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hey credit Warriors credit shufoo here and if you have a chase credit card or several chase credit cards you will probably have received it where you will have received emails in the last few days for each account telling you about a few changes to the account okay so it details you know some other changes first but then it has this clause about something called binding arbitration okay now you might not know what this is all right so we're gonna explain it in this video and tell you how to opt out of it and you should probably opt out of it okay so let's first we'll go through what it is first so in the email you'll see this clause a binding arbitration provision is added and the military Lending Act notice is revised accordingly you can reject the binding arbitration agreement you must mail your rejection to us by 8 9 2019 so August 9th 2019 please see the end of this notice for instructions details on the changes to your account effective 810 2019 okay so basically they're saying that you've got this binding arbitration coming in and you can opt out of it as long as you get a letter mailed to them before August 9th all right so what is binding arbitration well it goes on to tell you look at this but with arbitration you cannot go to court have a jury trial or initiate or participate in a class action for your disputes with us in arbitration disputes are resolved by an arbitrator not a judge or jury and procedures are simpler and more limited than rules applicable in court procedures are more simpler isn't that nice but basically you're waiving your right to be able to sue chase or participate in class-action lawsuits against Chase if they do something wrong if they you know charge you too much interest or mess around with your money or do something okay if you have have a dispute with them now why is that important well I would say for most people it's probably not really that important okay but you never know I've bank with chase ever since I've been earning money in the US and I have never had any problem with them at all their service has been great for me okay could you have a problem in the future yes right or could they you know they do something and there's a class-action lawsuit that you could be part of you may want to do that you know these kind of things happen all the time and you should never wave your right to suit all right so with the credit repair business we'll use that as an example okay but create repair your right to sue is one of your biggest weapons in getting companies to do things for you are you getting you know companies to remove things from your credit report that kind of thing all right and so just with that one example you can see how important it is to preserve your right to sue a company even if you don't actually do it but just the threat of it can be used to you know get unfair things canceled or taken off okay not sure whether this arbitration would work the same way because as you see later on in the you know terms and conditions in this email who's gonna pay for this arbitration well let's have a look we will pay any costs that are required to be paid by us under the arbitration administrative rules of procedure even if not otherwise required we will reimburse you for up to $500 of any initial arbitration filing fees you have paid we will also pay any fees of the arbitrator and arbitration administrator for the first two days of any hearing so chase is basically saying that they're gonna pay for the first two days of the hearing okay they're gonna pay for that now okay the hearing may last longer than two days but in some cases it might not so basically these arbitrators may very well be on chases payroll now okay I'm not a legal expert I'm not an expert in these things and I don't want to presume anything but just through common sense if the person deciding a dispute is on the payroll of only one of the two parties you know just common sense says that they're probably going to be a bit more lenient towards the person paying their salary okay that's just what I think speculation yeah I guess but kind of common sense and why would chase be doing this in my opinion it seems that they're doing this because they probably feel that an arbitrator may be more sympathetic towards their cause than a court would anyway okay you could also speculate again just speculation that maybe they are suspecting that there might be further class action lawsuits against them in the future they may have done some you know they may know that they have done something that's going to happen you know gonna get exposed or whatever I don't know just speculation so I don't want to say anything bad about chase because like I said I have had great service from them you know they're one of my favorite banks especially for credit cards and rewards and all that kind of stuff so I still encourage people to go and bank with them use their credit cards you know they do have great products but you always want to preserve your right to sue so let's go through actually how to opt out of this arbitration now military money manual which is a blog focusing on financial issues for people in the military they have actually done a you know a template letter okay a letter template that anyone can you don't have to be in the military to use this okay so it's not specific to them it's just a it's just a template letter first I'll give you the address that you have to send this letter to and then we'll look through the letter so the address is chase customer service P o box one five two nine eight Wilmington DE and then there's the postal codes the zip code zip plus four that you can see on screen there okay now let's have a look at the letter template so you can see first of all we've got the chase customer service address and then you can fill in your address all right here and then basically it says regarding rejecting the chase binding arbitration agreement okay who it may concern please note that I reject the chase binding arbitration agreement effective August 11th 2019 please confirm receipt of this rejection and annotate my accounts appropriately and then you've got the details okay so this is where you put your first and last name in I also put in my middle initial because that's what appears on my cards okay so I put the name exactly as it appears on my cards then you've got account numbers so if you have more than one account you're going to put all the account numbers for your cards here so I put two 16 digit account numbers basically the cart the the number that's on the front of your card separate it by a comma so I've got two accounts of freedom and a reserve and then your billing address and then here you've got actually print out and actually sign it says actually sign here then thank you for your attention first name last name so I actually just went and printed mine out and I'm gonna send it probably later today look I'm covering up my personal info with a chase ink preferred pre-qualification ad 80,000 bonus points probably be my next credit card anyway so yeah I'm gonna send that today I definitely want to opt out of it and preserve my right to sue even though I don't see any reason why I would have to in the future but you never know it's really important just to preserve that right in my opinion and so guys comment down below what do you think about this and don't forget the deadline for sending that well the deadline for them receiving it is August 9th okay so I would suggest just send it now all right send it as soon as you can you need to get it to them before the beginning of August and then you all have opted out now I'm not sure what it means for new card members okay because what we've talked about is for people with you know current card holders the the rules you know the terms and conditions are changing and for people who get you know get cards now who just apply for new cards I'm not sure whether they will actually just be forced into this it may be the case that they are if anyone knows the answer to that please leave a comment below I would love to hear thanks so much for watching guys I'll put the link some of some of our favorite credit cards from our partner credit cards calm down below it is a comparison site so you can look at different cards compare the benefits that kind of thing and we are partnering them so you know you are supporting our channel if if you use it and you can look at the advertiser disclosure if you want to see it it is in the description section of this video please subscribe if you're new give this video like what's the next time bye bye [Music]