Privacy & Disclosures
Where is Webster First’s arbitration provision stated?
A mandatory arbitration provision is located within Webster First’s Terms and Conditions of Your Account– each given to all new members at account opening and provided from time to time when changes are made to the agreement. It is also available at the link above.
What does arbitration mean?
Arbitration is a method of resolving disputes outside of court. The arbitration process is less formal than a courtroom hearing or trial. Webster First’s arbitration provision allows both the member and Webster First to elect to resolve any legal dispute with a neutral arbitrator who reviews the evidence, listens to the member and Webster First, and then makes a binding decision.
Why does Webster First have an arbitration provision?
Webster First’s core mission is to always continue improving the overall member experience. Arbitration provides an efficient, confidential, and inexpensive means of resolving disputes, allowing us to focus on our core mission. We believe that an arbitration provision benefits all of our members by increasing access to a quick and cost-effective dispute resolution process.
Can a member opt out of arbitration?
For Consumer Accounts, yes, new members can opt out, but they have a limited period of time to do so. New members must ensure that Webster First receives their opt-out notice no later than 30 days after the member received a copy of Terms and Conditions of Your Account.
Webster First added a mandatory arbitration provision on February 15, 2021. All existing members as of that date were sent a new Account Agreement with a Change in Terms and Conditions notification. The members were able to opt out of the arbitration provision as long as they did so by March 17, 2021 as described in the Change in Terms and Conditions Notice. Business Accounts, members cannot opt out of arbitration.
How can a consumer account member opt out of arbitration?
As stated in the Terms and Conditions of Your Account, the member’s opt-out notice must be in writing – Webster First will not accept opt-outs made by oral communication. The only acceptable method to submit the written opt-out notice: A written notice signed by the member mailed to: Webster First Federal Credit Union Attention: Data Ops: 271 Greenwood Street, Worcester, MA 01607. Your opt out must include your name, address, member number and associated shares and your signature.