By consumer affairs reporter Amy Bainbridge The largest consumer class action in Australian history begins in the Federal Court in Melbourne today as 38,000 ANZ customers appeal over the bank's fees. The court will examine whether the fees are fair, or whether they are excessive and therefore illegal. Andrew Watson from law firm Maurice Blackburn says the fees are not an accurate reflection of the costs faced by banks when customers are caught out. "You might be a dollar over on your account or a day late in your payment and the banks will slug you with a fee that's out of all proportion to what it costs them for that minor transgression," he said. The case could have wider implications for other large institutions and the certainty of their contracts. More » |
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