Another bank with a large presence in Georgia has bowed to pressure from consumers and consumer advocacy groups and abandoned the unfair practice of mandatory arbitration. Bank of America Corp. announced it will stop requiring that disputes with its credit card holders and banking and lending customers be settled by binding arbitration.
As we have written before, many consumers are unaware that card agreements typically include a clause that waives a card holder’s right to sue. Lenders instead use arbitration to go after delinquent accounts
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