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You can opt out of this issuer's forced arbitration
deadline ≈ 60 days
Valley Strong Credit Union's agreement lets you reject arbitration and keep your right to sue — usually within 60 days of opening the account. You have to send it in writing. Here's the language from the filed agreement:
“…vival. This Arbitration Agreement will survive termination of the Account and/or this Agreement. H. Right to Opt-Out. You have the right to opt-out of this Arbitration Agreement, provided you notify the Credit Union of your intent to do so within 60 days after it is provided to you. Your opt-out is only effective if you notify the Credit Union in writing at Valley Strong Credit Union, Attn: Central Operations Visa, P.O. Box 9506, Bakersfield, CA 93389-9506, within such 60 day time period. If you fail to opt-out within this 60 day time, you will be deemed to have consented to the resolution of your Claims through binding arbitration. In the event you opt-out, it shall not affect other terms and conditions of your Agreement or your relationship with the Credit Union. I. Inapplicability to Covered Borrowers. This Arbitration Agreement will not apply to the extent prohibited under the federa…”
Detected in the CFPB-filed cardholder agreements from Valley Strong 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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“…ration Agreement ), even if the Claims arise out of, affect or relate to conduct that occurred prior to the Effective Date, shall, at the election of either you or us, be resolved by binding arbitration administered by the American Arbitration Association ( AAA ) in accordance with its applicable rules and procedures for consumer disputes ( Rules…”
You can't band together with other cardholders in a class action.
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“…ed (other than certain participation fees for a credit card account). Please call us at (800) 221-3311 to receive disclosures orally. ARBITRATION AND WAIVER OF CLASS ACTION You and the Credit Union agree that we shall attempt to informally settle any and all disputes arising out of, affecting, or relating to your…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…using a service representative, providing photocopies and reprints that you request, and other special services as allowed by law. 15. Amendments We may amend or cancel this agreement at any time by getting your consent as provided by law or by giving you a notice of the amendments. Cards are property of the Financial Institution and must be r…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…le. G. Survival. This Arbitration Agreement will survive termination of the Account and/or this Agreement. H. Right to Opt-Out. You have the right to opt-out of this Arbitration Agreement, provided you notify the Credit Union of your intent to do so within 60 days after it is provided to you. Your opt-out is only effective…”