Second, you can usually find the arbitration clause by searching for key terms or headers. Oftentimes, an arbitration clause is buried within a multi-page agreement. Many financial institutions do not highlight or feature such a clause in their respective credit card agreements.
#CREDIT CARD DISPUTE BANK OF AMERICA HOW TO#
If you are curious about how to find an arbitration clause in your credit card agreement, here are some tips.įirst, read the fine print of the credit card agreement. In other words, an arbitration clause requires the creditor and consumer to resolve any future disputes outside of court.įind the arbitration clause in your credit card agreement
Many credit card agreements contain an arbitration clause, which is a section of a contract that requires the two parties listed on said contract to resolve their disputes through an arbitration process. Whenever you sign up for a credit card, you should receive the credit card agreement that outlines all the terms and conditions of being a cardholder. In many instances, an arbitration clause within such an agreement is relatively brief, but the impact it can have on your legal rights is huge. If you take the time to thoroughly review your credit card agreement, there is a good chance you will find a mandatory binding arbitration clause.
To find your arbitration clause, read the fine print, look for dispute resolution key terms, and utilize the CFPB’s credit card agreement database. If you’ve been sued for a debt, check your credit card agreement for an arbitration clause and file a Motion to Compel Arbitration into the case to avoid going to court.
Summary: Arbitration pushes a dispute out of court and into the hands of an arbitrator: a neutral person makes an informed decision regarding a credit card dispute.
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