Here. Some highlights:
Of the 92 financial institutions studied, 43 percent contain mandatory binding arbitration clauses. This number increases to 47 percent when considering only banks, because none of the credit unions studied include an arbitration clause in their account agreements.
* * *
The larger the financial institution, the more likely an account agreement will contain a clause requiring mandatory binding arbitration.
* * *
Three-quarters (75 percent) of account agreements that contain mandatory binding arbitration clauses likewise contain a provision barring consumers from joining a class
action against their financial institution, either in arbitration or litigation.
* * *
More than one in 10 (13 percent) account agreements shorten the legally prescribed statute of limitations for consumers to bring disputes against their bank or credit union.
The range for these clauses is three months to two years, with a median of one year.
Comments