We are making this change as a way to protect our member-owners and the credit union through the parties working together to resolve disputes quickly and amicably in the limited instances where they arise.

The Credit Union has become aware of class actions asserted against credit unions and other financial institutions. Arbitration provisions are common to, and included in, many credit union and banking terms of service. Because our Credit Union is a member-owned, not-for-profit financial co-operative, this provision was developed to ensure individual members can assess and make an individual determination for what is the best course for resolution when considering individual interest and the interest of all Credit Union member-owners.

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more private arbitrators who make a binding decision on the dispute.

The Arbitration and Class Action Waiver provision explains this more. You can find the procedure at Paragraph 21(e).

A class action is a type of claim where one or more individuals file and prosecute a lawsuit on behalf of a larger group, or a “class,” who may have similar experiences and injuries.

To opt-out means you choose not to participate in something.

To opt-out of this provision means you choose not to agree to the Credit Union’s proposal to resolve any disputes with you through arbitration.

To opt out, you must notify us in writing of your intent to do so within 30 days after the Arbitration Agreement was provided to you.

Here are instructions on how to opt-out:

The notice expressing your intent to opt-out must be sent in writing to:

Education First Credit Union
Attn: Member Services, Arbitration Opt-Out
510 E. Mound St.
Columbus, Ohio 43215

Your notice of intent to opt-out can be a letter that includes your name as it appears on your account, your credit union account number, and is signed by you that states, “I elect to opt-out of arbitration consistent with section 21(d) of the Membership and Account Agreement” or any other similar words or phrasing to that effect.

Arbitration and Class Action Waiver provision also explains the process at Paragraph 21(d).

You agree to resolve any disputes with the Credit Union through arbitration.

It will not affect any other terms and conditions of your Membership and Account Agreement or your relationship with the Credit Union.