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I give out my credit card number hundreds of times per year. Credit cards wouldn't be very useful if you never gave them out.
An ecommerce site has a merchant agreement with a payment processor to comply with PCI DSS. This does not. It is in no way similar.
Isn't the likely outcome of opting out that Chase just closes your account?
I have a feeling that Chase will send a letter to the operator of this website using some excuse like unauthorized use of the Chase trademark or something.
Corporations do have a stake in contractual and legal systems continuing to function, as well as in not calling down negative news coverage on themselves.
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If you fill in your info on the page and click the buttom, this happens as the final part of the flow before it submits.
"By checking this box, I certify that my account information is accurate and I want to e-sign and mail this document to chase to opt out of binding arbitration." The document is not actually present.
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Unfortunately this is the problem that Chase created ... we give users a way to download a form letter instead, but were just trying to make it as easy as possible for customers to opt out if they would like to do so
You're teaching users it's OK to give out their account information "sometimes". Which is much less secure than "never".
Under the "What is the actual language in the agreement sent by Chase?" FAQ item, it says -- "Can I (the customer) reject this agreement to arbitrate? Yes. You have the right to reject this agreement to arbitrate if you notify us no later than 8/9/2019. You must do so in writing by stating that you reject this agreement to arbitrate and include your name, account number, address and personal signature . Your notice m…
We are relying on legal opinions that the site fully complies with the ESIGN Act. That act makes electronic signatures on par with physical signatures. (Disclosure = I'm not a lawyer) https://en.wikipedia.org/wiki/Electronic_Signatures_in_Globa...
Do you really want to give a site run by someone you don't know vital info and a account number. Probably legit but ...
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not at all! We explicity ask if you want to opt in to future communications on our form - we are NOT using them to communicate with users if they do not opt in.
Then give the user the letter up front instead of hiding it in small text. This site has NO written all over it!
TL; DR arbitration is not the corporate-controller enigma many seem to think it is. You trade off real benefits by opting out of Chase's mutual binding arbitration terms.
Most people should opt out, but not everyone. (Nobody should opt out unthinkingly.)