Australia’s Big Four Banks All In Fees Class Action

Perth (I-Newswire) January 27, 2012 - In a major development, Commonwealth Bank, Westpac, National Australia Bank and Citibank will now join ANZ as the subject of legal proceedings against exorbitant customer fees.

Today, claims have been issued on behalf of 45,000 customers of Commonwealth Bank, 30,000 customers of Westpac, 29,000 customers of NAB, and 10,000 customers of Citibank. Including 38,000 customers in the ANZ case, proceedings have now been issued for over
150,000 bank customers.

Andrew Watson of Maurice Blackburn, the class actions’ lawyers, said today’s action would build on the recent judgement regarding a Federal Court ruling that late payment fees on credit
cards were penalties.

“This class action is about bringing fairness to the tens of thousands of Australians from mums and dads to small business owners who have all been hit with exorbitant fees from the major
banks,” Mr Watson said.

“Since we launched this class action in September last year we have made in clear from day one that charges imposed upon customers for overdrawn accounts, late payments, honour and dishonour fees do not reflect the actual cost to the bank.

James Middleweek, Managing Director of Financial Redress, a subsidiary of class action funder IMF Australia, said many consumers were continuing to be hit with exorbitant credit card late fee charges.

“Besides targeting the rest of the Big Four, the class action today against Citibank highlights that some banks and credit card providers are still charging exception fees way beyond any reasonable estimate of cost,” Mr Middleweek said.

“In Citibank’s case, customers are hit by a monthly $40 overlimit fee, and a weekly $10 late fee. Credit card customers already pay sky high interest rates, without having to suffer these unfair
fees on top.”

The Bank Fees class actions are being funded by IMF (Australia) Ltd, on a no win, no fee basis.

Registrations are still open, for all actions, through IMF’s subsidiary Financial Redress at www.financialredress.com.au.

Company Contact Information
Financial Redress