BOA opt out of arbitration?

[badatmath]

Got a notice I can opt out of the "new" arbitration clause my bank is putting in for all. Do I want to do this? Would they terminate my account? So far as I know my other accounts are not like this but entirely likely I didn't read it id someone old me they were.

I only have a checking account there. Not large but would be inconvenient if it was closed abruptly as i have a payment coming out monthly.

 

[Sunset]

Hmmmmm............ either arbitration or I can hire a $250/hr lawyer to fight the bank's team of 4 lawyers each making $1,200/hr and 10 staff members....... I picked arbitration.

If I'm not happy with them I'll go use more of my other banks.

 

[badatmath]

Probably kind of immaterial as I don't plan on suing anyone and if there was a class action I'd probably get 3 cents or something so not great benefit.

 

[RetiredHappy]

Picking arbitration is a better option for little people like us. In arbitration, the big company whether it is BOA or an employer, they pay for both arbitration lawyers, mediator (judge) and court fees.

 

[COcheesehead]

Keep the arbitration

 

[badatmath]

Picking arbitration is a better option for little people like us. In arbitration, the big company whether it is BOA or an employer, they pay for both arbitration lawyers, mediator (judge) and court fees.

If I read it correctly (and very possibly not since it was long and boring) I would have to pay my share of fees.

 

[RetiredHappy]

If I read it correctly (and very possibly not since it was long and boring) I would have to pay my share of fees.

I took Business Law and from my memory, the other party has to pay for your attorney as well. But that is British Law, so I don't know if American Law differs.

 

[COcheesehead]

My wife had a copyright case arbitrated. She is a photographer and someone used her photos without permission. The case went in front of an arbitrator. It was well done, settled in short order, she got paid and it sure beat going into a court room with lawyers.

 

[Koolau]

Picking arbitration is a better option for little people like us. In arbitration, the big company whether it is BOA or an employer, they pay for both arbitration lawyers, mediator (judge) and court fees.

Of course, if the big guy pays, it seems likely the arbitrators never really forget who is paying them. Just sayin' so YMMV.

But arbitration seems the right way to go - even if it's flawed.

 

[RetiredHappy]

Of course, if the big guy pays, it seems likely the arbitrators never really forget who is paying them. Just sayin' so YMMV.

But arbitration seems the right way to go - even if it's flawed.

Because the big guy pays, they also want to settle quickly because arbitration mediator/judge gets paid the big bucks.

 

[CSdot]

Arbitration is usually favored by the bigger party (the Bank in this case) because: (1) there is less chance of a big runaway verdict like you might find with a jury; and (2) the parties usually split the cost of the Arbitrator/members of the Arbitration Panel, while a judge and jury are provided to citizens at no additional charge in a court action.

Curious to know the thoughts of others on whether opting out will result in automatic account closing?

 

[GrayHare]

I recall stats like the bank wins 90% of arbitrated cases, a rate much higher than they achieve in court.

 

[COcheesehead]

while a judge and jury are provided to citizens at no additional charge in a court action

You forgot the biggie: you likely need a lawyer

 

[CSdot]

You forgot the biggie: you likely need a lawyer

I would suggest you would need a lawyer in either situation unless you are familiar with the applicable rules of civil procedure. Guess some on here may have a law degree and are familiar with the rules and process, but is representing yourself really that wise?

 

[COcheesehead]

I would suggest you would need a lawyer in either situation unless you are familiar with the applicable rules of civil procedure. Guess some on here may have a law degree and are familiar with the rules and process, but is representing yourself really that wise?

We did it with success. The arbitration process is not a court of law. It’s far less formal.