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”.

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.

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”.

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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Four banks currently being sued as part of a huge class action to recover alleged unfair fees could face further legal action if they do not supply information vital to the case by the end of the week.

Commonwealth Bank and its subsidiary BankWest, ANZ and the Bank of Queensland have all been served notice to comply with law firm Maurice Blackburn’s May 31st written request by Friday (July 16th) or face action in the Federal Court, the Herald Sun reported.

“We intend to institute proceedings promptly unless we get satisfactory responses by the end of the week,” said Andrew Watson, principal of Maurice Blackburn.

The law firm is currently targeting 12 banks on behalf of litigation funders IMF Australia and Financial Redress for what they argue are excessive punitive fees on transaction and credit card accounts since 2004.

Maurice Blackburn is aiming to launch the first of several class actions against individual banks in six weeks but is currently assessing which actions should be pursued against specific banks. T Read full article…