Are you paying unfair bank fees?

Font size :

 

Do you regularly check your bank and Credit card statements to make sure you’re not being over-charged for things like going over the credit limit or missing payments? A recent class action has found that late credit card payment fees are excessive and illegal.

 

Do you know how much you’re being charged in bank fees? A recent class action suit against fees charged by the ANZ fee is a wake-up call regarding the possible unfairness of bank fees.

 

In the country’s largest ever class action suit, litigation funder IMF and law firm Maurice Blackburn took ANZ to the Federal Court, arguing the major bank’s exception fees were unreasonable.

 

The Federal Court ruled that of ANZ’s five fee types, only one – its late payment fee – was excessive and illegal. The judge found that dishonour fees, honour fees, over-limit fees and non-payment fees were not penalties but rather “fees for service”.

 

According to IMF Head, Hugh McLernon, the ruling benefits about a third of the 34,000 ANZ customers the two firms represented. In some respects, it was a win for both sides.

 

In light of this week’s events, how should you manage your bank fees? Here are some tips from ASIC, the corporate watchdog that should help you avoid being over-charged:

 

1.       Look at your bank statements carefully

 

2.       Keep a record of transactions and the fees you’ve been charged

 

3.       Make sure you know exactly what you’re currently being charged and what for

 

4.       Be sure the bank account you use is one that’s suited to your spending and saving habits. “Choosing the right account for your lifestyle will help you minimise bank fees”, says and ASIC spokeswoman.

 

If you think you’re being charged unreasonably, contact your bank and follow its dispute resolution process.

 

If you’re unhappy with the bank’s response, you can lodge a complaint with the Financial Ombudsman Service (FOS) or with the Credit Ombudsman Services Limited (COSL) if you’re with a mutual bank.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Friday, Sep 22, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords