. . . And Your Firstborn Child

Right now I'm filling out an application for online banking, a free service offered by Suntrust, my new bank. So I made a conscious decision to read the terms and conditions thoroughly this time, since I'm so used to clicking "ok" on software and whatnot. As expected, it's been fairly boring working through; your standard legalese. And then I came across this clause:

"JURY TRIAL WAIVER
CUSTOMER HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON OR ARISING OUT OF THIS AGREEMENT OR RELATING TO THE ACCOUNT AS PERMITTED UNDER APPLICABLE LAW."

I can't say that I've ever seen that one before, really. I mean, I've no real intent of taking my bank to court (except maybe on Take Your Bank To Court Day, if it really wants to) but I am rather curious as to the reasoning behind it.