Any person who has a credit card has an arbitration agreement, but most Americans don’t know it. Bank of America gave notice to its credit card customers last month that it will no longer require arbitration. The company said in a written notice:
ARBITRATION WILL NO LONGER BE USED TO RESOLVE NEW DISPUTES: We are removing the Arbitration sections from your Credit Card Agreement.
While this is a welcomed change in policy, I really am not sure what brought this change on. I can only assume Bank of America now realizes that consumers don’t like forced arbitration.
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