1. Bank Fees Class Action ANZ Proceedings Launch
18 June 2013

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

3. 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

4. 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%

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

6. 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%

7. 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.

8. 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

9. 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