Home – New Forums Money matters Class action to recoup bank fees

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  • #968215
    Alison_Coach_Psych
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    I hope this post is seen as informative and not self-serving. I have no interest in whether you check out this website or not, but it’s likely that at least some of us in the FS community might benefit from this.

    Financial Redress, subsidiary to IMF, has launched a class action against the major banks to recover what they claim are illegal fees. ‘Exception Fees’, such as dishonoured cheque fees, or late payment fees, are classed as penalties but need to be proportional to the banks’ expenses(I’m not a financial guru, and simply paraphrasing from their website and emails). Many banks have charged $25, or more, in the past for circumstances that have cost them around $2.

    I remember receiving 10 such fees in one month when I experienced a cash-flow problem with a business I owned in 2004. That cost the business $500 in the month ($50 per overdrawn fee) – little wonder I was overdrawn!!

    If you have been charged at least one of these penalty fees in the last 6 years you may be eligible to join the class action. If you are interested in learning more, or finding out if your bank/previous bank is being targetted, check out financialredress dot com dot au.

    #1031729
    Arnold Shields
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    There won’t be any quick money in that one, the litigation will run for years.

    #1031730
    Alison_Coach_Psych
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    No doubt you are right Arnold.

    Some reports suggest that Australians paid more than $1billion in exception fees in 2008 alone! The banks stand to lose a considerable amount, as do shareholders, so they are unlikely to simply hand over the cash.

    Although, it’s worth noting that test cases have already been heard, which favoured the complainants, rather than the banks, ruling that the fees were illegal.

    This has been all over the media in the last 24 hours. In the past 12 hours registrations have risen from less than 3,000 to over 10,000.

    #1031731
    Burgo
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    The banks sould be hit with the super profits tax not the miners.

    the banks have been ripping us off for years

    #1031732
    JohnSheppard
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    Call me cynical, but the winners are the lawyers and nobody else…

    Banks ripping us off, well…there is competition isn’t there? Go to them….

    #1031733
    Burgo
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    That is exactly what I did. moved

    #1031734
    Dardee
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    JohnSheppard, post: 38251 wrote:
    Call me cynical, but the winners are the lawyers and nobody else…

    Banks ripping us off, well…there is competition isn’t there? Go to them….

    I have to admit I feel similar to John.

    I also believe this is another example of finding someone else to blame and not taking responsibility for ones own actions. We all know what the fees are when we open an account. If you don’t satisfy the criteria for the charge then you don’t get hit with it. If you don’t like the fees then find another bank.

    Flame away !!! :-D

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