Property News · May 8, 2016

Sue your bank! Why it's better to go to court than to arbitrate in the long run


New rules aim to return a consumer’s right to sue financial institutions – and the banks and credit card companies aren’t happy about itIf your bank hits you with what you consider to be unfair overdraft fees, or fails to notify you in a timely manner of new, higher fees – thus making it impossible for you to avoid them – you may end up losing enough money for it to be painful. But getting it back may be even more costly, too costly to make it worthwhile.That’s because the small print covering your bank account, credit card and most other financial institution agreements requires you to submit to binding arbitration to resolve any disputes with your bank. Only 34% did not require binding arbitration, the Pew Charitable Trusts found in a survey last year, down from 38% in 2013. Continue reading…

Source : theguardian.com
Read more…Sue your bank! Why it’s better to go to court than to arbitrate in the long run

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