ANZ class action refunds

If any fellow 'ANZ' type peasants havent heard... any customer... for free.... is able to sign up to the class action suit against banks charging overdrawn/draft fee's.

170,000 people are currently on board. if its no win there's no fee and if it goes in our favour, you might be refunded those fee's you cringed at b1tched about....

The case has just started being heard in high court

www.abc.net.au...

Australia's biggest class action reached the High Court today, a suit against the ANZ Bank over fees.

The battle is over what is fair to charge customers for missing a credit card payment or not having quite enough money in their account.

Lawyers for the ANZ customers in the class action argue that many of the fees banks charge are unfair and want the fees refunded.

If you have an ANZ account.. sign up!.

www.financialredress.com.au...

If your not with ANZ, id not worry, I imagine all the banks will be in the sights of some greedy law firm once a precedent is established...

.. and fingers crossed, its established!

Just signed up. If I had 2$ for every time i took money out of an AT machine, I'd be slightly richer.

reply to post by Agit8dChop


If it's anything like the class action suits in America this is what will happen: Government regulatory board will take a few million from the settlement as fines. Lawyers will take a few dozen million and have a celebratory party. The remaining funds will be diluted across all customers in the suit, likely averaging somewhere around $2 per person. If that.

reply to post by Rockpuck


Your probably right, but the thing i like about Aust politics when its against corporations is that they do make them cough up...
This is being showns as a very grass roots, little guy concept.. and they are looking to give up to $1k (apparently)

but you could be right, it might dwindle down to nothing..
but here's hoping hey...

.. un related, i had a monopoly moment yesterday. An email from a rental i lived in 2.5yrs ago is refunding me $25 in overpaid rent.

Why do people think they can get things for nothing.

People know of the fees when they do business with a bank

-
I hope the people lose. There is way too many freeloaders in this world.

I'm not for free loaders, not by any means..

... but a bank states the fee you are being charged, as a result of an over draw be it scheduled or dely/error in payments processing.. is a result of the COST inflicted on the bank for the overdraft.

but, there never was any 'cost or fee' inflicted on the bank, they just took the $30 and pocketed it..

.. TBH, i think politicans are behind this push, they begged the banks to play ball on interest rates... in the end the government was toothless and the banks did it anyway..
so now, the government is getting one back on the banks... we're just lucky enough to get some minor rewards from the stoush!

Whether you’re aware of the fee or not does not matter. What they are arguing is that the fee are illegal to begin with and therefore should not be there and people should not be paying it. These fees in question made the bank over $1b. Even if the settlement pool is diluted and each person receives $5 or whatever, that is not the point. You miss the point if you think people are crying foul over a few dollars as such. The point is, if proven, that these fees are illegal and should be refunded and completely removed never to return. If proven, all banks would suffer the same fate as ANZ and these fees would be abolished. The banks literally generate billions a year from these particular fees. If they’re illegal, why allow them to continue? It’s tantamount to theft. It’s the principal, robbery is robbery. It should not and cannot be tolerated.

Originally posted by magma
Why do people think they can get things for nothing.

People know of the fees when they do business with a bank

-
I hope the people lose. There is way too many freeloaders in this world.

Ok since your an expert let us know of all the fee's your currently paying with your financial institution.. bet you miss a few.

Too me, it just shows how banks are so out of touch with reality with their greed.
Something is not right when a person has to pay a 'Poverty Penalty' for running out of money.

When you are struggling, 30 bux is a lot of money.
So now your net worth is -30 Dollars, you bust your butt to make ends meet and some rich bank bastard makes billions with very little effort.
Hey, did you know that banks are societal parasites?

Banks make record profits every year, and every year they look for more ways to service charge us more.
When I was a kid I put 10 Dollars a week in an account, I could see my money grow with the interest.
I bet if I put 10 dollars a week in a bank account nowadays it would mostly disappear.

Anyway, my pre-caffeinated brain is struggling to write this post in a most creative manner.
So I leave you with this.

We are rocks, the banks squeeze us, blood comes out, we are running out of blood, we accept it, we have rocks for brains.

reply to post by magma


People do NOT always know the fees when dealing with a bank. I just found out 4 months ago my bank started charging $15 a month to have my account (unless I maintain a $10k balance...) I was never informed of this, no mail, no call, no email. The only notification was a little red alert button in the bottom left hand screen when you scroll down past account options on the banks personal banking site. They refused to refund me because well, I shoulda known. Now I have to switch banks again. I'm thinking Occupy should have an annual "switch your bank day" because every time you think you found a decent bank, they try and rob you.

reply to post by Rockpuck


American banks need an overhall that is for sure.