NZ Trading Banks target of billion dollar class action lawsuit over bankfees

New Zealand’s major trading banks have been told they are being sued over a billion dollars worth of default fees charged to kiwi customers over the past six years.

A lobby group, Fair Play on Fees, has called a news conference at the Sky City casino this afternoon, alerting the media with a brief advisory:

“Over the past six years, New Zealand banks have collectively charged their customers more than 1 billion in default fees. These fees occur when customers overdraw their account, pay their credit card too late or bounce a cheque. Today, three of Australasia’s largest legal firms will announce class action against New Zealand’s major banks to reclaim these fees. This action is expected to be the largest class action in New Zealand’s history.”

If the class action were successful, banks could be forced to refund a portion of the default fees to customers.

UPDATED HERE