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Contract X-Ray — what's buried in the fine print
4 red flags · 1 filed doc
Detected in the CFPB-filed cardholder agreements from Wells Fargo & Company. 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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“…t.wellsfargo.com:18911/credit-cards/agreements/active-cash-agreement/ 7/12 12/31/22, 1:20 PM Wells Fargo Active Cash Credit Card Account Agreement 1. Binding Arbitration. You and Wells Fargo Bank, N.A. (the "Bank") agree that if a Dispute arises between you and the Bank, upon demand by either you or the Bank, the Disp…”
You can't band together with other cardholders in a class action.
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“…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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“…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…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…You should always provide each merchant with your new card information because some merchants do not subscribe to such network services. Back to top Changes To This Agreement (10) Change in Terms. We may change this Agreement at any time. These changes may apply to existing and future balances. We will give you advance written notice of the changes and a right to reject the changes if…”