ANZ class action still open; members reminded of safety

24 September 2010
ANZ and other bank customers who are part of the unfair fee class actions were warned today to be wary of scams.

The class action against the ANZ for charging exception fees many times more than the value of their real cost was filed by leading class action lawyers Maurice Blackburn on Wednesday, 22 September.

It is the largest single group of people to ever take legal action in Australia. The case is funded by IMF Australia and managed by its subsidiary, Financial Redress.

Maurice Blackburn principal Ben Slade said IMF reassured all 27,199 class action group members by email that the company does not take payment in advance, only a deduction at the end and only if the case is successful.

Since May, Financial Redress and IMF has also been warning people of scams via a message on its website where people go for information about the class action and to sign up.

"Financial Redress has been on top of the issues since the class action against 12 banks was announced, and the information provided by class action members on the official website is safe," Mr Slade said.

"The ANZ is the first of 12 banks in our sights to have a class action filed against it for exception fees.

"Financial Redress takes security seriously and it does not ask anyone for their date of birth or account information over the phone.

"Anyone who receives a cold call asking them for this kind of personal information should be very wary.

"You can report any scams to the Australian Competition and Consumer Commission on 1300 302 502 or your local police on 131 444.

"The good news is that the there's still time to join the class actions against ANZ and 11 other banks.

"The safe and only way to be part of the class actions is to visit or telephone 1300 473 373."

Editors notes:

*exception fees are: honour fees and dishonour fees on bank accounts, late payment fees and over the limit fees on credit cards. They do not include ATM fees or monthly account fees.

The 11 other banks:

The banks which are potentially defendants in class actions, other than ANZ, are: Bank of Queensland, Bank SA, BankWest, Bendigo Bank, CitiBank, Commonwealth Bank, HSBC, National Australia Bank, St George, Suncorp and Westpac.

It is expected further cases against a number of these banks will be brought in the coming months.

For more information and 'frequently asked questions" go to the Financial Redress website, email or call 1300 473 373