Bank of America Drops Arbitration / Photo Credit: Neil Parekh / SEIU Healthcare 775NW

Bank of America bows to consumer demand by dropping the arbitration and “do not sue” clause out of their consumer credit card contracts. At least one major credit card issuer is stepping up to the plate. Hopefully the rest will follow.

You can see the full text of Bank of America’s announcement and a  news article about  Bank of America’s change in contract.

The National Association of Consumer Advocates responded that they are “encouraged by both Bank of America’s decision to halt its use of forced arbitration and last month’s settlement between the Minnesota Attorney General and the National Arbitration Forum (NAF) that resulted in the NAF ceasing all arbitrations of consumer disputes.

All of this is great news for American and particularly Bank of America consumers.