Thank you for your continued loyalty to Bank-Fund Staff Federal Credit Union. As a member owned financial co-operative we are always mindful that it is our duty to protect Credit Union resources. As good stewards it is imperative that we stay up to date with all regulatory and legal requirements placed upon the Credit Union.
Because of this ongoing duty we are proposing an Arbitration and Waiver of Class Action provision. This new provision provides more clarity as to how legal disputes between the Credit Union and its members shall be resolved. Industry associations have noted the harm that costly, protracted litigation can cause to credit unions and their members. We are making this change in our judgment as a way to protect our member owners and the Credit Union through the parties working together to resolve disputes quickly and amicably in the limited instances where they arise. You are, of course, free to reject this Agreement according to the instructions in the Agreement should you feel differently.
This new Arbitration provision will become effective on July 1, 2020. You will have until August 10, 2020 to exercise your right to opt-out of this provision.
If you request to opt-out of the Arbitration Agreement, we will provide a confirmation communication back to you within 10 business days of receipt of your written notice.
If you do not opt-out of this provision the continued use of your Credit Union account will act as your consent to this proposed Arbitration Agreement. Instructions on how to opt-out are included in the new provision provided with this notice. The full text of this new provision can be accessed below and found in the Share Account Agreement.
If you would like to view the Share Account Agreement in its entirety you may do so by clicking below:
FAQs: BFSFCU Arbitration Agreement