Chase Has a New Binding Arbitration Agreement But Here’s How to Get Out of It

Credit card customers of Chase may find it hard to sue the bank in court due to a new binding arbitration agreement that the bank has for some 47 million customers.

You can get out of it though. Customers have until August 7th to reject the clause.

It was back in May that Chase notified its customers that their right to sue over grievances connected to their Chase credit cards will disappear unless they opt out.

Millions of Chase users as well as Slate and Sapphire card users could be affected.

“Arbitration typically benefits companies over consumers, so it can’t hurt to opt out and open some alternatives,” said Ted Rossman, industry analyst at CreditCards.com.

According to Rossman, the change in unlikely to have a big impact on consumers. He said the average person receives just $32 in a class action lawsuit.

To opt out of the new Chase agreement, send a letter to the bank explaining that you, “reject this agreement to arbitrate.” Your notice needs to be mailed to Chase at P.O. Box 15298, Wilmington, DE 19850-5298.

Disclaimer: We have no position in JPMorgan Chase & Co. (NYSE: JPM) have not been compensated for this article.