Apple Card Arbitration

purdnost

macrumors regular
Original poster
Dec 2, 2018
136
24
The Apple Card customer agreement states the following:

YOU MAY REJECT THIS ARBITRATION PROVISION BY CONTACTING US USING MESSAGES, CALLING US, OR WRITING TO US, AND STATING THE FOLLOWING: (I) YOUR NAME; (II) THE EMAIL ADDRESS ASSOCIATED WITH YOUR ACCOUNT; (III) THE ADDRESS ASSOCIATED WITH YOUR ACCOUNT; AND (IV) THAT YOU ARE EXERCISING YOUR RIGHT TO REJECT THIS ARBITRATION PROVISION (A”REJECTION NOTICE”). YOUR REJECTION NOTICE MUST BE RECEIVED WITHIN 90 DAYS AFTER THE OPENING OF YOUR ACCOUNT.IF YOUR REJECTION NOTICE COMPLIES WITH THESE REQUIREMENTS, THIS ARBITRATION PROVISION WILL NOT APPLY TO YOU, EXCEPT FOR ANY CLAIMS SUBJECT TO PENDING LITIGATION OR ARBITRATION AT THE TIME YOU SEND YOUR REJECTION NOTICE.

ANY REJECTION NOTICE THAT COMPLIES WITH THIS PROVISION WILL APPLY TO BOTH US AND APPLE. REJECTION OF THE ARBITRATION PROVISION WILL NOT AFFECT YOUR OTHER RIGHTS OR RESPONSIBILITIES UNDER THIS ARBITRATION PROVISION OR THIS AGREEMENT.​

In other words, if you don’t reject the provision, you forfeit any public claim against Goldman Sachs. Arbitration involves an arbiter (not a judge) overseeing the case, and both parties have input into who the arbiter may be. Goldman Sachs will pay the arbitration fees and other costs.

So by opting out, you’re increasing the possibility of even having a class-action lawsuit that truly penalizes a bank when they commit crimes.

Is that sound logic? Thoughts on this? Do you think it's a good idea to reject the provision?
 

thebrick

macrumors regular
Apr 18, 2010
188
37
GA, United States
you are right. you are giving up the right to sue Goldman Sachs by agreeing on this.
it is simple and easy to opt-out of arbitration and you get no harm to do so.
https://arstechnica.com/information...with-forced-arbitration-heres-how-to-opt-out/
this linked article explains what it means in easy word and shows you how to opt-out of the arbitration.

Chase also put a similar arbitration on effect at the beginning of this month all across of their credit card customers.
 
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