Fair Play on Fees at 20,000 Registrations: Banks Stay Silent

Fair Play on Fees Hits 20,000 Registrations – Banks Stay Silent

Fair Play on Fees has reached 20,000 registrations at www.fairplayonfees.co.nz, with more Kiwis signing up to the fight against bank penalty fees every day. The enthusiasm for the case from claimants contrasts starkly with the silence from the banks on the issues raised by the case.

Fair Play on Fees lawyer Andrew Hooker says the figures are very promising but there are still thousands more people who could benefit by signing up to the action. “The incredible response so far gives us confidence that giving Kiwis a voice against these fees is the right thing to do. However, the rules governing how class actions currently run in New Zealand mean that people have to actively sign up to make a claim. This will be New Zealand’s biggest class action; we don’t want people to miss out.”

Fair Play on Fees launched a call for New Zealanders to participate in class actions to claim back excessive bank default fees last week. Default fees occur when banks charge a fee of around $15 for going into overdraft, being unable to pay an automatic bill payment or paying a credit card late. The case hinges on the disparity between the fees and the actual cost to the bank.

“It’s telling that the banks have said nothing about what it costs them to administer these default transactions. Their silence appears to confirm the central plank of our case – they are making profit off their customers’ defaults. This is against the law.”

The legal action is being led by New Zealand lawyer Andrew Hooker, Australian class action experts Slater & Gordon and litigation funder Litigation Lending Services (NZ).

New Zealanders can join the action against unfair bank fees by registering at www.fairplayonfees.co.nz.

About Andrew Hooker

Andrew is an Auckland based lawyer specialising in civil litigation. He has more than 20 years’ experience in litigation. His current practice largely involves representing customers against their insurance companies.

About Slater & Gordon

Slater & Gordon is Australia’s largest consumer law firm. For 75 years, Slaters have been standing up for the rights of ordinary working people, not big companies. Slater & Gordon have been pioneers in Australian class actions over the past 25 years. They will be lending their expertise in tough, large-scale litigation to this case as legal advisors.

About Litigation Lending Services (NZ)

Litigation Lending Services (NZ) Limited is a litigation funding firm which will provide financial support to the case. Its parent company, Litigation Lending Services Limited, has been operating for over 13 years in both Australia and New Zealand. Having established itself funding general commercial claims, the company has expanded over the past five years and has also funded a number of successful class actions.

ENDS

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