It’s quite significant that Bank of America Corp., the third-largest credit-card issuer, has ended a requirement that consumer disputes be settled through binding arbitration. This comes after two resolution bodies, as reported last month, stopped taking new cases. Hopefully, there will be others following suit, There hasn’t been a level playing field between companies like Bank of America and their customers when a dispute arose. Other companies using arbitration as a weapon against consumers should do exactly as Bank of America has done, which would be good news for consumers.
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