Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ bank fees class action on fees adds Westpac, BNZ, ASB

NZ bank fees class action targets Westpac, BNZ, ASB for unfair penalty fees

Feb. 11 (BusinessDesk) – A class action lawsuit claiming banks charge unfair penalty fees has added Westpac Banking Corp., Bank of New Zealand and ASB Bank to its existing suit against Kiwibank and ANZ Bank New Zealand.

The Fair Play on Fees class action says more than 38,000 New Zealanders have signed up to participate since the action was announced last June, including about 7,300 Westpac customers, 5,000 BNZ customers and 6,000 ASB customers.

Lawyers representing the group, led by Auckland-based Andrew Hooker, Australian firm Slater & Gordon and Litigation Lending Services, a litigation funding firm, last year initiated court cases against ANZ and Kiwibank, claiming customers were overcharged millions of dollars in fees for overdrafts, late credit card payments and bounced cheques.

“There are customers of these banks who have paid these penalty fees and wish to be represented in this action,” Hooker said in a statement. “The research we have done suggests the penalty fees they have been paying are at a similar level to those other banks so these customers are entitled to have their fees back as much as Kiwibank and ANZ customers.

“This launch means that the five banks with over 90 percent of the retail banking market will all face a Fair Play on Fees case.”

Westpac, BNZ and ASB customers who want to be included must register at the group’s website by Feb. 27, the group said. The group plans to lodge court documents against the three banks on Feb. 28, it said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news