Big class action against bank fees

[Boognish]

Will be very interesting to see how this plays out. Maybe Rudd will latch onto it as a way to regain some popularity?

http://www.abc.net.au/news/stories/2010/05/13/2898166.htm?section=justin

Half a million tipped to join class action on bank fees

By Lexi Metherell and Shane McLeod

Up to 500,000 people are expected to join a class action against local and foreign banks for repayment of dishonour and late fees.

Official figures show the banks collected nearly $1.2 billion in such fees in the 2008 financial year. The money came from honour and dishonour fees on bank accounts, and over-limit and late fees on credit cards.

Financial Redress, a subsidiary of litigation funder IMF, is funding the litigation against 12 banks who it says have illegally charged well over $5 billion over the last six years.

The case will be based on the claim that the fees are illegal because they amount to a penalty rather than a legitimate fee.

 

[bassmanpete]

Why go to all the trouble of a class action when you can just call them up when the charge is imposed and, in the vast majority of cases, have it reversed. We've even had credit card interest charges refunded when we've forgotten to pay the whole thing off in time. I won't go into some of the lines we've used, just come up with your own excuses. Use your imagination.

The banks rely on most people being sheep and just accepting any charges so when someone challenges them they'll usually roll over. It's the easy option for them as they keep you happy and know that the next 1,999 won't say anything.

So don't take it anymore, be a man/woman not a sheep! You may be surprised at how many charges you can get out of paying.

 

[Judd]

I'm very, very annoyed about this. I have always wanted to join a class action against something. However, simply because I have always paid my bills on time, have never exceed the credit limit on my credit card, have never been charged interest on that card or indeed any bank dishonour fee, etc, I am excluded from joining in this class action.

It's simply discrimination against me and I feel most grieved about it.

 

[Boognish]

Judd you should definitely sue the class action people.

 

[Happy]

Seems to me in the same class as not thin people taking class action against McRestaurant.

It is so too common to blame everybody else but themselves.