Keep your right to sue Venmo, if necessary.
If you use the Venmo app, you probably recently received an email explaining that the company is making changes to its user agreement — including a fairly onerous arbitration clause that, among other things, has you agree that you will not become part of any kind of class action suit. You can opt out of it, but it’s not easy.Arbitration clauses have become extremely popular in agreements between companies and consumers. It’s not surprising.
When you agree to arbitration, you are basically putting most of the advantages in the company’s court. For example, most arbitration clauses deny you the opportunity to become part of a class action suit or to individually sue the company. Instead, an arbitrator reviews the case and then makes a ruling that cannot be appealed.And, in fact, this is exactly what the arbitration clause that Venmo is adding is meant to do.
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