New Zealand fees case pulls in BNZ, Westpac and ASB
A New Zealand class action against penalty fees charged by ANZ and Kiwibank is to be boosted by similar class actions against National Australia Bank's BNZ, Commonwealth Bank of Australia's ASB and Westpac.Lawyers for the 'Fair Play on Fees' class action, which has been shadowing the case running in Australia, said they would file proceedings against BNZ, ASB and Westpac in the Auckland High Court on February 28. The class action is being funded by Australia's Slater and Gordon, and Litigation Lending Services.The class action's lead lawyer, Andrew Hooker, said Westpac, ASB and BNZ customers would have to register to join the action by February 27. Hooker said 38,800 New Zealanders had signed up for all the class actions, including 7,300 Westpac customers, 5,000 BNZ customers and 6,000 ASB customers."This launch means that the five banks, with over 90 per cent of the retail banking market, will all face a 'Fair Play on Fees' case," Hooker said.The class action named lead plaintiffs for each of the actions. BNZ customer Chris Beere has incurred NZ$1,400 in default fees over the last six years. Alison Withers along with Renee and Mike Hau are the lead plaintiffs for ASB and Westpac, respectively.Hooker said the penalty fees include fees for unarranged overdrafts, for rejected payments on deposit accounts or dishonour fees, for exceeding credit limit fees and late payment fees.He said the penalty fees imposed were greater than the cost of the transactions linked to the fees and therefore breached New Zealand law. Hooker said earlier that the New Zealand action was encouraged by the Australian Federal Court ruling last week that late payment fees charged on credit cards were unjustified.