Bank workers join anti-fee class action

Tuesday 18 May 2010

Article by Mozo

Bank workers are turning on their employers by joining Australia’s biggest ever class action to recover $5 billion in bank fees, it has been revealed.

An impressive 85,000 people have now registered interest in IMF Australia’s attempt to force some of the country’s biggest banks to refund "exception" fees charged over the past six years, the Herald Sun reported.

IMF announced it would bankroll the class action last week and encouraged ordinary bank customers to participate via a subsidiary website at FinancialRedress.com.au.

The fees in question include those for overdrawn accounts, late credit card payments and bounced cheques, which are thought to have raised $1.2 billion for the banks in 2008 alone. The class action is likely to have aroused the interest of discerning bank customers who wish to compare credit cards and other bank products in search of the best deals.

Referring to the support of the bank employees themselves, Financial Redress managing director James Middleweek confirmed most were genuine claimants.

"We believe most are legitimate rather than snoops digging dirt on the claims process," he said.

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