Thousands join legal challenge to bank fees(Australia)


http://money.ninemsn.com.au/article.aspx?id=1052019

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.......

http://cid-50abc91503083bc1.spaces.live.com/blog/cns!50ABC91503083B...

Views: 61

Comment

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

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted a blog post

When Will the True Reparations Be Awarded?

Americans have weathered the worst storm perhaps in American history from an intentionally…See More
6 hours ago
MAC posted videos
Tuesday
tjdavis posted photos
Tuesday
Doc Vega posted photos
Monday
Doc Vega posted a blog post

Veteran’s Day a Time That Should Be Honored

 At a time in our confusing and idiotic history when a Democrat can’t define a woman when being…See More
Monday
Michael A. Pinson posted a photo
Monday
cheeki kea commented on tjdavis's blog post Mountain Miracle
"Thumbs up to this awesome school. Isn't it amazing that some of the greatest teachers are to…"
Sunday
cheeki kea commented on cheeki kea's photo
Sunday
cheeki kea commented on Doc Vega's blog post This is Incredible! Trump is Already releasing Plans to Dismantle the Deep State and Purge the Corrupt Players
"Oh wow he is not wasting any time. May the power of the words he just spoke resonate across America…"
Sunday
tjdavis favorited cheeki kea's video
Sunday
tjdavis favorited rlionhearted_3's photo
Sunday
tjdavis posted a blog post
Sunday
Doc Vega's 4 blog posts were featured
Saturday
cheeki kea's 2 blog posts were featured
Saturday
Doc Vega commented on tjdavis's blog post Mountain Miracle
"A creative way to get hands on participation with students and the community."
Saturday
Doc Vega favorited tjdavis's blog post Mountain Miracle
Saturday
Doc Vega posted a blog post

The Perfect Lies

The Perfect Lies Time is like an ocean with its secrets running deepLike all the lovers you’ve…See More
Saturday
tjdavis posted blog posts
Saturday
tjdavis posted a blog post
Friday
Doc Vega posted blog posts
Nov 7

© 2024   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted