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ANZ credit card fee class action dismissed by High Court
Wednesday, 27 Jul 2016 08:18:53
A class action by thousands of ANZ customers challenging the bank's fees on late credit card payments has been dismissed by the High Court of Australia.
The fees are charged by the bank on top of interest when the minimum payment is not met by the due date.
In February the court heard the key issue in the challenge was whether the charges were proportionate to the cost to the bank.
The High Court today dismissed the customers' claim that the fees were unenforceable and the bank was engaging in unconscionable conduct.
Bank customers could have been eligible for a payout of hundreds of millions of dollars if the challenge had succeeded.
The challenge was one of several class actions against the big banks, including the Commonwealth Bank, Westpac, National Australia Bank, Citibank, St George, BankSA, and BankWest.
Class actions against the other big banks had been put on hold until the outcome of today's decision.
More to come.
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