Hi. I recently received a letter from MBNA stating that they were attaching an arbitration provision (unless I reject it within 30 days) that would even survive bankruptcy and give them the right to place judgements without even going to court! I have 3 accounts with them and have impeccable credit, so it's not like I anticipate a problem or anything, but I'm still wondering if anyone else has heard of this? If you have any knowledge about what rights I might be giving up by agreeing to the provision, please let me know! Thanks, Russell
RE: This is a DISGRACE a MONST Yes, I have hearing about this sort of thing since the summer about certain banks nefarious plans to quite frankly place themselves above the law. The first thing they did was place legal language in all applications that by applying you give up all rights to sue them (class action or otherwise) and all conflicts must go through an arbitrator of their choosing to which you must travel to at your own expense and who most likely favor them in his ruling. These following addendums show quite frankly that this bank has no shame, no moral qualms and I would get out posthaste at all costs. Were I in your position I would immediately cancel the card with a strongly worded letter to the their legal department that I am disgusted with such a immoral bank and will sending copies of these horrifying provisions to all the pertinent government agencies as well as highly publicizing this on the internet and any other media at my disposal. Rights? MBNA is showing quite clearly that their customers have no rights.
RE: Arbitration agreement with Pay off that account and close it. If enough consumers do this everytime a creditor attempts the clause, they will get the message. if you don't then they get an even stronger message that consumers don't care and will agree. I would never accept such a clause. Close it and get another c/c provider. Not all are doing this. This is just another reason why credit unions should be used more. They're personal and consumer friendly. Banks even tried to hussle out the credit unions claiming they were taking banking clients away. Kristi F. Russell Simmons wrote: ------------------------------- Hi. I recently received a letter from MBNA stating that they were attaching an arbitration provision (unless I reject it within 30 days) that would even survive bankruptcy and give them the right to place judgements without even going to court! I have 3 accounts with them and have impeccable credit, so it's not like I anticipate a problem or anything, but I'm still wondering if anyone else has heard of this? If you have any knowledge about what rights I might be giving up by agreeing to the provision, please let me know! Thanks, Russell
RE: Arbitration agreement with There may be a lawyer who already is working on arbitration issues such as these. Please see: http://ccr.faulknergray.com/augart2d.htm
RE:Article Darrell, Thanks for the link to the article. So why is this guy not going after Cross Country Bank? Or Household for charging 50% of a credit line increase as a fee? I just got my disclosure from them announcing their takeover of Orchard Bank...I will be cancelling the card ASAP.
