ANZ wins appeal, will not give back customer charges
IN A blow to bank customers, the ANZ bank has won an appeal against a Federal Court decision that found late payment fees on credit cards were unlawful and consumers should be reimbursed.
The Federal Court ruled in February that late payment fees the bank charged customers were extravagant, exorbitant and unconscionable.
FROM THE ARCHIVES:
Justice Michelle Gordon found credit card late payment fees of up to $35 bore no relationship to the bank's cost of 50 cents each.
A full bench of the Federal Court today overturned that decision.
In its original ruling, the court also said other fees the bank charged, including honour and dishonour fees, and over-limit fees on credit cards, were reasonable.