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Contract X-Ray — what's buried in the fine print
5 red flags · 28 filed docs
Detected in the CFPB-filed cardholder agreements from Wells Fargo Bank, National Association. 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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“…fullest extent permitted by applicable law. Notwithstanding the foregoing, the parties retain the right to participate in a class-wide settlement. b. Binding Arbitration. You and the Bank agree that if a Dispute arises between you and the Bank, upon demand by either you or the Bank, the Dispute shall be resolved by th…”
“…October 2022. This information may have changed after that date. To find out what may have changed, call us at 1-800-459-8451. ARBITRATION AGREEMENT Binding Arbitration. You and Wells Fargo Bank, N.A. (the Bank ), including the Bank s assignees, agents, employees, officers, directors, shareholders, parent companies,…”
You can't band together with other cardholders in a class action.
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“…carefully read this Agreement and keep it for your records. This Agreement contains dispute resolution provisions including an arbitration agreement, class action waiver, and jury trial waiver that affect your legal rights. In arbitration, there may be less discovery and appellate review than in court. Please review t…”
“…h Dakota. If any of the provisions of this Arbitration Agreement dealing with class action, class arbitration, private attorney general action, other representative action, joinder, or consolidation is found to be illegal or unenforceable, that invalid provision shall not be severable and this entire Arbitration Agreeme…”
You waive your right to have a dispute heard by a jury.
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“…d this Agreement and keep it for your records. This Agreement contains dispute resolution provisions including an arbitration agreement, class action waiver, and jury trial waiver that affect your legal rights. In arbitration, there may be less discovery and appellate review than in court. Please review these provi…”
“…ration Agreement. This Arbitration Agreement shall survive the payment or closure of your Account. You understand and agree that you and the Bank are waiving the right to a jury trial or trial before a judge in a public court. As the sole exception to this Arbitration Agreement, you and the Bank retain the right to pursue in…”
“No interest if paid in full” — miss the deadline and you're billed interest back to day one.
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“…otal interest charge is the sum of interest charges (excluding related document, represents your signature on this Agreement. You accept the terms of deferred interest charges) for each type of balance on your Account (e.g. regular, each special this Agreement by opening or using your Account. If you have a joint Ac…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…ch merchant with your new Credit Card information. back to the top Part 6: Knowing the Account s Legal Terms 1. Can we change this Agreement? Yes. We may change this Agreement at any time. These changes may apply to existing and future balances. We will notify you ahead of time in writing of any changes, and you will have a right to re…”
“…Visa Signature Card Account Agreement Wells Fargo back to the top Part 6: Knowing the Account s Legal Terms 1. Can we change this Agreement? Yes. We may change this Agreement at any time. These changes may apply to existing and future balances. We will notify you ahead of time in writing of any changes, and you will have a right to re…”
“…ells Fargo Autograph Journey Visa?? Card Agreement back to the top Part 6: Knowing the Account s Legal Terms 1. Can we change this Agreement? Yes. We may change this Agreement at any time. These changes may apply to existing and future balances. We will notify you ahead of time in writing of any changes, and you will have a right to re…”