Q: Why is Triangle Credit Union implementing this provision?

A: Triangle Credit Union is introducing an arbitration and class-action waiver provision to safeguard both you, as a member-owner, and the credit union by ensuring that disputes, when they occur, are resolved promptly, affordably, and cooperatively.

Q: What is a class action?

A: 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.

Q: Why is the Arbitration and Class-Action Waiver Provision being added now?

A: Triangle Credit Union has noticed a growing trend of class action lawsuits targeting financial institutions, including credit unions. Arbitration provisions are frequently included in the terms and conditions of many credit unions and financial institutions. As a not-for-profit, member-owned financial cooperative, Triangle Credit Union developed this provision to allow individual members to evaluate and decide on the most appropriate resolution for their personal interests while considering the collective interests of all member-owners.

Q: What is arbitration?

A: Arbitration is a type of alternative dispute resolution where a neutral third party, known as the arbitrator, evaluates the facts of a dispute and applies the law to reach a resolution, instead of a judge or jury. In binding arbitration, which is applicable in this case, both parties agree to accept the arbitrator’s decision as final, restricting their ability to pursue the matter in court. Arbitration is often considered an efficient method for resolving legal disputes, as it aims to be less expensive than court proceedings while still providing access to appropriate remedies.

Q: What is an Arbitration and Class-Action Waiver Provision?

A: An agreement between Triangle Credit Union and you, as a member, to resolve all Covered Disputes, as the term is defined in the Important Account Information for Our Members brochure, through individual arbitration.

Q: Must all disputes be arbitrated?

A: No. The Arbitration and Class-Action Waiver excludes certain individual actions as set forth in the Important Account Information for Our Members brochure.

Q: How does class action litigation impact Triangle Credit Union and you, as a member?

A: Class action litigation creates a conflict among Triangle Credit Union member-owners, as they are effectively suing an entity, they collectively own. This process ultimately reduces the shared financial resources of the credit union.

Q: What are the benefits of a class action waiver?

A: A class action waiver indicates that a member agrees to forgo the right to act as a class representative or member, resolving any Covered Dispute individually. It also entails agreeing not to initiate or join class or collective actions with other members or former members. This waiver helps both Triangle Credit Union and you, as a member, avoid the time and expense associated with prolonged class action lawsuits.

Q: Can I opt out of the Arbitration and Class-Action Waiver Provision?

A: 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 Important Information for Our Members brochure or your relationship with us.

Q: How can I opt out?

A: You can opt out by sending written notice to Triangle Credit Union by 1/17/2025. The written notice for all existing or new members must include your name as listed on the account, the last 4 digits of all the account numbers, and a statement of intent to opt-out. The written notice must be sent to Triangle Credit Union at 33 Franklin Street, Nashua NH 03064 or emailed to compliance@trianglecu.org. Notice provided in any other manner than described above or outside of the applicable opt-out period will not be effective.

Q: Do I have to do anything if I do not want to opt-out?

A: No. If you do not opt-out of the Arbitration and Class-Action Waiver Provision, the continued use of your Triangle Credit Union account will act as your consent to the Arbitration Agreement.

Q: Where can I learn more about arbitration?

A: 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.

If you still have questions, please call us at 1-800-276-2470.