When opening CDs and high-yield savings accounts, I've noticed that the T&C have fine print saying that you can reject the binding arbitration clause by sending the bank a letter within a certain amount of time after opening the account. I've never received a response to these letters - until now, when a credit union sent a letter back saying that they are rejecting my rejection, and if I continue to keep the account open, I'm accepting the binding arbitration clause.
I'm perplexed. Why do their T&C provide a way to reject the arbitration clause if they then refuse to allow me to reject it? Why do banks have these "you can reject by sending us a letter" - presumably because a law says they must? Is the credit union breaking the law, then?
I'm perplexed. Why do their T&C provide a way to reject the arbitration clause if they then refuse to allow me to reject it? Why do banks have these "you can reject by sending us a letter" - presumably because a law says they must? Is the credit union breaking the law, then?
Statistics: Posted by snic — Mon Jan 29, 2024 5:56 pm — Replies 6 — Views 639
