Excellent deeper analysis of how Venmo is hoping you won't bother so they've made the process absurd, from the Credit Slips blog.
How to opt out of Venmo’s new arbitration clause
Keep your rights to class action
By Barbara Krasnoff Apr 25, 2022, 2:52pm EDT
. . . We’ll tell you how you can opt out — but first, a little info about arbitration clauses.
Arbitration clauses have become extremely popular in agreements between companies and consumers. (For example, here’s a 2019 article explaining how to opt out of the arbitration clause that emerged when Apple added a credit card.)
It’s not surprising. When you agree to arbitration, you are basically putting most of the advantages in the company’s court.
For example, most arbitration clauses deny you the opportunity to become part of a class action suit or to individually sue the company. Instead, an arbitrator (often chosen by the company) reviews the case and then makes a ruling that cannot be appealed.
MOST ARBITRATION CLAUSES DENY YOU THE OPPORTUNITY TO BECOME PART OF A CLASS ACTION SUIT
And, in fact, this is exactly what the arbitration clause that Venmo is adding is meant to do.
. . .
here’s the short version of what you need to do:
- Download and print out the Venmo Opt-Out Notice Form
- Fill out the entire form
- Mail it (yes, the kind of mail with an envelope and a stamp) to:
Attn: Litigation Department
Re: Venmo Opt-Out Notice
2211 North First Street
San Jose, CA 95131
1) .... if you accepted the user agreement for the first time on or after May 23rd, 2022, then your form has to be postmarked up to 30 days after that date.
If you’ve been a Venmo member for longer, you have until June 22nd, 2022.
2) ... Send it so it can be traced or, even better, so somebody has to sign for it.
This will cost more, but if you foresee yourself possibly needing to take Venmo to court anytime in the future (especially if you plan to use the service extensively), then it pays to be sure.