Banks could charge up to $60 if you became overdrawn, went beyond an agreed limit, or made a late payment. Although the real cost of this is probably only one or two dollars, Banks have netted millions as a result. Litigation funding firms have now begun planning large scale class actions, to make banks repay all the exception fees they have deducted over the last six years, plus interest. The normal deal on litigation funding like this is that the lender will receive its money back and a 25% share of any compensation received.

The banks which are involved in this class action and could be liable to anyone who was a customer of theirs that they charged these fees to. The banks who are involved in these actions include Australia New Zealand Banking Corporation (ANZ), Bank of Queensland, Bank South Australia, Bankwest, Bendigo Bank, Citibank,
Commonwealth Bank, Hong Kong Shanghai Banking Corporation (HSBC), National Australia Bank (NAB), St. George, Suncorp and Westpac. If you think that you may have a case in relation to these banks the option of litigation funding makes it very likely that you can litigate this case without any financial risk involved. Please do not hesitate to contact us using the contact form on this site if you would like more information about the bank fees class action.