NZ Customers Accused Big Four

Customers from New Zealand have filed a new class action against the big four banks of Australia for allegedly squeezing millions of dollars from unfair fees. These banks are National Australia Bank, Westpac, ANZ, and Commonwealth Bank.

Slater & Gordon has filed a class action suit, stating the these banks have charged New Zealand customers as much as NZ$1 billion or some $800 million worth of excessive default fees. The law firm said this is the biggest class action in New Zealand’s history.

Ben Hardwick, a lawyer from Slater & Gordon, said these banks are charging New Zealand customers an average of some $15 for different bank transactions like overdrawn accounts, late credit card payment, bounced cheques, among others.

Hardwick said the fees are excessive, adding that these banks have charged customers as much as $1 billion in the last six years. The lawyer said it’s time that New Zealand customers take a stand against the excessive charges.

The class action will argue on the unfair penalties that the banks have imposed. Hardwick said the fees should fair and lawful.

In Australia, law firm Maurice Blackburn is also mounting a similar campaign against the big four and other banks like City, BankSA, Bankwest, and St. George. More than 170,000 customers appear to have joined the campaign.