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More NAB customers can join claim

More NAB customers can join claim
National Australia Bank customers not already part of a multi-million dollar class action against the bank over fees have until January register a claim.

National Australia Bank customers slugged with unfair fees have a second chance to take part in a multi-million dollar compensation claim.

About 30,000 NAB customers are already part of a class action against the bank over excessive bank account and credit card fees.

The Federal Court last week approved settlement orders sought by NAB and law firm Maurice Blackburn which could result in the bank paying $40 million in compensation.

Law firm Maurice Blackburn says NAB customers who paid fees on their bank accounts and credit cards, and who aren't already part of the action, have from Monday to January 27 to sign up.

The class action is part of a string of legal action launched by Maurice Blackburn against eight banks in Australia, including Westpac, Commonwealth Bank and ANZ.

More than 150,000 customers with more than 200,000 accounts are involved in these actions, says Financial Redress, a subsidiary of litigation funder IMF Bentham.

Financial Redress managing director James Middleweek says banks used to routinely charge customers $30 to $40 if they became overdrawn, went beyond an agreed limit, or made a late payment.

"Banks have made billions of dollars from these unfair charges," he said.

"Some banks and credit card companies still continue to charge exorbitant amounts."

He said NAB deserved credit for fronting up and agreeing to settle this claim with their own customers.

Author: AAP


1 comment

  • David
    David Thursday, 12 March 2015 03:01 Comment Link

    over charges fee for credit cards and homeloans


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