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Member since 12/10/11
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Posted on: 7/22/19 8:38 PM ET
My bank recently sent out a notice that they were changing the terms of their online access agreement. I had some trouble getting the actual terms from them, but when I did they included:
• Agreement to binding arbitration for all disputes
• Waiver of right to bring or participate in class action lawsuits
• South Dakota law to apply (I am in Oregon)
• And the kicker, although I am thinking this may conflict with federal law (not sure): we are liable for any transactions conducted with our username and password, even if fraudulent.

So, folks, don't just ignore those emails saying terms of service are changing. Read them!

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Mostly Babylock: Ellegante, Crescendo, Evolution, Ovation. Plus a Sailrite LSZ-1
  
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Posted on: 7/22/19 8:45 PM ET
In reply to allorache
Thank you! Good advice.
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Member since 3/24/04
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Posted on: 7/22/19 8:53 PM ET
In reply to allorache
If it's a large national bank that did this... read here: https://www.creditkarma.com/insights/i/chase-binding-arbitration-how-to-opt-out/

Basically, you need to write to a particular address by very early August 2019 to be safe. Interpretations of the date vary, so I used 1 August as a "due date". This needs to be a physical letter, signed by the account owner, and mailed through the post office.
-- Edited on 7/22/19 at 8:54 PM --
  
Member since 10/8/17
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Posted on: 7/22/19 9:11 PM ET
I'm no expert, but I heard somewhere that credit unions are better than banks (in general).

I've used various credit unions for about 15 years & have converted several of my family and friends to them. I recommend looking up the credit unions in your area, and join a good one.
-- Edited on 7/22/19 at 9:14 PM --
  
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Posted on: 7/25/19 9:37 PM ET
Quote:
And the kicker, although I am thinking this may conflict with federal law (not sure): we are liable for any transactions conducted with our username and password, even if fraudulent.


I'm pretty sure the bank isn't doing something they are not allowed to do. They are well regulated for the most part.

As for this change, I personally think it is long overdue. Too many customers do online banking and investing without using adequate security on their home computer and then expect the bank to suck up and take the loss when the client has their computer hacked. Banks used to eat the losses and some may still do so, but it is quite expensive and of course then the client has no incentive to pay for computer security for their home computer.

Note that this does not apply to fraudulent activity if the bank's computers are compromised.

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2020 Sewing Goal: Anything. Anything at all. And please let it be more than I buy.
  
Member since 1/25/09
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Posted on: 7/27/19 10:10 AM ET
In reply to allorache
Wow good alert, thanks! Do you mind telling us which bank? No reason they shouldn't mind being named.

I just had my debit card and a few cc's replaced after my purse was stolen and on the activation sticker for the debit card it had in bold letters that it's protected by (whatever they call the name of the program/protection) $0 responsibility for fraudulent use (Wells Fargo).

Thanks for the credit union reminder. I found that the teacher's CU my daughter belongs to is open to family members. I was going to look into it but didn't bother being out of state. Maybe worthwhile though and just keep a nominal presence in a local or national bank. Anyone who remembers when banks were state specific and you couldn't find one when traveling out of state will appreciate the convenience of that, at least I do.

I wonder how an Oregon bank can embrace SD laws? I believe, from my corporate law class, that many credit card companies are issued from/governed by SD laws and come from that state as it had the most liberal laws in terms of taking advantage of consumers. I renoticed that when my replacement cards were received.
-- Edited on 7/27/19 at 10:35 AM --
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Member since 12/28/07
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Posted on: 7/27/19 10:29 AM ET
In reply to allorache
Banks, as well as other places you do business with.. can send you any kind of notices they want.. Doesn't mean they are legal or binding or will fly if challenged.. But you should take the warnings at face value and simply move your business elsewhere if you aren't comfortable with their policies.

I think we will see more of these with online banking. As scamming increases so must protections.
  
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Posted on: 7/27/19 10:38 AM ET
In reply to Karen31
Quote: Karen31

I just had my debit card and a few cc's replaced after my purse was stolen and on the activation sticker it had in bold letters that it's protected by (whatever they call the name of the program/protection) $0 responsibility for fraudulent use (Wells Fargo).

And hopefully your bank will stand behind this. I had an amazon prime visa CC, issued by Chase Bank, that had a fraudulent charge in it. They say $0 liability, etc etc . Long story short, getting that off my account took almost four months (it was a nightmare dealing with Chase) and a finally complaint to the BBB which miraculously got it resolved in 24 hours. I'll never have another Chase bank issued CC. Nope.
-- Edited on 7/27/19 at 10:39 AM --
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Posted on: 7/27/19 11:10 AM ET
In reply to Doris W. in TN
Don't blame you. When I called WF to report the debit card stolen (I'd already checked online for any charges, none, but I jumped on it right away) the first thing they asked was if I'd seen any transactions that weren't mine. (They also put a stop payment on the entire book of checks that was in my purse). The only times I can remember disputing a charger was on an American Airlines card issued by Barclay (maybe converted, don't think that was original issuer) and a Citibank MC originally a Sears card decades ago for Norton charging me every year for plan I no longer wanted/needed but couldn't get straight as they had old email address and, well, what a mess (honestly I had to dispute that charge every year for about 4 - 5 years and either Norton finally got the message or the cc just no longer accepted the charge in the first place). Anyway in both cases it was reversed immediately and stayed that way.
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Posted on: 7/27/19 11:36 AM ET
In reply to Karen31
Karen. if you are in Oregon, check out First Tech Federal Credit Union. Branches in many areas, shared branching with a number of other CUs, online banking, phone banking, etc. No fees for most things. Has won numerous awards. Has been really easy to work with, has never screwed anything up in the quarter century we have been there, and anyone can join for an $8 membership in the Financial Fitness Association, which gets you some minor benefits. They have typically been a bit slow to roll out new technology, but that has been a good thing. Started as Tectronix Employees CU, joined with HP CU, iirc.
-- Edited on 7/27/19 at 11:37 AM --
  
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