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Getting the banks back

If you’ve ever been stung by your bank with a penalty fee for overdrawing your credit card or a late payment charge here’s your chance to get your own back.

IMF Australia, a litigation company, will pay for more than 10 class actions against the banks to claw back money paid to them by customers via late and penalty fees.

Banks targeted are the big four plus Bank of Queensland, Bendigo and Adelaide Bank, Suncorp, HSBC and Citibank.

Members of the public can register to join the class action here. IMF believes each person could pocket around $2000, and each business approximately $5000. If the action is successful, IMF will take a 25% cut of payments, and if it loses, nothing.

Exception fees typically include four types of penalties:
1. honour fees (generally a penalty fee of $40 incurred when a customer overdraws on a bank account or exceed an agreed overdraft limit and the bank pays it out)
2. dishonour fees for cheques that bounce
3. late payment fees for credit cards or loan accounts

4. fees for overdrawing on a credit card

These fees typically range between $25 and $60 on each transaction. The Reserve Bank revealed last year that banks charged "exception fees" of almost $1.2 billion in the 2008 financial year.

Register your details here: www.financialredress.com.au

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