Bank Fees Class Action ANZ Proceedings Launch

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Presentation transcript:

Bank Fees Class Action ANZ Proceedings Launch 18 June 2013

What are the fees? Honour/Unarranged Overdraft Fees Dishonour/Payment Failed Fees Credit card Late Payment Fees Credit card Over Limit Fees

How much are these fees? Mid-2009 Now ANZ National Unarranged Overdraft $10.00 (per day) $15.00 (per month) Insufficient Funds/Dishonour $30.00 $20.00 Unpaid Bill Payment $7.50 Credit Card Over Limit (per month) N/A Credit Card Late Payment (per month) $25.00 We say that these default events cost the banks just a few cents per event

Some Examples December 2009 Direct debit pushes account into $27.55 overdraft, put back into credit within 3 days No interest charged (would have been less than 5c), but unarranged overdraft fee of $10 (220 times the interest amount) Effective interest rate of over 4,400%

Some Examples $30 in dishonour fees charged for 3 rejected electronic payments totalling $127.47

Some Examples October 2009 Account in overdraft of $56.22 for 1 day Interest charged of $0.12, plus unarranged overdraft fee of $20 (167 times the interest amount) Effective interest rate of over 13,000%

Why ANZ? Huge uptake – 11,000 registrations since launch covering about 17,000 bank accounts. Covers customers operating under two sets of terms and conditions (ANZ and National Bank) – setting a strong precedent for other claims.

How big is the case? This will be the biggest group litigation (by number of claimant) in NZ history We estimate that ANZ and National Bank have charged around $250 million in these fees over the past 6 years Total size of the case (in dollar terms) depends upon the proportion of ANZ customers who sign up

What’s next? ANZ (and former National Bank) customers have until Monday, 24 June 2013 to register at fairplayonfees.co.nz Only those who have signed up will be eligible to participate in the claim We will file the papers issuing the proceeding on Tuesday, 25 June 2013 We would expect the first court hearing to take place within two months