Bank of America ends arbitration of credit card disputes

**smcc** · August 14th, 2009, 05:16 AM

For you BOA' ers out there

http://www.usatoday.com/money/indust...itration_N.htm

**charonh** · August 14th, 2009, 08:46 AM

Good move, maybe BOA being under federal regulation isn't so bad after all.

**Meya** · August 14th, 2009, 09:12 AM

Exactly!

**kdb030609** · August 15th, 2009, 05:08 PM

Well that seems a little puzzling. What does that mean if there is a problem with your account intead of possibly going through arbitration ? How will we handle any problems? Usually banks don't change anything unless it benefits them. After all their bottom line is to make money.

**charonh** · August 16th, 2009, 01:26 PM

Basically what it means is before you did not have an option other than to go through arbitration for a dispute, whereas now, you may choose to go through arbitration, hire your own attorney, mediation, or pursue other legal avenues to work out the dispute. Arbitration usually catered to the business/organization, not the consumer. Now both players will have an even playing field if they have a dispute they want to resolve instead of being forced to go through arbitration.

**Brian23** · August 16th, 2009, 02:49 PM

I am just happy that a big player like BOA has stepped up to put an end to arbitration. That whole system really was a one-sided street in favor of the bank/debt collector.