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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news