Bank of America See the Light – No More Forced Arbitration
August 14th, 2009. Published under Fraud. No Comments.
I’ll have to say it’s good to see large banks and credit card issuers beginning to see that forced arbitration is not a very good idea (never was actually). Bank of American (BOA) announced this week that it is dropping mandatory consumer arbitration. Read the full story on the Wall Street Journal . Of course the lack of arbitration will most likely result in new hidden fees and other ways of boosting the banks profit margin. I for one stopped using credit cards several years ago, so the news doesn’t affect me, my family or my business. However, it’s good to see that consumers are finally winning some ground when it comes to credit card companies. I also think that Bank of American and other credit card issues are seeing the “writing on the wall” and are hoping to avoid class-action lawsuits such as those currently being filed against the National Arbitration Forum (NAF) and many debt collection law firms. Time will tell, I guess.
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Bank of America See the Light – No More Forced Arbitration