In Focus
CARDS & PAYMENTS | Cesar Tordesillas, Australia

Four Aussie banks to get sued for exorbitant fees

Four Australian banks will face a class suit for charging exorbitant fees.


Leading law firm, Maurice Blackburn, will bring the actions against Commonwealth Bank of Australia, Westpac, National Australia Bank and Citibank, head of class actions, Andrew Watson, announced in a media conference.

The Federal Court, in a ruling this month, found late fees charged on credit cards could be characterised as a penalty and may be legally unenforceable.

Maurice Blackburn said proceedings against the other four banks would be issued in the Federal Court here on behalf of 150,000 customers for claims worth almost A$200 million.

"These class actions are about bringing fairness to tens of thousands of Australians, from mums and dads to small business owners who have all been hit with exorbitant fees from major banks," Watson said.

He said the cases alleged that fees imposed upon customers for overdrawn accounts, late payments, honour and dishonour charges did not reflect the actual cost to the bank.

For the source of this story, click here.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.