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You can opt out of this issuer's forced arbitration
WSFS Bank'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:
“…N ARBITRATION CLAUSE (EXHIBIT A). UNLESS YOU ARE A COVERED BORROWER PROTECTED BY THE MILITARY LENDING ACT (THE MLA ) OR UNLESS YOU PROMPTLY REJECT THE ARBITRATION CLAUSE, IT WILL HAVE A SUBSTANTIAL EFFECT ON YOUR RIGHTS IN THE EVENT OF A DISPUTE, INCLUDING YOUR RIGHT TO BRING OR PARTICIPATE IN A CLASS PROCEEDING. Additional Notices: Please see the additional notices at the end of the Agreement, including notices for residents of California, Delaware, New York, Ohio, Oregon, Rhode Island, Vermont and Wisconsin (for married applicants). 2 VISA?? Unicorn Credit Card Cardholder Agreement Please read all of this Agreement, including the Arbitration Clause (Section 11), and keep it for your records. 1. INTRODUCTION. This VISA?? Unicorn Credit Card Cardholder Agreement, including the Important Disclosures (together, this Agreement ) creates your contract with us concerning the Account and the C…”
“…NDER THE MILITARY LENDING ACT AND WHETHER THIS ARBITRATION PROVISION APPLIES TO YOU, PLEASE CONTACT US AT 1-888-WSFS-Bank. PLEASE READ THIS ARBITRATION PROVISION CAREFULLY. IF YOU DO NOT REJECT THIS ARBITRATION PROVISION IN ACCORDANCE WITH SUBPARAGRAPH A., BELOW, IT WILL REMAIN PART OF THIS AGREEMENT AND HAVE A SUBSTANTIAL IMPACT ON THE WAY YOU OR WE WILL RESOLVE ANY CLAIM THAT YOU OR WE HAVE AGAINST EACH OTHER, NOW OR IN THE FUTURE. FOR EXAMPLE, IF YOU DO NOT REJECT THIS ARBITRATION PROVISION, WE CAN REQUIRE INDIVIDUAL ARBITRATION OF LEGAL DISPUTES BETWEEN YOU AND US REGARDING THE ACCOUNT, AS SET FORTH BELOW, AND YOU WILL NOT HAVE THE RIGHT TO BRING OR PARTICIPATE IN ANY CLASS ACTION OR SIMILAR PROCEEDING IN COURT OR IN ARBITRATION. A. Your Right to Reject: If you do not want this Arbitration Provision to apply, you may reject it by sending us a written rejection notice which gives your…”
Detected in the CFPB-filed cardholder agreements from WSFS Bank. 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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“…a member, protected by agreement to the MLA (a Covered Borrower ) or unless you opt out, you and we agree that any party may Clause about? arbitrate elect to arbitrate or require arbitration of any "Claim" as defined below. Claims This Clause governs you, us and our Related Parties": (1) our parents, subsidiaries a…”
“WSFS BANK Credit Card Agreement (Also available online at www.wsfsbank.com/creditcards) Please read all of this Agreement, including the Arbitration Provision (Section 11), and keep it for your records. 1. INTRODUCTION. This WSFS Bank Credit Card Agreement and the enclosed document titled, Credit Card Terms…”
You can't band together with other cardholders in a class action.
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“…ve juries decide Claims. 2. Have courts, other than small-claims courts, decide Claims. Are you giving 3. Serve as a private attorney general or in a representative capacity. Yes up any rights? 4. Join a Claim you have with a Claim by other consumers. 5. Bring or be a class member in a class action or class arbitration. W…”
“…TRATION PROVISION, WE CAN REQUIRE INDIVIDUAL ARBITRATION OF LEGAL DISPUTES BETWEEN YOU AND US REGARDING THE ACCOUNT, AS SET FORTH BELOW, AND YOU WILL NOT HAVE THE RIGHT TO BRING OR PARTICIPATE IN ANY CLASS ACTION OR SIMILAR PROCEEDING IN COURT OR IN ARBITRATION. A. Your Right to Reject: If you do not want this Arbitration Provision to apply, you may rej…”
You waive your right to have a dispute heard by a jury.
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“…ng relating to or arising out of the Account or the Agreement, and you agree to submit to the personal jurisdiction of such courts. You also agree to waive the right to a trial by jury. You agree that the Account will only be used for lawful personal, family or household purposes. You further acknowledge you are at least 18 years of…”
“…s to the arbitration, by any Administrator that has in place a formal or informal policy that would allow or require any dishonor of the Class Action Waiver. F. Court and Jury Trials Prohibited; Other Limitations on Legal Rights: YOU WILL NOT HAVE THE RIGHT TO PURSUE A CLAIM SUBJECT TO ARBITRATION IN COURT OR HAVE A JURY DE…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…d conditions applicable to the Account, including these Important Disclosures and the remaining terms of the Agreement, and the right of WSFS Bank to change terms and add new terms to the Account at any time. By activating a Card or the Account or allowing an authorized person to activate or use a Card or the Account, you personally agree to fully pay all…”
“…Terms and Conditions, including the important rate, fee and cost information and the conditions of the Agreement, including the right of WSFS Bank to change terms and add new terms to the Account at any time. By activating a card or the Account or allowing an authorized person to activate or use a card or the Account, you personally agree to fully pay all…”
“…blocked. 1 ??2020 Wilmington Savings Fund Society, FSB ?? NMLS# 417673 | Member FDIC IFN: I003694, Revised: July, 2020 C. Amending This Agreement. We may amend this Agreement at any time and for any reason, by adding, deleting or changing any provisions of this Agreement, including interest rates or fees. We may change this Agreement based on economic o…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…CONTAINS AN ARBITRATION CLAUSE (EXHIBIT A). UNLESS YOU ARE A COVERED BORROWER PROTECTED BY THE MILITARY LENDING ACT (THE MLA ) OR UNLESS YOU PROMPTLY REJECT THE ARBITRATION CLAUSE, IT WILL HAVE A SUBSTANTIAL EFFECT ON YOUR RIGHTS IN THE EVENT OF A DISPUTE, INCLUDING YOUR RIGHT TO BRING OR PARTICIPATE IN A CLASS PROCEE…”
“…OTECTION UNDER THE MILITARY LENDING ACT AND WHETHER THIS ARBITRATION PROVISION APPLIES TO YOU, PLEASE CONTACT US AT 1-888-WSFS-Bank. PLEASE READ THIS ARBITRATION PROVISION CAREFULLY. IF YOU DO NOT REJECT THIS ARBITRATION PROVISION IN ACCORDANCE WITH SUBPARAGRAPH A., BELOW, IT WILL REMAIN PART OF THIS AGREEMENT AND HAVE A SUBSTANTIAL IMPACT ON THE WAY…”