To: Jamie Dimon, CEO of JPMorgan Chase and Top execs of Citigroup, Wells Fargo, US Bancorp, and PNC
Revoke Wall Street's License to Steal
We call on your financial institution to remove the forced arbitration requirements from your contracts with customers. Forced arbitration functions as a license to steal that makes it impossible for customers to hold you accountable in court if you break the law. Honor our rights and stop using forced arbitration.
Why is this important?
Open an account or accept a credit or debit card from most banks, and -- like it or not -- you surrender your right to go to court if you are ever overcharged or treated unfairly. Buried deep in the fine print of the customer agreement is a forced-arbitration clause that requires you to plead your case before a private, secretive tribunal chosen for you by the bank.
It's a rigged game. Arbitrators don’t have to abide by the law, their decisions are almost impossible to appeal, and they know they’re unlikely to be re-hired if they make a habit of giving consumers a fair shake. One more thing the banks really like about this system: each wronged consumer must act alone, even if hundreds or thousands of others have been harmed by the same pattern of misconduct. (And, unlike the court system, any evidence of misconduct uncovered or alleged in the arbitration is kept secret from the public.)
Tell the big banks to end forced arbitration now.