Free Money! ..kinda: Get back your bank fees for the past 6 years

FirstNameLastName on 03/08/2010 - 11:10
Last edited 03/08/2010 - 11:12

(I searched ozbargain, couldn't find this fairly old news.. so here tis:)

Myself along with 150,000+ aussies have signed with a class action lawsuit against the major banks.

You see, over the past six years I've had about $600 in fees taken from me (I think wrongly).
I mean.. I'm a tight-ass and they still managed to get this from me?!

If you want your fees back (minus 25?% + outlays).. all you gotta do is go to: http://www.financialredress.com.au
They'll do everything for you.. search your bank statements etc.. which they'll get from the bank with your 'ok'.

All you gotta do is electronically sign and agree to their terms.
I checked over the terms and found them suitable.. there doesn't seem to be risk.. it's 'no win no fee'.

The fees it applies to are those nasty $50 dollar ones when you don't got enough beans in the bank.. or on your credit card… join me.. get 'em back.

(i went into the bank and gave them a chance to give me back the fees.. they didn't.. so I ranted ending with 'i'll see you in court' heaps of fun)

General Discussion

Comments

  • mrkorrupt on 03/08/2010 - 13:27
    +2

    I believe that some one should also take these guys to court after they win so that we can fight against exorbitant lawyer fees… like fark man they complain about the banks then want 25% of it…

  • Jabba the Hutt on 03/08/2010 - 13:39
    +2

    Pity it's against banks rather than telcos.

    People tend to attract bank fees not due to lack of awareness, but because they're not inclined to change their habits and get their financial act together. Get hit with a $50 overdraw fee one month, shame on them. Get hit next month, shame on you.

    But with telcos it tends to be more sneaky and more painful. The way excess usage fees are designed genuinely befuddles many people and the penalties for slipping up can run into hundreds or thousands of dollars in one bill.

    • FirstNameLastName on 04/08/2010 - 18:46

      Some news reports suggest telco/utilities may be next in their crosshairs

  • FirstNameLastName on 03/08/2010 - 14:49

    I forgot to mention: They are also seeking Interest on your loss.

    This is usually after inflation.. something around 2.6% compounded annually.
    So, if they took $1000 off you six years ago, you may get $1,166.50 (minus 25% = $874)

    However.. they may claim a much larger % as the banks were directly profitting from this.
    If they claim 5% compounded annually over six years.. the interest will pay their fees.. you'll get $1000 back.

  • FirstNameLastName on 03/08/2010 - 14:53

    Oh, btw..

    If you go into the bank within a few days of the fine and complain.. they'll often refund your money.
    It seems pretty standard.

    • whatovit on 03/08/2010 - 19:55

      If only I knew that was true. I always thought I could win, when I used to pay these type of fees all the time, when I didn't know when Paypal would be taking my money.
      And mum always said I would never get my money back from the bank… damn.

  • [Deactivated] on 04/08/2010 - 10:53

    I'm interested, I'll take a look later, I've had loads of these fees on my business account due to materials being charged for at the same time as other large amounts were debited leaving my account severely deflated. I got hit with $250 in fees in one week alone I recall.

  • bigheadache on 04/08/2010 - 12:41

    I suppose you've got nothing to lose by signing up. But the case does sound exceedingly weak. Many businesses charge penalty fees and other costs for paying bills late and no one disputes their legality. An excess fee would pretty much fall broadly in the same category in terms of being a penalty related fee.

    And no offence, but if you're getting $600 in excess fees… isn't it time to have a think about you own (lack of) personal financial management skills?

    • FirstNameLastName on 04/08/2010 - 18:36

      No offence taken because in my case it has nothing to do with skill.

      The bank occasionally chooses to withdraw a mortgage payment before finalising a deposit for a covering transfer I make the night before (in at least one case, two days before).

      I see it as theft.. bit by bit over 6 years.
      So do the banks, which is why they've since reduced these $50 or so fees to as little as $5.

    • [Deactivated] on 04/08/2010 - 18:39
      +1

      Sometimes it really isn't our own fault though mate. I took my wife on a trip for our anniversery last year. It cost $500 for a package in the Marriot. As I was conducting business there at the same time I put it through as an expense. The Marriot charged me 3 times, yes, 3 times. I then had a bill for $1300 of materials charged to my account on the same day (it wasn't supposed to be taken for another week as I hadn't even received said materials) Needless to say St George were only happy to take their pound of flesh anyway.

  • FirstNameLastName on 04/08/2010 - 18:39

    I heard NAB (lol, nab) have been quietly refunding these charges to business customers throughout this year.\
    They know they've done wrong.

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