Wells Fargo Changes Consumer Agreement, Banning You From Suing Them

Jason is a good consumer, and so he made sure to read through a notice from his bank, Wells Fargo, about changes to his consumer agreement. And it’s a good thing he did read it, because in it, they informed him he’ll no longer be able to take them to court.

He sent us the revised agreement, adding:

I received the attached PDF in a notice just today from Wells Fargo, amending my agreement with them to state that effective February 15th, I can no longer sue them or engage in a class action suit against them. I thought the Consumerist might be interested in getting the word out on this scummy practice by Wells Fargo.

Sure enough, in quite plain, bolded and all caps language, Wells Fargo says: “YOU AGREE THAT YOU AND THE BANK ARE WAIVING THE RIGHT TO A JURY
TRIAL OR TRIAL BEFORE A JUDGE IN A PUBLIC COURT.”

Got that?

The agreement lays it all out, saying if you’ve got any problems with Wells Fargo, you agree to settle it in private arbitration. That means no suing on your own, and no being part of a class action suit either.

Might be time to change banks if you don’t want to be held to those terms.