The five banks have officially confirmed the removal of forced arbitration clauses from their consumer contracts. Legal counsel has verified that these changes are binding and effective immediately. We will continue to monitor their compliance to ensure these provisions do not reappear in future updates.
January 11, 2015
Final supporters
The National Association of Consumer Advocates (NACA) and the National Consumer Law Center (NCLC) (on behalf of its low-income clients) urge you to sign this petition to tell five of America’s biggest banks to stop hiding behind forced arbitration clauses that block consumers from going to court to enforce their legal rights.
JP Morgan Chase, Citigroup, Wells Fargo, US Bancorp and PNC Financial have found too many ways to break the law. Buried in the fine print of these banks’ customer contracts is a forced arbitration clause that kicks ripped-off customers out of court and instead funnels them into a rigged game designed by Wall Street. Customers are forced to plead their cases to a private arbitrator who doesn’t even have to follow the law. The arbitrator’s decision is almost impossible to appeal, and any evidence of corporate wrongdoing conveniently remains secret.
With forced arbitration, Wall Street has given itself a license to steal from the public and evade the law. Let's put these banks on final notice to respect consumers and stop using forced arbitration!
Petition to JP Morgan Chase, Citigroup, Wells Fargo, US Bancorp and PNC Financial:
We, the undersigned, call on your financial institutionto remove the forced arbitration requirements from your contracts with customers. Forced arbitration functions as a license to steal that makes it impossible for customers to hold you accountable in court if you break the law. Honor our rights and stop using forced arbitration.
Updates
Reached 250 supporters
November 14, 2014
October 28, 2014
The volume of support has now reached a level that forces this issue onto the agendas of the five banks named in our petition. I am currently finalizing a formal letter to their legal departments to demand a meeting regarding these arbitration clauses. You will receive an update once I have received a response.
Reached 100 supporters
October 7, 2014
100 Comments
Forced arbitration is so blatantly a violation of the constitution. Trial by jury is one of our most basic rights..
I have had experience with arbitration and it is unfair. Private justice is no justice and it keeps the malfeasance hidden.
The lack of transparency and lack of appeal rights in arbitration makes this a deeply unfair system and results in most consumers not bothering to pursue their disputes at all.
Arbitration makes sense IF ande ONLY IF it is agreed to OUTSIDE of an Adhesion Contract. These forced arbitration clauses are NOT them. Period. End of Story.
Arbitration clauses are not voluntary on the consumers' part, nor are they in the best interest of a healthy economy. Corporations should not be shielded from liability for their wrongdoing. The FAA should be repealed.
7 Lantern St
I have had trouble with JP Morgan Chase and have never had a arbitration with them. However, I agree with you on this issue.
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The five banks have officially confirmed the removal of forced arbitration clauses from their consumer contracts. Legal counsel has verified that these changes are binding and effective immediately. We will continue to monitor their compliance to ensure these provisions do not reappear in future updates.
January 11, 2015
Final supporters
The National Association of Consumer Advocates (NACA) and the National Consumer Law Center (NCLC) (on behalf of its low-income clients) urge you to sign this petition to tell five of America’s biggest banks to stop hiding behind forced arbitration clauses that block consumers from going to court to enforce their legal rights.
JP Morgan Chase, Citigroup, Wells Fargo, US Bancorp and PNC Financial have found too many ways to break the law. Buried in the fine print of these banks’ customer contracts is a forced arbitration clause that kicks ripped-off customers out of court and instead funnels them into a rigged game designed by Wall Street. Customers are forced to plead their cases to a private arbitrator who doesn’t even have to follow the law. The arbitrator’s decision is almost impossible to appeal, and any evidence of corporate wrongdoing conveniently remains secret.
With forced arbitration, Wall Street has given itself a license to steal from the public and evade the law. Let's put these banks on final notice to respect consumers and stop using forced arbitration!
Petition to JP Morgan Chase, Citigroup, Wells Fargo, US Bancorp and PNC Financial:
We, the undersigned, call on your financial institutionto remove the forced arbitration requirements from your contracts with customers. Forced arbitration functions as a license to steal that makes it impossible for customers to hold you accountable in court if you break the law. Honor our rights and stop using forced arbitration.
Updates
Reached 250 supporters
November 14, 2014
October 28, 2014
The volume of support has now reached a level that forces this issue onto the agendas of the five banks named in our petition. I am currently finalizing a formal letter to their legal departments to demand a meeting regarding these arbitration clauses. You will receive an update once I have received a response.
Reached 100 supporters
October 7, 2014
100 Comments
Until auto dealerships stop falsely stating to consumers that the Abritration Clause "permits access to Court" , all consumers in Oklahoma need to beware of any document they sign. Most consumers never get justice because they cannot afford an arbitrators fees (which in most cases are in excess of $25,000)
Forced arbitration is so blatantly a violation of the constitution. Trial by jury is one of our most basic rights..
I have had experience with arbitration and it is unfair. Private justice is no justice and it keeps the malfeasance hidden.
The lack of transparency and lack of appeal rights in arbitration makes this a deeply unfair system and results in most consumers not bothering to pursue their disputes at all.
Arbitration makes sense IF ande ONLY IF it is agreed to OUTSIDE of an Adhesion Contract. These forced arbitration clauses are NOT them. Period. End of Story.
Arbitration clauses are not voluntary on the consumers' part, nor are they in the best interest of a healthy economy. Corporations should not be shielded from liability for their wrongdoing. The FAA should be repealed.
7 Lantern St
I have had trouble with JP Morgan Chase and have never had a arbitration with them. However, I agree with you on this issue.
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Until auto dealerships stop falsely stating to consumers that the Abritration Clause "permits access to Court" , all consumers in Oklahoma need to beware of any document they sign. Most consumers never get justice because they cannot afford an arbitrators fees (which in most cases are in excess of $25,000)