New Study: Banks Abuse the Fine Print to Avoid Accountability | Take Justice Back

New Study: Banks Abuse the Fine Print to Avoid Accountability

A new study released by Pew yesterday evening confirms that the majority of big banks are limiting and often denying consumers’ access to justice in the fine print of checking account agreements.  One of their favorite tools is the use of forced arbitration clauses.  In the event of a dispute with a corporation, forced arbitration mandates that a consumer cannot take their case to court but instead has to go to a private arbitration forum hand-picked by the very corporation accused of wrongdoing.

Pew’s study also confirmed that consumers overwhelmingly find forced arbitration “unacceptable” given the high costs, mandatory nature, and biased decision-making.  What’s more, forced arbitration removes a consumer’s rights to review by a judge or jury.

This study serves as a wakeup call for consumers that a majority of big banks have found a way to limit their customers from accessing the court when they have been wronged.

The study can be found online here.