Re:Why Banks Are Suddenly Closing Down Customer Accounts
by dakial1 on Friday November 17, 2023 @05:33PM
(#38311469)
In the country I live in (Brazil) the arbitration clause would go against the Consumer Law that says:
"Are null or void, Contractual clauses relating to the supply of products and services that [...] imply a waiver or provision of rights."
Access to justice being a right, arbitration clauses that forbid the consumer to go to the judiciary system are not valid. They can offer it, but not force it.
This happened to me a decade ago (not in the US), and I was surprised to find that every bank in the country had similar provisions in place. I'd be surprised if yours doesn't too.