i got a letter from the bank indicating that they are implementing a new arbitration provision; default is opt-in unless i explicitly opt-out. the gist is that any disputes are handled via arbitration rather than jury trial. and can't be a member of any class action suits.

never had any suits before. and honestly, i wasn't aware of these types of arbitration provisions (or lack thereof).

any general thoughts on this? okay to opt-in? should i opt-out? not sure what the implications are, if any, of opting-out. are they going to close my account?

Any advantages to opt-in? opt-out?

why would they do this if most people will just opt-out?

Most of my accounts are with institutions that have put in arbitration provisions over the years. Doesn't matter to me, personally.

As I recall, though, when those provisions were introduced, the options after going through the fine print boiled down to:

a) agree by X date, or

b) terminate the account.

An opt out likely triggers account closure. It should be in the terms buried in 6pt fonted legalese.