Limited time to opt out of new Chase Visa binding arbitration clause

Finance
#1

I received a notice yesterday on all of my Chase Visa cards (2 freedom and 1 freedom unlimited) that my

cardmember agreements and associated rewards program agreements had been assigned to JPMorgan Chase Bank, N.A., as successor by merger to Chase Bank USA, N.A.

One of the changes being made with this assignment is adding a binding arbitration agreement. You can opt out of this clause, but you must do so in writing and by August 23, 2018.

I already opted out of the Chase Bank arbitration clause when they introduced it in ?2012?. I am curious if anyone who didnā€™t opt out with Chase previously received the same message, and consequently a second opportunity to opt out.

I could have sworn that the Chase / JPMorgan merger happened in the last century, so am unsure why theyā€™ve delayed this part until now.

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#2

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#3

Actually this century but barely - December 1, 2000

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#4

Every account has its own user agreement. I donā€™t know when they added binding arbitration to banking accounts, but they added it to credit cards earlier this year. There was a bunch of posts about this on travel and credit blogs.

Also I donā€™t follow why you think the addition of binding arbitration is related to the Chase / JPM merger. They did some renaming recently as well, but thereā€™s no reason to think the two actions are related.

#5

I got these notices recently too. AFAIK (remember), I did not opt out before.

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#6

I didnā€™t think the addition of binding arbitration was related to the merger. I thought the assignment of the cardmember agreements and associated rewards program agreements was related to the merger.

Maybe, their M&A team is getting paid by the hour. :smile:

#7

Nope. That was last century . . . just as Honkinggoose said. Unless you believe in year zero, of course. I do not believe in year zero myself, but please feel free if you wish.

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#8

Interestingā€¦
AD 1 directly followed year 1 BC, as devised by a 6th-century monk named Dionysius Exiguus likely due to the fact there was no such thing as Roman Numeral Zero. It is believed that the concept of the number zero, as it is used today, did not exist in Europe until the 13th century.

We all have round number bias and tend to over celebrate our 50th birthday etc that make us want to emphasize things like year 2000 over 2001, as we all did 20 years ago.

This confusion has been around for some time "When does the century end? This simple question has such a simple answer that the very existence of a dispute is puzzling. As the superintendent of the U.S. Naval Observatory remarked nearly 100 years ago, ā€œThere can be no question of ā€˜opinionā€™ as to the date of the commencement of the twentieth century any more than there can be a question of opinion on any other simple arithmetical fact.ā€ Yet many find the truth of the matter so unacceptable that the resulting controversy has generated a considerable literature.
A chronological guide to such writings was recently published by the Library of Congress. The Battle of the Centuries,ā€¦https://www.loc.gov/rr/scitech/battle.html

Maybe we can just say pre Y2K? :smile: