ANZ charged with class action over fees

ANZ-BankBeing one of the first banks to have been charged with class action related to fees, things are becoming tougher for ANZ bank.

The lawsuit has been filed on the behalf of 27,000 of the bank's customers and is lying with the Federal Court in Victoria.

But this is not all, as many as 21,000 customers have charged close to 21 banks saying that they have been wrongly charged with money in the name of honor and exception fees. Close to $5 billion of such money in under the scanner for such actions that have happened for the last six years.

It is now in the hands of the banks to either fight the charges or go for out-of-court settlement. Many of the consumer groups have also got involved in these cases. Then there are politically active groups like

GetUp and consumer group, Choice which are in the front of the line and are using every possible means to attract more supporters.

One must remember that at present there are 12 different kinds of lawsuits that are behind major banks of the nation.