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Business Litigation
Arbitration
I bet you think that this subject has nothing to do with you guys out there. But it does. It is a creeping concept which is moving in to take away your access to courts and juries. This is especially true with your credit cards. Almost everyone has a credit card. Well, your agreement with Chase or Bank of America or CitiCards says that any dispute will be resolved by arbitration with somebody like the American Arbitration Assoc., or the like. Sounds good, No? Saves court costs, lawyers, no legal mumbo jumbo.Wrong. The arbitrator is usually located in Illinios, or New York. You may have to travel there to be heard. In addition an arbitration deposit is required, usually $500 or so. These proceedings are biased in favor of those who are regular users. Not you. Virginia courts enforce these provisions. You are usually stuck with arbitration when you have a dispute with your credit card company. Of course you would never have a dispute with them. Their records are always right, and no one would ever put a charge on your account without your authorization.
The reality is that this is coming about because it helps the credit card companies, not the consumer.Our U.S. Congress does nothing to ease the situation, as a matter of fact they are the ones who allowed this to happen. The Virginia legislature has done nothing to help consumers in this arena. Read your agreement. Watch out, find a credit card with an arbitration provision.
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