Approximately 38,000 ANZ Bank customers who are part of a class action to fight the return of more than $220 million bank fees, get their day in court today.
The ANZ Bank case is the test case as part of a wider bank class action involving around 170,000 customers against eight major banks, including ANZ, BankSA, BankWest, Citibank, Commonwealth Bank, National Australia Bank, St George Bank and Westpac Banking Corporation.
The customers are arguing that certain fees charged were out of proportion and beyond the actual cost incurred by the banks, including fees of $25 to $35 for being $1 over on their account, or a day late in payment. The court will have to decide if the fees were fair and justifiable. The banks previously unsuccessfully attempted to have some fees, including dishonour fees, removed from the action.
If successful, this case could have implications for Australian companies broader than just banking and financial institutions, for example utility companies that charge administration fees if a bill is paid late.
LAWYAL Solicitors will keep you updated on how this case progresses.
By Leonie Chapman, Principal Lawyer and Director, LAWYAL Solicitors
© 2013 LAWYAL Pty Ltd