While this is undeniably a negative development for Chase customers, you have the option to unsubscribe. Persons covered by the Military Lending Act are automatically excluded from the arbitration agreement, while anyone wishing to opt out can do so by sending a letter to: Post office box 15298, Wilmington, DE 19850-5298. These letters must be received by August 9, 2019 to be effective, and opt-out messages sent to any other address, by phone or email are not detected. But in this rare situation in which we find ourselves, Chase cardholders are presented with another choice. Should you, therefore, given the option, not be subject to binding arbitration? An important difference is that if the arbitration is “binding”, the arbitrator`s decision is the last word in this matter and can be applied by a court if necessary. Appeals can be lodged against decisions made by binding arbitration, but in limited cases. On the other hand, an arbitrator`s decision of a non-binding arbitration procedure is rather an advisory proposal and is subject to the agreement of both parties. Nearly 10 years after Chase abandoned its credit card arbitration clauses in a legal transaction, the largest U.S. credit card issuer has informed cardholders that it will add a binding arbitration decision effective August 10, 2019. Nolo points out that one of the essential drawbacks of the mandatory arbitration procedure is that once a decision is made, that is it, the decision is final. No appeal, no judge who should weigh arguments about fairness or the logic of the agreement. And if you don`t like the decision obtained by arbitration, as you think, it is unfair or offers too little relief, good, too bad. In reality, there is no hard-hitting answer to the question of whether it is always better to decide on a company`s binding arbitration agreement if given the chance.

Like everything else, there are pros and cons. However, the third point that indicates that JPMorgan Chase, the country`s largest credit card issuer, has added a binding arbitration agreement to its terms of use is of particular interest to consumers. The second half of the sign indicates to the cardholder that he has the option to refuse the new clause, but also old (in one minute) to find out more, provided he sends his refusal in writing before August 7.