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View Full Version : Banks vs [credit card] Consumers -Guess Who Wins?



Silverbird
06-06-2008, 03:32 PM
What if a judge solicited cases from big corporations by offering them a business-friendly venue in which to pursue consumers who are behind on their bills? What if the judge tried to make this pitch more appealing by teaming up with the corporations' outside lawyers? And what if the same corporations helped pay the judge's salary?

It would, of course, amount to a conflict of interest and cast doubt on the fairness of proceedings before the judge.

Yet that's essentially how one of the country's largest private arbitration firms operates. The National Arbitration Forum (NAF), a for-profit company based in Minneapolis, specializes in resolving claims by banks, credit-card companies, and major retailers that contend consumers owe them money. Often without knowing it, individuals agree in the fine print of their credit-card applications to arbitrate any disputes over bills rather than have the cases go to court. What consumers also don't know is that NAF, which dominates credit-card arbitration, operates a system in which it is exceedingly difficult for individuals to prevail...
http://www.businessweek.com/magazine/content/08_24/b4088072611398.htm?link_position=link2

tsptalk
06-06-2008, 08:11 PM
I hate that small print. :mad:

I'm too often guilty of clicking "I agree" before reading those massive legalese documents.

ChemEng
06-06-2008, 08:25 PM
There is only one pest exterminator in the town I live in. And before we could buy the house we are in, it needed to have a pest inspection for termites and whatnot. BUT before they would even come out to look at the place, we had to sign a mandatory binding arbitration clause with respect to the inspection. These things are showing up everywhere...

James48843
02-05-2011, 04:58 PM
http://www.youtube.com/watch?v=a5E0WNO7e_Q&NR

Frixxxx
02-05-2011, 06:08 PM
I know why I don't do business with Bank of America...


Do you?!?!:cool:

Buster
02-07-2011, 07:13 PM
I get so damn many Credit Card offers in the mail again...I likes it:)..shows me the 'credit' is loosing up..