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Thread: ANZ class action: lawyers say partial victory opens way for claims against other banks ABC news

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    Senior Member shopaholic's Avatar
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    ANZ class action: lawyers say partial victory opens way for claims against other banks ABC news

    Saw this on the news tonight, could be good way to get cash back, I got a few charges from NAB a few years back and the fact that they're charging up to 7000 times the cost of the actual process. $35 fee when it only cost the bank 50cents!


    ANZ class action: lawyers say partial victory opens way for claims against other banks

    http://www.abc.net.au/news/2014-02-05/anz-bank-fees-class-action-maurice-blackburn/5238494

    The ANZ bank may be liable to pay its customers "tens of millions of dollars", according to the law firm that led a successful class action against the bank over its fees.

    Can I get my money back from other banks?
    Anyone know if there is one against NAB and how I can join?

    Will there be a way to get your statements and then just enter the details into a website to get a refund? Banks should do this as it may make it cheaper for them rather than trying to fight it now that ANZ have lost.
    I love to shop!



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    Senior Member shopaholic's Avatar
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    I love to shop!

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    Senior Member DealDude's Avatar
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    I would like to do this to Commonwealth bank I've got about 10 charges between $18 and $25! Good to get that money back. Did teach me a lot about banking and have been good since.

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    Administrator fool's Avatar
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    Math is way off in the first post, 35/.50 isn't 7000.

    Commonwealth kept taking money out for a loan I had finished paying, I think it was just a ploy to get me to have an account with them, they made it bloody difficult to close the account, then asked if I would be needing a home loan.........idiots!

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    Senior Member DealDude's Avatar
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    Quote Originally Posted by fool View Post
    Math is way off in the first post, 35/.50 isn't 7000.

    Commonwealth kept taking money out for a loan I had finished paying, I think it was just a ploy to get me to have an account with them, they made it bloody difficult to close the account, then asked if I would be needing a home loan.........idiots!
    Was just reading this and thinking the same thing, but the math is right 7000% of 0.5 is $35. I was looking at it as 50cents of $35 is 1.42858%.

    It's a silly way of stating it though, something like "the fee was 70 times more expensive than the process cost" - actually it's 69 times. 70 x .5 =$35 - .5 (original cost) = $34.50 over priced.

    I don't like bank fees:

    However if that's the case then a pair of Nike shoes probably cost $2 to make and cost $120 to buy which means a mark of about 60 times. Banks have same costs, advertising, ATMs, buildings, staff etc.


    Fool did you get your money back? And was it with interest? If not complain!
    Gav and fool like this.

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    Gav
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    Yeah that 7000% figure just sounds sensationalist. "70 times the actual cost of the transaction" is how I'd write it up.

    Said on Twitter, shocked share prices in the major banks, ANZ, Commonwealth, NAB and Westpac haven't collapsed. They did in the UK when a ruling similar was given.

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    Administrator fool's Avatar
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    Quote Originally Posted by DealDude View Post
    Was just reading this and thinking the same thing, but the math is right 7000% of 0.5 is $35. I was looking at it as 50cents of $35 is 1.42858%.

    It's a silly way of stating it though, something like "the fee was 70 times more expensive than the process cost" - actually it's 69 times. 70 x .5 =$35 - .5 (original cost) = $34.50 over priced.

    I don't like bank fees:

    However if that's the case then a pair of Nike shoes probably cost $2 to make and cost $120 to buy which means a mark of about 60 times. Banks have same costs, advertising, ATMs, buildings, staff etc.


    Fool did you get your money back? And was it with interest? If not complain!

    No I don't think so, CB were a massive pain in the arse to deal with after they stopped making money off me so I just kept ringing like they did to me, hahaha, pricks!


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