The ANZ bank’s fee for late credit card payments has been found to be “extravagant, exorbitant and unconscionable” by a Federal Court of Australia judge.
Justice Michelle Gordon ruled yesterday on a class action brought against ANZ by law firm Maurice Blackburn and funded by Bentham IMF (Australia) on behalf of over 43,000 ANZ customers.
It was ruled that the fee of $20 to $35 was much more than late payments cost the bank, which was around 50 cents to $5.50
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Melinda is a business writer and editor and helps companies to bring their brand stories to life through her small business, Oliver Content. Melinda was previously the content manager for KPMG Australia, an editor of SmartCompany, and spent many years as a journalist.
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