ANZ customers seek big refunds in $50m class action

Thursday 10 February 2011

Article by Mozo

ANZ customers are seeking an average refund of about $1,500 per account holder as part of the huge $50 million class action currently being pursued against the bank for "fee gouging".

ANZ customers seek big refunds in $50m class action

According to the AAP, the claims of the 27,000 customers who are participating in the lawsuit range from hundreds of dollars to over $35,000.

The claims are for fees that customers allege were charged unfairly by ANZ from 2004 such as dishonour fees on bank accounts and over-limit fees and late payment fees on credit cards.

News of the average claim amount came as it was reported that the federal court has called on international accounting firm Deloitte to help it find the easiest way through the class action, which is now due to reconvene on March 7th.

It was also confirmed that another 11 banks, including the Commonwealth Bank, Westpac and National Australia Bank, are expected to face similar actions against them.

Such unprecedented legal action against the banks could lead to improved rights for consumers, thereby encouraging more people to compare credit cards and other products in search of the best deals.

The case against ANZ is being funded on a no-win no-fee basis by IMF Australia.

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