America’s biggest banks have a secret weapon, and they’re probably already using it against you.

It’s called a “forced arbitration” clause. Buried in the fine print of every customer’s contract, these clauses pre-emptively block consumers from going to court if the bank does something wrong.

If you are a customer at JP Morgan Chase, Citigroup, Wells Fargo, US Bancorp or PNC Financial, you have already agreed to forced arbitration – just by signing up for an account.

With forced arbitration, instead of going through the courts, customers must 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 [1], and any evidence of corporate wrongdoing remains secret.

Forced arbitration gives big banks a license to steal, and it must be revoked!

Unlike judges, arbitrators are chosen by your bank, and are not subject to the same rules as a court of law. They’re much more interested in the bank’s bottom line than in justice.

And it gets worse: forced arbitration also prevents you from bringing a class action lawsuit against the bank. Even if your bank screws over thousands of people, you’re totally on your own when it comes to fighting for justice.

Forced Arbitration has to stop. Join us to put the banks on notice.

If the banks don’t stop the use of forced arbitration, We the People will stop it for them.

Sources:

[1] Adam Levitin, American Banker, Mandatory Arbitration Offers Bargain-Basement Justice