ANZ Bank Hit with Class Action over Bank Fees

The ANZ Bank is the first of 12 bank to be hit with a class action over bank fees, filed in the Federal Court this morning, 22 September.

 

 

The funder of the litigation – IMF – is running the case on a no win, no fee basis, and estimates the $50 million dollar claim could run even higher.

 

It is the first of 12 class actions to be lodged against the banks, in what promises to be the biggest class action in corporate history.

 

 

Class action law firm Maurice Blackburn, which is defending the case, alleges that charging exception fees for accounts, like overdrawing fees for credit cards and dishonoured cheques, is illegal and that the Bank’s conduct was unconscionable or unfair within the meaning of the Trade Practices Act.

 

How do you feel about the conduct of the banks? Should they be charging exception fees?