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.

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.

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.

Exactly!

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

For you BOA' ers out there



http://www.usatoday.com/money/industries/banking/2009-08-13-bank-of-america-no-arbitration_N.htm