What is an “Arbitration of Claims and Disputes and Waiver of Class Action” provision?

As a financial institution that is owned and operated by our Alaskan members, we are always mindful of our duty to protect your financial wellbeing and credit union resources.

  • To uphold this duty, we have adopted an “Arbitration of Claims and Disputes and Waiver of Class Action” provision. This provision provides enhanced clarity as to how legal disputes between the credit union and CU1 members shall be resolved. It also serves as a way to protect our members and the credit union by working together to resolve disputes.
  • Our new Arbitration and Class Action Waiver provision became effective on December 1, 2020. At that time, our existing members were given until January 31, 2021 to opt-out of this provision in writing if they chose to do so. For members who did not choose to opt out, the continued use or maintenance of their credit union account acts as consent to this new provision.
  • New members of Credit Union 1 are provided with this arbitration provision as part of their Membership Agreement.