Responding to Member Questions About Account Agreement Changes
Members have reached out with questions about the recent notice they received that outlines upcoming changes to the BECU Account Agreements. The information below provides additional detail about this change and what it means for members.
About the Changes to the Account Agreements
BECU recently sent a notice to members about upcoming changes to BECU's Account Agreements, which include, among other items, the addition of an arbitration clause in the Account Agreements. These changes are aligned with our efforts to best manage expenses for our cooperative membership and are similar to agreements from other financial institutions throughout the industry. The changes to the Account Agreements are effective May 19, 2023.
We encourage you to read and review the entire Change in Terms notice and updated Account Agreements (PDF) for a comprehensive summary of the substantive changes. You can also find these documents on our Forms page in the Agreements and Disclosures section.
Frequently Asked Questions
We have prepared the following FAQ to address member questions regarding the arbitration clause in the Account Agreements.
What is arbitration?
Arbitration is a method of resolving legal disputes using a third-party arbitrator that is not a judge, instead of using the court system. Arbitration dictates the method of resolving legal disputes but does not take away your ability to pursue a legal dispute you may have with BECU.
What does this change to BECU's Account Agreements mean?
As a result of the arbitration provision, legal disputes that are not resolved through normal discussion between BECU and its members will need to be pursued through arbitration rather than through the court system. The arbitration provision specifically excludes certain types of disputes, including disputes relating to loan or credit products.
What is a jury trial waiver?
The jury trial waiver is an acknowledgement that legal disputes will be addressed through arbitration rather than a judge or jury through the court system.
Why is BECU making this change?
BECU is trying to best manage expenses for its cooperative membership. When an issue cannot be resolved through normal discussion, we have concluded that arbitration is the preferred method for limiting unnecessary expenses while preserving our members' rights to pursue a legal dispute.
What does it mean if I don't opt out of this provision?
If you do not opt out of the arbitration provision, it means any legal claims that cannot be resolved through normal discussion will be pursued through arbitration and not as part of a lawsuit.
What will it mean for me or my accounts if I opt out of this provision?
If you choose to opt out of the arbitration provision by June 20, 2023, it means the arbitration requirement set forth in our Account Agreements will not apply to you.
How can I opt out of the arbitration provision?
To opt out of the arbitration provision, you must send your written notice to either the email address or the postal address provided below by June 20, 2023:
BECU Arbitration Opt-Out Notice
P.O. Box 97050
Seattle, WA 98124-9750