"@Rockies" post in the "Ask" forum about a bank's clause that will absolve the bank in case of negligent performance remined me of something...
We all know the arbitration nonsense clauses that are everywhere now (so much for the "right to a trial").
They're everywhere (on all health insurance companies I've ever seen, on cel phone carriers, etc). Even on products you buy. If you buy a Vizio TV now the tiny fine print (which doesn't even COME with the TV -- you have to know to download it online) states that by using the TV you give up your right to a trial and are forced to go to arbitration (at least Vizio gives you the option to send them written notice -- on your stamp -- to opt out within 60 days -- should you even know to find the language about it online).
But for Banks/CUs it's gotten worse too. Never used to be there, then they would try to include such language, but send everyone clear notices about them and how to opt-out if you didn't want it. Now they either sneak the language in tiny fine print in their statement one time (that most people will never see if they only have a CD with them) -- or worse, don't even give you the choice to opt out. There are many CUs now which don't give you any option to opt out of this nonsense -- you want to be a member of the credit union, you agree to give up your right to a trial should they do anything bad.
Yes, I know, what are the chances we'll ever need it. But it's the principal of the matter. If a bank does something underhanded (uh, hello Wells Fargo? How many times?!) no normal person would be able to take them on, and arbitration has been shown to absolutely favor the guilty party, by usually just giving them a slap on the wrist -- because the arbitration judges themselves are hired by the companies, and if they have a history of finding for the consumer over the bank, they know they will be passed over in the future in favor of judges that are more business-friendly.
So it's pretty sad that if you want to join many credit unions these days, you can only do so by giving up your right to a trial, should they do anything wrong (a CU or bank doing anything wrong? Gee, when has that ever happened....)
