In a recent email to credit card holders, JPMorgan Chase notified its existing customers that they will now be subject to forced arbitration for any past and future dealings with the company. The new policy, which affects 47 million accounts, strips customers of their rights to seek accountability if they are defrauded, scammed, or otherwise financially hurt. Included in the fine print was only one way to avoid forced arbitration: sending a signed letter containing personal information within 60 days of notice via snail mail to Chase headquarters in Delaware.
Forced arbitration is a secretive, rigged system that takes away Americans’ constitutional rights to seek justice under the law. The new policy not only takes away consumers’ individual rights, it prevents them from banding together to hold Chase accountable.