGREEMENT. YOU SPECIFICALLY GRANT US A CONSENSUAL SECURITY INTEREST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND IN THE FUTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT. YOU ALSO AGREE THAT WE HAVE SIMILAR STATUTORY LIEN RIGHTS UNDER STATE AND/OR FEDERAL LAW. IF YOU ARE IN DEFAULT, WE CAN APPLY YOUR SHARES TO THE AMOUNT YOU OWE. Shares and deposits in an Individual Retirement Account or any other account that would lose special tax treatment under state or federal law if given are not subject to th…”
Detected in the CFPB-filed cardholder agreements from Technology 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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“…our payment is returned for any reason. How We Will Calculate Your Balance: We use a method called "average daily balance (including new purchases)." BINDING ARBITRATION: If approved, your account will be subject to a mandatory binding arbitration provision that limits your rights to bring legal action in court, inclu…”
“…HE "CREDIT UNION" MEANS TECHNOLOGY CREDIT UNION OR ITS SUCCESSORS. BY USING YOUR CARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS SET FORTH HEREIN. BINDING ARBITRATION: Your account will be subject to a mandatory binding arbitration provision that limits your rights to bring legal action in court, including class ac…”
You can't band together with other cardholders in a class action.
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“…N AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN AN INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. Further, unless both you and we agree otherwise, the arbitrator may not consolidate more than one person's claims, and may not otherwise preside ove…”
You waive your right to have a dispute heard by a jury.
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“…fied than in courts of general jurisdiction; and often times the case can be heard without a lawyer. You agree that you and the Credit Union are each waiving the right to a trial by jury or to participate in a class action. Your county clerk can give you more information about small claims court in your county. (b) Class action lawsui…”
Slip up and your rate can jump to a much higher penalty APR.
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“…ary the market based on the history. This APR will vary with the market based on Prime Rate. with the market based on the Prime Rate. the Prime Rate. Penalty APR and When it None Applies Paying Interest Your due date is at least 21 days after we mail your billing statement. We will not charge you interest on p…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…rbitration provision that limits your rights to bring legal action in court, including class action lawsuits unless you timely exercise your right to opt out. Please see the Binding Arbitration Agreement contained in your Credit Card Agreement for details. 9009 LASER FPDF FI1002797 Rev 9-2023 page 2 of 2 COPYRIGHT 2009 Securian Financial…”
“…rbitration provision that limits your rights to bring legal action in court, including class action lawsuits unless you timely exercise your right to opt out. Please see the Binding Arbitration Agreement at the end of this Credit Card Agreement for details. CREDIT CARD AGREEMENT THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR TH…”