Declining Binding Arbitration of credit cards and banks (after sign up)
<p>Recently Chase was making a change to its user agreement and was automatically assuming your consent to abide by binding arbitration unless you opted out explicitly by sending them a snail mail with a self written/typed, freestyle letter.</p>

<p>I now see some user agreement changes from other credit card providers/banks and it looks like they already have a binding arbitration clause. If I understand this correctly, this prevents me from filing lawsuits against those companies.</p>

<p>Is there a way to specifically reach out to these card providers and opt-out of the binding arbitration? I realize this may have more to do with legal than money but it is pertinent in both areas.</p>

<blockquote>
  <p><em>Is there a way to specifically reach out to these card providers and
  opt-out of the binding arbitration?</em></p>
</blockquote>

<p>Sure, you can write and ask. But you've signed a binding contract to open an account (or accepted new terms for an existing account) that has a binding arbitration clause in it.</p>

<p>Both parties have to agree to renegotiate a contract. Why would a bank renegotiate the contract with you? Or draft a custom contract just for you without arbitration? </p>

<p>If you don't like their contract with arbitration terms, there's nothing in it for them; they'll simply say adhere to the contract, or close your account. Or they will close it.</p>

<p>But, there can be exceptions; read the credit card agreement. Sometimes there are exceptions for members of the military that allow no arbitration clauses. And sometimes you can opt out of arbitration within the first 90 days of opening an account. And check your state laws, too, and the agreement for any state carve outs regarding binding arbitration.</p>

united-states contract-law banking arbitration