wahoo238 Posted November 5, 2009 Report Share Posted November 5, 2009 I have searched and searched and all I can find is brief articles on the subject. I have a B of A CC and wife has a B of A LOC, we have received nothing from them regarding changes to the arbitration clause. Can anyone please give specifics, all I have been able to find on the web is B of A doing away with mandatory arbitration, does consumer still have the option to elect? If there is still time to decline might be worth holding on to. TIA Link to comment Share on other sites More sharing options...
trueq Posted November 5, 2009 Report Share Posted November 5, 2009 Would have to be notified....ANDassented to. Meaning you used the card after the notification of the amendment.IF you are already in default, the arbitration clause cannot be amended out. Link to comment Share on other sites More sharing options...
wahoo238 Posted November 5, 2009 Author Report Share Posted November 5, 2009 No we are not in default on either account just wish to preserve the right. There have been no charges against either account in recent. Link to comment Share on other sites More sharing options...
Downto0 Posted November 5, 2009 Report Share Posted November 5, 2009 CC agreements have always been a "take it or leave it" type of agreement. The ccc's, decide what the agreement will be and you will accept that agreement by using the card or you will not accept that agreement by not using that card or making a payment on the account. The only way you could preserve the right to elect arbitration would be to close the account with the current agreement allowing you to elect arbitration.This in itself may not be enough. Bofa may have it listed in their records that they have already sent you an updated agreement and that you have already made payments.Good luck on proving otherwise. Link to comment Share on other sites More sharing options...
wahoo238 Posted November 5, 2009 Author Report Share Posted November 5, 2009 In the past changes in terms left for a right to decline by sending notice by a certain date and not using the card. Does anybody have any info on that date? Is the change in terms only “mandatory”, or is there an arbitration provision left? All of the B of A interviews I read last night seem to indicate that arbitration was still ‘superior” in resolution dispute in the banks opinion. Link to comment Share on other sites More sharing options...
BrokeBob Posted November 5, 2009 Report Share Posted November 5, 2009 I read a few places they changed their policies on August 13. I have no idea what that means. I was allegedly in default on two accounts totalling more than $60k at the time, and I don't recall seeing any change to the account. Link to comment Share on other sites More sharing options...
trueq Posted November 5, 2009 Report Share Posted November 5, 2009 an amendment to a credit card account in good standing...they will more than likely shut the account down. Link to comment Share on other sites More sharing options...
wahoo238 Posted November 5, 2009 Author Report Share Posted November 5, 2009 At 19% I am inclined to let them have it if it preserves the clause. Though fine now, should my financial “house of cards” suddenly implode it would be nice to fall back on the clause. Hopefully someone will know if the change was only the manditory portion and or, if arbitration still survived in a non manditory condition. Link to comment Share on other sites More sharing options...
KentWA Posted November 5, 2009 Report Share Posted November 5, 2009 Some banks still post the notice to their web site and call it god enough. One bank already found out that does not cut it, but it is still industry practice. I do not see how they can expect you to check their web site every day/week/month to see if they have changed terms on you. Link to comment Share on other sites More sharing options...
wahoo238 Posted November 5, 2009 Author Report Share Posted November 5, 2009 I just spent the better part of an hour on the B of A website and nothing not even a press release. Link to comment Share on other sites More sharing options...
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