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Arbitration Provision

All you need to know.

Arbitration Provision and Class Action Waiver FAQs

All your questions answered.

NextMark is implementing an arbitration and class-action waiver provision as a way to protect our member-owners and NextMark by requiring that the parties work together to resolve disputes quickly, cost-effectively, and amicably in the limited instances where a dispute arises.

NextMark has become aware of an increasing number of class actions being asserted against financial institutions – including credit unions. Arbitration provisions are very common and are often times included in the terms and conditions documents presented upon account opening. The provision was developed to ensure that individual members can assess and make an individual determination as to the best course of resolution as it relates to individual interests as well as all NextMark members.

Arbitration is a form of alternative dispute resolution in which a neutral third-party (the arbitrator), rather than a judge or a jury, applies the law to the facts of a dispute to resolve the dispute. Under binding arbitration, as is required here, the parties agree to accept the arbitrator’s decision as final, limiting their right to seek resolution of the dispute by the court. Arbitration can be an efficient means to resolve legal disputes between parties as it is designed to be less costly than filing in court without impacting the available remedies.

An agreement between NextMark and its members to resolve all Covered Disputes, as the term is defined in the Membership & Account Agreement, through individual arbitration.

No. The Arbitration and Class-Action Waiver excludes certain individual actions as set forth in Dispute Resolution-Mandatory Arbitration Section of the Membership & Account Agreement.

For more information about arbitration and rules governing arbitrations, visit the American Arbitration Association’s website at: www.adr.org, or JAMS’ website at www.jamsadr.com.

A class action is a type of civil lawsuit brought on behalf of other similarly situated people who have been allegedly harmed in the same way by the same entity.

Class action litigation essentially puts NextMark members at odds with one another because members are essentially suing an entity they own themselves and thus depleting the financial resources they collectively own as a whole.

Yes. You have the right to opt out of the arbitration agreement. Any election to opt-out will not impact any other terms or conditions of the Membership & Account Agreement or your relationship with us. If you are a current member, you have until September 2, 2023 to opt out. If you become a member of NextMark after June 23, 3023, you have 30 days from the date you become a member to opt out.

For any existing NextMark member as of June 23, 2023 wishing to opt out, he or she can do so by sending written notice to NextMark Federal Credit Union, ATTN: Arbitration Opt-Out, P.O. Box 1300, Fairfax, VA 22038-1300, or email at [email protected], that you reject the Resolution of Disputes by Arbitration by September 2, 2023. Individuals who become members after June 23, 2023, have 30 days from date of account opening to opt out. The written opt-out notice for all existing or new members must include the member’s name, as listed on the account, the last four digits of the account number, and a statement rejecting the Resolution by Arbitration provision.

 

No. If you do not opt-out of the Arbitration and Class-Action Waiver Provision, the continued maintenance of your NextMark account will act as your consent to the Arbitration Agreement.

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If you have additional questions, please contact us at [email protected] or 703-218-9900.

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