With today’s decision at the High Court, thousands of ANZ customers have finally won the case in their favor and now they can proceed to knock the doors of Federal Court to help them get their money back that has been charged from them in terms of honour, dishonour, non-payment and over limit fee by the bank.
Now there is another hope to reclaim millions of dollars from the bank that they have paid as "unfair" bank fee.
In all, 38,000 customers are there who took their request to the High Court in August. Today almost after a month, they have been awarded with the privilege of challenging the authenticity of such a broad range of "exception fees".
Earlier also, Federal Court announced only the late payment fees to be classified as penalty and all other expenses to be invalid.
As argued by the lawyers of ANZ customers, the penalties that were being charged from the customers were not equivalent to any of the damage that has been made to the bank in terms of transaction. Therefore, the money should be immediately returned back.
As estimated, if the matter is reviewed on a broader scale then across eight banks $223 million dollar has been charged from 170,000 customers as unfair fees.