Wells Fargo wins most of the time in arbitration

The fine print: portion of an arbitration clause from a Wells Fargo credit card agreement, which binds the customer to arbitrate almost any dispute with the bank and forbids class actions. (Consumer Financial Protection Bureau) A new study shows just how advantageous arbitration has been for Wells Fargo. Short answer: For the bank, it’s been […]

via Here’s why Wells Fargo forces its customers into arbitration: It wins most of the time — Justice League

Tht is outrageous. Arbitration has been around since the Middle Ages but it was typically used by merchants to settle disputes between them. It was never intended to be used as it is today, when it is forced on consumers and hidden in the fine print of contracts.