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PSECU -- Forced Arbitration Or Must OPT OUT In Writing By June 28, 2021

senda
  |     |   126 posts since 2015

PSECU is forcing everyone who doesn't opt-out in WRITING by June 28, 2021 into Arbitration. Received an email with a link to the new changes and the instructions to Out-Out. If you don't receive notice and wish to view the changes you can call 800.237.7328 to ask for a printed copy be mailed to you (or ask them for the link I guess).

To Opt-Out (taken from the letter):

You must provide written notice to PSECU as described below and Your written notice must be postmarked on or before Monday, June 28, 2021.

1. Your written notice must include:

a. Your full name and address as listed on Your account,

b. Your account number,

c. a statement that "You do not want Your disputes to be decided by Arbitration", and

d. Your signature as listed on Your account.

2. Your written notice must be sent by U.S. Postal Mail to the following address:

PSECU

ATTENTION: ARBITRATION OPT OUT

P.O. BOX 67013

HARRISBURG, PA 17106-7013

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7


enduser
  |     |   711 posts since 2015
This is a pattern that has been happening with just about any product. Ebay sent me one a few years back, followed by paypal, and pretty much all banks and credit cards have already put arbitration into effect.
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3
blazer9
  |     |   228 posts since 2019
Sure, but when you have an Add On 3yr 3.25 apy. going on it makes you a little nervous
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3
enduser
  |     |   711 posts since 2015
I have the same 3.25% APY add-on $100k CD in force. I'm not breaking a sweat, nor taking any meds for my nerves. They have been consistently paying the interest and accepting my monthly $500 add-on deposits without any issues. I believe mine reaches maturity on Nov 2022. The only thing I worry about is what next after this sweet deal runs out.
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4
Sherlock
  |     |   48 posts since 2020
On Feb. 11, 2021, Congressman Hank Johnson re-introduced the FAIR Act: The Forced Arbitration Injustice Repeal Act, re-establishing Americans’ 7th Amendment right to seek justice and accountability through the court system. It was first introduced and passed in the House in 2019 but went nowhere in the Senate. So now is the time to let your Senator know you want the Senate to pass the Fair Act. The FAIR Act could finally allow workers, consumers, and others to choose how they wanted to pursue their dispute
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4
MidAtlantic
  |     |   142 posts since 2012
At least PSECU is providing an opt out. That is not the case with many organizations.
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5
Choice
  |     |   937 posts since 2020
What is the consideration for those that don’t opt out to have their current contract(s) modified mid-term? Another example of modification of terms and conditions w/o any consideration...they have to wait until renewal or...time. Ask them! Changing EWP or rates next? No way for a fiduciary to act!  Contracts 101...if anyone believes as Knight...no such thing as a fixed rate CD!
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2
Kaight
  |     |   1,192 posts since 2011
I'm not entirely certain what your post is saying. But just so you're clear:

Any bank or CU can change the terms and conditions of any CD at any time, provided however that they offer the account holder 30 days' notice of the impending change(s).
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2
GH1
  |     |   1,058 posts since 2017
I believe unless the bank is bought out or taken over it would be a contract. New owners may be able to change it even the govt could. I never had any issues with this cu
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2
me1004
  |     |   1,381 posts since 2010
I think they are all now required to offer a chance to opt out -- but I might be confusing a state law with federal law, but I think it's federal law now. That doesn't mean it will be easy to find the fine print that tells you that.
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1


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