7 ms·

I just want to point out that, as a user, opting out of this portion of Chase's agreement could result in Chase deciding to close your account. Not advocating w

I just want to point out that, as a user, opting out of this portion of Chase's agreement could result in Chase deciding to close your account. Not advocating what course of action to take, but merely pointing out that there is risk associated with this action. That being said, I have read through the email from Chase, and there is nothing that explicitly states that they will close it as a result of the user opting out of arbitration. Does anyone have experience with similar situations with Chase or other banks and agreement opt-outs that they could share?

mjkornbl 7y ago
This is a reasonable consideration in my (non-legal) opinion. Chase has apparently come out and said they will not be closing accounts however: https://milestomemories.boardingarea.com/chase-says-they-will-not-close-your-accounts-upon-refusal/ https://milestomemories.boardingarea.com/chase-says-they-wil...
supernova87a 7y ago
Yes, just to emphasize this post -- I have read elsewhere that your declining these terms could lead to your account(s) being closed immediately. What makes anyone think they wouldn't do that?
- lozenge 7y ago
  Disagreeing with the terms could close your account, but this section is severable (can be disagreed with separately). Generally, opt-out is added to reduce the risk that courts will throw out the arbitration clause as unconscionable (unfair). Companies know that most people won't opt out, and any class action brought by somebody who opts out will only apply to other customers who opted out- cutting damages by 99%+. https://en.wikipedia.org/wiki/Consumer_arbitration#Unconscionability_as_a_defense https://en.wikipedia.org/wiki/Consumer_arbitration#Unconscio...
fataliss 7y ago
I did contact chase on twitter about this and was told they would not close my account
ilaksh 7y ago
If people didn't have enough reasons to close their Chase account already, this is a pretty good one. I would actually like to see that service. A website that closes your bank account for you. They can be very tricky when you try to do that.
raxxorrax 7y ago
Maybe you should close your account if you feel threatened by behavior that could lead them to do so. Better cut ties immediately. This is disgraceful behavior from a bank and they also made clear that they tend to close accounts for arbitrary reasons.

mjkornbl 7y ago

This is a reasonable consideration in my (non-legal) opinion. Chase has apparently come out and said they will not be closing accounts however: https://milestomemories.boardingarea.com/chase-says-they-will-not-close-your-accounts-upon-refusal/ https://milestomemories.boardingarea.com/chase-says-they-wil...

supernova87a 7y ago

Yes, just to emphasize this post -- I have read elsewhere that your declining these terms could lead to your account(s) being closed immediately. What makes anyone think they wouldn't do that?

lozenge 7y ago
Disagreeing with the terms could close your account, but this section is severable (can be disagreed with separately). Generally, opt-out is added to reduce the risk that courts will throw out the arbitration clause as unconscionable (unfair). Companies know that most people won't opt out, and any class action brought by somebody who opts out will only apply to other customers who opted out- cutting damages by 99%+. https://en.wikipedia.org/wiki/Consumer_arbitration#Unconscionability_as_a_defense https://en.wikipedia.org/wiki/Consumer_arbitration#Unconscio...

fataliss 7y ago

I did contact chase on twitter about this and was told they would not close my account

ilaksh 7y ago

If people didn't have enough reasons to close their Chase account already, this is a pretty good one. I would actually like to see that service. A website that closes your bank account for you. They can be very tricky when you try to do that.

raxxorrax 7y ago

Maybe you should close your account if you feel threatened by behavior that could lead them to do so. Better cut ties immediately. This is disgraceful behavior from a bank and they also made clear that they tend to close accounts for arbitrary reasons.