Thousands join legal challenge to bank fees(Australia)

By ninemsn staff and AAP

Hundreds of thousands of disgruntled bank customers are expected set to join a landmark legal challenge that could force banks to pay back millions of dollars in fees.

Litigation funder IMF Australia Ltd announced yesterday it will bankroll a class action against banks for the billions of dollars they made from what it claims are unfair exception fees.

The class action would be for the repayment of exception fees deducted from bank customer accounts during the past six years by local and foreign banks, IMF said in a statement.

Law firm Maurice Blackburn says more than 20,000 unhappy bank customers have already signed up to join Australia's largest ever class action to recover allegedly unjust penalty fees.

Maurice Blackburn chairman Bernard Murphy said potential claimants were registering their interest at a rate of 1000 per hour, with 22,000 having contacted the firm by Thursday lunchtime.

Meanwhile, the ABC reported that up to 500,000 people are set to join the class action. Bank customers can register their interest in joining the campaign by visiting a website set up by IMF.

ninemsn was unable to get through to the hotline set up for bank customers to register their interest due to overwhelming demand.

The claims relate to honour fees and dishonour fees on bank accounts and over-limit and late-payments fees on credit card accounts, IMF said.

"Until very recently, some banks charged you up to $60 if you became overdrawn, went beyond an agreed limit, or made a late payment," IMF said on a website set up to attract possible participants in the class action.

"The true cost might only have been a few dollars at most on each transaction.

"Banks have made billions from these unfair charges," the website said, which urges those affected to join the proposed court action to get the money back.

The class action is expected to be based around legal argument that when a bank seeks redress for a customer breaking a contract it may only be able to recover a reasonable estimate of the cost, but the banks instead charge fees much higher than the actual cost.

The Reserve Bank of Australia has reported that banks charged exception fees of about $1.2 billion in 2008/09.

Last year National Australia Bank and Westpac axed some of their exception fees, and on Wednesday Commonwealth Bank of Australia cited reductions to retail exception fees for softer other-banking income in its quarterly report.

Financial Redress Pty Ltd, a wholly owned subsidiary of IMF, will be responsible for organising each class action.:"

** After all the profits they have made during a recession whether manufactured or not... whilst people have lost their homes , Alan Kessing ,.. Farms,.. Peter Spenmcer,.. and at times Lives,.. the individules who died re the insulation debarcle...

Its good to see the little man may get some back. One thousand applications per hour, ........RESPOSITY................................

this remindes me of when JESUS THREW THE MONEY CHANGERS OUT OF THE TEMPLE.......!50ABC91503083B...

Views: 59


You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"


mobile page

12160 Administrators



Latest Activity

Chris and Less Prone are now friends
1 hour ago
Freedomrox posted blog posts
2 hours ago
Freedomrox favorited Larry Flinchpaugh's blog post Connection Between the Rockefeller Foundation, Johns Hopkins, and Gates Foundations
2 hours ago
Chris of the family Masters posted a blog post
3 hours ago
Phyllis Maka posted blog posts
5 hours ago
Larry Flinchpaugh posted blog posts
5 hours ago
Less Prone favorited Bob Renner's photo
5 hours ago
Old Denmark posted a video

Massive Fire breaks out at Huawei R&D laboratory in Songshan Lake, Dongguan, China

"A research laboratory of telecommunications equipment maker Huawei Technologies in the city of Dongguan, in southern Guangdong province, caught fire on Frid...
8 hours ago
Central Scrutinizer commented on KLC's group MUSICWARS
9 hours ago
Central Scrutinizer commented on KLC's group MUSICWARS
"Dee Snider's Emotional Stripped Down Version of "We're Not Gonna Take It""
9 hours ago
Larry Flinchpaugh's 2 blog posts were featured
11 hours ago
Less Prone favorited Larry Flinchpaugh's blog post Connection Between the Rockefeller Foundation, Johns Hopkins, and Gates Foundations
11 hours ago
Freedomrox's 2 blog posts were featured
11 hours ago
Less Prone favorited Phyllis Maka's blog post This physical world is the woowoo world We souls create in, spiritual reality is our real world
11 hours ago
Chris of the family Masters's blog post was featured

Gary Barnett: Freedom Starts by Not Wearing a Mask

September 22, 2020"As bad as the ruling and political class's totalitarian response to this…See More
11 hours ago
Aaron's 3 blog posts were featured
11 hours ago
Less Prone favorited Aaron's blog post Judge Scalia’s final wish was to not be smothered with a pillow.
11 hours ago
James Roberts's blog post was featured

Something Big Is Coming

Wow. At least watch the first three minutes. The new Omnibus rime Bill in Victoria, Australia is a…See More
11 hours ago
Less Prone left a comment for John Adam Madison
"Welcome aboard. Opinion is free."
14 hours ago
John Adam Madison is now a member of 12160 Social Network
14 hours ago

© 2020   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 2007-2019 - all rights reserved. unless otherwise noted