However, I do know that minutes of mutual settlement can be filled with a court, and the court will, based on the affidavit of filing, enforce it as if that court had ruled.
And for instance, this is in a Arbitration submission agreement I found: "The parties agree to abide by and perform any award(s) rendered pursuant to this Submission Agreement. The parties further agree that a judgment and any interest due thereon, may be entered upon such award(s) and, for these purposes, the parties hereby voluntarily consent to submit to the jurisdiction of any court of competent jurisdiction which may properly enter such judgment."
i.e. "act as if a court ordered it, 'cause they have in effect"
So you are right that a binding arbitration agreement probably isn't enough, but filed with a court, and filed with either bank or employer, it should be enough.