I received notice of a new binding arbitration agreement from a credit union where I have a small account and a vehicle loan that will be paid off in ~2 years. I opened the account specifically to get the vehicle loan, and I don't foresee ever depositing a large sum of money with this credit union in the future. Anyway, the new arbitration agreement basically states that unless I write to them stating that I specifically opt out, I waive the right to pursue any legal action against the credit union or its employees via a lawsuit, including a class action suit. This includes reasons such as fraud. I realize that many financial institutions have similar arbitration agreements, and I'm guilty of often not reading this type of stuff, but since I took the time to read this one, I am inclined to reply by letter that I reject the agreement and opt out. I certainly hope I never need to sue the credit union, but in the very unlikely event that they or one of their employees do something egregious like commit fraud, I don't particularly want to have waived my right to ask a court of law to hold them accountable. So, I guess my question is, how binding is this type of arbitration agreement? Let's say a credit union member has money stolen out of their account by a credit union employee and decides to sue not only the employee but also the credit union for failing to maintain safeguards that would prevent this type of activity. Would a judge likely throw out the suit simply because the credit union member had not opted out of a new arbitration agreement that was adopted?