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Largest U.S. Bank throws Arbitration Out the Door


Posted on Aug 14, 2009

Largest US Bank, Bank of America is dropping a requirement that forces consumers with disputes on credit cards and other accounts into an arbitration process, which critics say favors card issuers.

"While the bank thinks arbitration is a very fair way to go, customers do not," Bank of America spokeswoman Shirley Norton said. "It is in everyone's best interest to change it. We're hoping we'll be able to resolve more disputes directly with our customers."

So far, the American Arbitration Association has halted the arbitration process until new fairness standards are established, the National Arbitration Forum agreed to cease consumer arbitration as part of a settlement, and now Bank of America has thrown out forced arbitration.    Next, please!!!!

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Jeff Suher, Pittsburgh Consumer Attorney who specializes in the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. 

Jeff sues abusive debt collectors and helps consumers that have incorrect information on their credit reports.  
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