Bank of America Customers Should Opt-out and Consider Changing Banks to Avoid New Forced Arbitration Clause
Bank of America (BofA) recently announced a decision to insert a forced arbitration clause in the fine print of its Online Banking Service Agreement. BofA’s agreement gives customers just 60 days to opt-out after they receive notice, so for many customers this clock has already started ticking.
Forced arbitration blocks customers’ access to the court system and eliminates their right to a jury trial when they are harmed, instead forcing them into biased, closed-door proceedings where consumers rarely win. It also prevents people from joining together in class action lawsuits to fight back against systemic harms.
Act quickly. Contact BofA immediately to maintain your right to a judge and jury trial. Follow these simple steps:
1. Visit: www.bankofamerica.com/arbitration-optout
2. Log in to your online BofA account
3. Click on the “Submit” button on the bottom of the page
Or call: 800-283-8875
Not all banks and credit unions use forced arbitration. In addition to opting out, or if it is too late, BofA customers can transfer to a bank or credit union that does not take strip rights away in the fine print.
Act now. You have just 60 days to opt out to maintain your rights. Tell Bank of America that you say NO to forced arbitration ripoff clauses.
Opt Out Today
Support NCLC
Please support NCLC's work to advance consumer rights and economic justice with a tax-deductible contribution today!
Donate