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Thread: Banks vs [credit card] Consumers -Guess Who Wins?

  1. #1

    Join Date
    Oct 2007
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    Occoquan, VA
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    2,423

    Default Banks vs [credit card] Consumers -Guess Who Wins?

    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...position=link2
    "All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python


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  3. #2

    Default Re: Banks vs [credit card] Consumers -Guess Who Wins?

    I hate that small print.

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

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  5. #3

    Default Re: Banks vs [credit card] Consumers -Guess Who Wins?

    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...

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  7. #4

    Join Date
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    Default Re: Banks vs [credit card] Consumers -Guess Who Wins?


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  9. #5

    Join Date
    Feb 2007
    Location
    Suffolk, VA
    Posts
    6,424

    Default Re: Banks vs [credit card] Consumers -Guess Who Wins?

    I know why I don't do business with Bank of America...


    Do you?!?!
    There are two types of people: Those that can extrapolate from incomplete data.
    Tracker =
    [35%-C] [65%-S] ::::Real World = [35%-C] [65%-S] 2/27/2015

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  11. #6

    Default Re: Banks vs [credit card] Consumers -Guess Who Wins?

    I get so damn many Credit Card offers in the mail again...I likes it..shows me the 'credit' is loosing up..
    Senility is to forget the people I don't like and having the pleasure of meeting the ones I do.....

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