Reject Chase’s Binding Arbitration? Update: No One Cares

Edit: TDWise covered all the details in an amusing and sarcastic article!

Reader Mason asks:

How will Chase’s recent notice of revision to their MLA and binding arbitration agreements affect us?

I went to the article link: https://www.classaction.org/blog/should-i-reject-jp-morgan-chases-binding-arbitration-agreement-for-credit-card-disputes?utm_source=newsletter59&utm_medium=email&utm_campaign=ca_newsletter

I could not understand half of it, and I am not a lawyer, and the site gives no advice. If you want to reject this then you need to send this letter:

Chase Customer Service,
RE: Rejection of Chase’s Binding Arbitration Agreement
I am writing to inform you that I REJECT Chase’s binding arbitration agreement set to go into effect August 11,2019. Please confirm receipt of this communication and update my account appropriately.

to:

Chase Customer Service
P.O. Box 15298, Wilmington, DE 19850-5298

Thanks to a loyal reader for his insight on his own personal blog here. Turns out part of being part of the MLA, we are already opted out.

-Derp

2 thoughts on “Reject Chase’s Binding Arbitration? Update: No One Cares

  1. YoniPDX says:

    Basically Chase is trying to avoid you joining a class-action by you not opting out. But binding arb can often be better, easier and cheaper to win than Class action or Small claims. Your often better with an Arb award over a diluted class action award.

    Also after the Tax law change of 2017 – you can no longer deduct lawyer fees from legal awards (you pay tax on 100% of the award other than PIP (car accident or personal injury awards), so if you win $100k and atty takes 40% your on the hook for 100k not 60k (unless your a business entity that is suing then atty fees are deductible).

    So small claims awards i.e. Equifax class action you may get a 1099-misc for larger awards.

    Not an Atty, found this info out this past tax season.

    Also with Binding arb for say points or miles your better off, and more likely to win Miles or points and may avoid a 1099.

    There is an atty that goes after CC companies for miles, points in binding arb, and is highly successful.

  2. Dave says:

    MLA accounts are auto opted out.

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