Now Maurice Blackburn Lawyers say it is up to the government to take action.
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Customers had been charged as much as $35 when the bank’s costs were about $3.
A 2014 decision in the Federal Court backed the claim, but it was overturned a year ago. ANZ claimed that the maximum cost to banks of late payments should consider making provisions for bad loans, holding capital and debt collection costs as well as other costs.
“The ball is now firmly in the government’s court if consumers are to be provided with real protection from banks using fees to gouge customers”, lawyer Andrew Watson said. The bank customers accused the banks that the $35 charge for late credit card payments is excessive since the apparent cost of the fee ranges from 50 cents to a few dollars only.
It also rejected a second appeal that alleged late payment fees amounted to unconscionable conduct, unjust transactions, and unfair contract terms.
The fees are charged by the bank on top of interest when the minimum payment is not met by the due date. The fees have been collected by the banks since the 1990s.
There are other class actions pending against the Commonwealth, Westpac, the NAB and a string of smaller banks.
On Wednesday morning the High Court dismissed with costs an appeal from ANZ Bank customers, who since 2010 have been running a class action against the bank, claiming it unfairly overcharged tens of thousands of people for paying their credit card bills late. Justice Gordon finds for the ANZ on the other fees.
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That was later overturned by the full bench of the Federal Court. Finds in favour of ANZ on its appeals and against the plaintiff on its appeals. 27 July 2016: High Court hands down final determination in the case finding against banking customers.
