Kiwis launch record class action lawsuit against big four

by Mackenzie McCarty12 Mar 2013
A website, titled ‘Fair Play on Fees’, has been launched for people who want to be part of the lawsuit to learn about the issue and register.

"When your account balance runs low or you are late with a credit card payment, the last thing you need are extra fees; yet for years that's exactly what the banks have been hitting you with. They're called 'exception fees', and you're charged them when your account goes into unexpected overdraft, you exceed your credit card limit or make a late payment. Even if the bank doesn't allow a payment to go through, they'll still charge you a 'dishonour fee' for the so-called service. We estimate that New Zealanders have paid the banks around $1 billion in these fees over the past six years.”

The site says the lawyers feel these fees are unfair and should be challenged in court.

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