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America’s biggest banks have a secret weapon, and they’re probably already using it against you.

It’s called a “forced arbitration” clause. Buried in the fine print of every customer’s contract, these clauses pre-emptively block consumers from going to court if the bank does something wrong.

If you are a customer at JP Morgan Chase, Citigroup, Wells Fargo, US Bancorp or PNC Financial, you have already agreed to forced arbitration – just by signing up for an account.

With forced arbitration, instead of going through the courts, customers must plead their cases to a private arbitrator who doesn’t even have to follow the law. The arbitrator’s decision is almost impossible to appeal [1], and any evidence of corporate wrongdoing remains secret.

Forced arbitration gives big banks a license to steal, and it must be revoked!

Unlike judges, arbitrators are chosen by your bank, and are not subject to the same rules as a court of law. They’re much more interested in the bank’s bottom line than in justice.

And it gets worse: forced arbitration also prevents you from bringing a class action lawsuit against the bank. Even if your bank screws over thousands of people, you’re totally on your own when it comes to fighting for justice.

Forced Arbitration has to stop. Join us to put the banks on notice.

If the banks don’t stop the use of forced arbitration, We the People will stop it for them.

Sources:

[1] Adam Levitin, American Banker, Mandatory Arbitration Offers Bargain-Basement Justice

Dear Friend:

In our democracy, the courts hold out the promise of safeguarding everyone, regardless of wealth and power. But that fundamental promise of equal justice under law is facing a severe threat.

That threat is the topic of a powerful brief documentary from Alliance for Justice, which I had the pleasure of narrating. It’s called Lost in the Fine Print.

Buried in everyday agreements for products, services, and jobs is fine print saying when you are harmed, you can’t go before an impartial jury or judge. Instead, these forced arbitration clauses send you to a decision-maker picked by the company that wronged you. Not surprisingly, one study found that arbitrators rule for companies over consumers 94 percent of the time. And you’re stuck with their decision because there’s no appeal. It’s a rigged system that helps companies evade responsibility for violating anti-discrimination, consumer protection, and public health laws.

Lost in the Fine Print tells the stories of three Americans victimized by forced arbitration. But that’s only the beginning. Alliance for Justice also has resources to help you fight back.

Join me and Alliance for Justice in the fight against forced arbitration. As I say in the video, what's been lost in the fine print can once again be found with strong voices. Our voices. I urge you to use yours.

Best,
Robert Reich

Fantastic New Documentary
Lost in the Fine Print --

Alliance for Justice goes after forced arbitration

Here’s a link to the film, and to a blog post describing it.  I think this is a really magnificent step forward in our community’s advocacy around forced arbitration.
 
http://bit.ly/ZrjzVF
 
Narrated by Robert Reich, the film traces three exceptionally powerful stories of people who’ve been really terribly treated by forced arbitration.  Outrageous abuses set out very well.  The Alliance has really done great work here, we owe them a huge debt of gratitude. 

Americans for Financial Reform and our allies have long fought against forced-arbitration clauses that let the big banks break the law with impunity.

Here's how it works: just by opening an account or accepting a credit or debit card, you surrender your right to go to court if you are ever overcharged or treated unfairly. Instead, language buried deep in the fine print of the customer agreement requires you to plead your case before a private, secretive tribunal chosen for you by the bank.

Tell JPMorgan Chase, Citigroup, Wells Fargo, US Bancorp, and PNC Financial to stop hiding behind fine-print arbitration clauses that block consumers from asserting their rights in a court of law!

Arbitrators don't have to abide by the law, their decisions are almost impossible to appeal, and, they know they're unlikely to be re-hired if they make a habit of giving consumers a fair shake. One more thing the banks like about this system: as a rule, each wronged consumer must act alone, even if hundreds or thousands of others have been harmed by the same pattern of misconduct. (And the evidence that could document that misconduct remains conveniently secret.)

Earlier this year, a firestorm of public outrage compelled General Mills to retreat from a plan to impose forced arbitration on purchasers of Cheerios and Wheaties. We want to send a similar message to five of the biggest banks.

Click here to tell the big banks to respect consumers and stop using forced arbitration as a "Get out of jail free" card.

Making our voices heard on this issue can make a difference in more than one way. The Consumer Financial Protection Bureau (CFPB) is studying the impact of forced arbitration, and it has the authority to restrict or even ban the practice if it finds evidence of harm. Joining in this action is one way to let the CFPB as well as the banks know we think forced arbitration is a license to steal, and needs to stop.

Thank you for your support.

Sincerely,

Lisa Donner
Executive Director
Americans for Financial Reform

Now that I work for a startup that helps people pay off debt and understand more about student loans, I realize why it's not such a big deal to colleges like this if the students don't graduate. As long as a student stays enrolled for a few weeks, they're on the hook for those loans even if they end up dropping out. The student receives a new load of debt with no degree while the school still gets paid.

Ooooh, doesn't that shiny part look great?