Class actions allow many consumers harmed in the same way to pool resources and take on large companies together. Waiving this right means you must pursue any claim alone, which is often impractical for small financial losses.
Consumer impact
By agreeing to Public.com's Terms of Service, users waive their right to sue the company in court or participate in class action lawsuits, and instead must resolve disputes through binding individual arbitration. Public retains broad discretion to suspend or terminate accounts, modify services, and limit its own financial liability to users. You can opt out of the mandatory arbitration clause by sending written notice to Public within 30 days of first creating your account.
What you can do
⚠️ These actions may provide transparency or partial mitigation but may not fully address the underlying issue. Effectiveness varies by jurisdiction and individual circumstances.
Opt Out of Arbitration
Within 30 days
Opting out of arbitration (within 30 days of signup) also preserves your right to participate in class actions. Send written notice to support@public.com with your name, account number, and opt-out statement.
Applicable agencies
Consumer Financial Protection Bureau (cfpb)
Regulates consumer financial products and services. Can investigate companies for unfair, deceptive, or abusive financial practices including improper fees, billing errors, and data misuse.
Who can file: Anyone who has used a consumer financial product or service in the US
What you need: Account number or details, dates of transactions or events, description of the issue, and any supporting documents
What to expect: The company must respond within 15 days. The CFPB forwards your complaint and may use it in enforcement actions. Individual compensation is possible in some cases.