Ever been ripped off by a big bank? Were you charged fees you never expected? Were you misled about the terms of a loan?
If so, you may have a tough time standing up for your rights in court. That’s because many big banks have buried forced arbitration agreements in the fine print of their customer contracts. As we explain in our short documentary, Lost in the Fine Print, if the bank has a forced arbitration clause you can’t take the bank to court. Instead, you have to go to an arbitrator effectively chosen by the bank itself.
One study found when consumers go up against businesses in arbitration, the business wins 94 percent of the time.
The Consumer Financial Protection Bureau has the power to ban forced arbitration in contracts for consumer financial products, including banking services. It is expected to issue a report on the issue next year.
But we’re not waiting. We’ve joined with other activist and consumer groups to demand that five big Wall Street banks drop their forced arbitration clauses. Want to join us? Click here to sign our petition.
If we don’t stop them, the practice of forced arbitration will only spread. And you can take that to the bank.