Bank Fees Class Action
Maurice Blackburn issued proceedings in the Federal Court of
Australia against the ANZ bank in September 2010 in the first of a
series of bank fee class actions for repayment of fees they have
charged their customers over the last six years.
These fees include honour and dishonour fees on bank accounts,
as well as over limit fees and late payment fees on credit
Since issuing against ANZ, we have also issued proceedings
Commonwealth Bank, NAB and Westpac (16 December 2011), St
George and BankSA (1 February 2012) and BankWest
(18 April 2012).
More than 170,000 Australians who were charged these unfair fees
by the banks have signed up online to be part of the action to
redeem their money plus interest, with the claim size now estimated
at more than $220million.
This is by far the largest collective legal action in Australia.
The case against ANZ goes to trial on Monday 2 December 2013, and
is scheduled to run for three weeks in the Federal Court in
Melbourne, before Justice Michelle Gordon.
The claim against the ANZ, which will be a template for the
other actions, alleges that exception fees are fees incurred as a
result of a breach of contract by the customer which are more than
a reasonable pre-estimate of the actual cost to the bank of that
In other words, we will claim that the bank charged exorbitant
fees of between $20-$45 for a service that cost them only a matter
or cents or a few dollars at the most to administer.
The High Court last year ruled that these fees could be
considered as a penalty charged by the bank - and if they're proven
during the trial to constitute a penalty, rather than a fee for
service, then those fees are lawfully recoverable.
We say that the charging of the exception fees was
unconscionable, unfair and unjust. If we win on any of those
arguments, then we will win the case for our clients.
The class actions are funded by Bentham IMF Limited, on a 'no
win no charge' basis. This means that Bentham IMF Limited covers
all the legal costs and only gets paid if the cases are successful.
Bentham IMF Limited also agrees to meet the banks' costs if the
cases are unsuccessful. There is no cost to class action
participants unless they successfully recover money.
For more information about the bank fees class actions, go to
the secure website www.financialredress.com.au.
Financial Redress is a wholly owned subsidiary of Bentham IMF.
If you have further queries after visiting the Financial Redress website you can
telephone 1300 4 REDRESS (1300 473 373).
Please note: Maurice Blackburn is aware that scammers have been
contacting people and asking for payment and bank account details
in order supposedly to process refunds due from exception fees
paid. Anyone who receives a call asking for this type of
information should be wary. The calls appear to be designed to
extract money or information from people fraudulently. Neither
Maurice Blackburn nor Financial Redress ask anyone for such
information over the phone, nor demands such advance payments.
Owing to the number of bank customers participating in the
cases, please do not telephone our office as we will be unable to
deal with your enquiry. Please call 1300 4 REDRESS (1300 474
Bank fees class action judgment day - Filmed and edited on
the 5 January, 2014
Bank fees class action goes to trial - Filmed and edited on
the 2 December, 2013
Read our media statements:
Maurice Blackburn announces legal action against
Fraudsters not stopping thousands of bank
customers signing up for class action
ANZ first of the banks to face penalty fees class
ANZ class action still open; members reminded of
Federal Court blasts ANZ over abuse of process in
bank fees case
ANZ Bank fees class action steps up a gear
Court rules against bank's credit card fees
banks including the 'Big Four' in class action
big banks drawn into class action on unfair fees
communities stand up to unfair bank fees
customers take class action on unfair fees
victory in bank fees class action
Court victory for customers in bank fees class action
Banking revolution begins with landmark Federal Court
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