Banking on arbitration: Big banks, consumers and checking account dispute resolution

Banking on Arbitration: Big banks, consumers, and checking account dispute resolution Consumers overwhelmingly find the elements of arbitration unacceptable political affiliation consumers overall unacceptable acceptable 90% 10% arbitration process is unacceptable Democrats Republicans 89% 11% 88% Independents 85% 16% Tea Party Supporters 88% 13% 12% Occupy Wall Street Supporters 91% 9% acceptable Consumers are conflicted about the specific elements of arbitration and its goal-being faster and cheaper than court 50% SAY 43% SAY 7% arbitration don't know or refused to answer arbitration is simpler and cheaper than court gives an unfair advantage to banks Of these consumers, 80% found the majority of arbitration provisions unacceptable Of these consumers, 96% found a majority of arbitration provisions unacceptable Largest financial institutions more likely to use arbitration agreements of the 50 Largest Financial Institutions of the Next 50 Largest Financial Institutions 56% 30% require arbitration require arbitration The Pew Charitable Trusts, 2012 Infographic by Carla Uriona and Evan Potler SOURCE: Pew Safe Checking in the Electronic Age Project The Pew Charitable Trusts