Banks Making A Killing On Penalty Fees
Banks Making A Killing On Penalty Fees – Banks have been making huge profit margins of up to 14,000 per cent on controversial exception fees levied on a variety of basic transactions.
Confidential data from two banks, obtained by Your Money, has revealed the true cost to the banks when customers are overdrawn or exceed their credit limits.
These profits could well boost the chances of the class action against the banks, which aims to recover excessive exception fees charged to customers over the past six years.
More than 85,000 people have signed up to join the class action and many more are expected to sign before the case begins next month.
Ben Slade, of case lawyers Maurice Blackburn, says the outcome will rest on whether the court decides that the exception fees are deemed “fees for service” or penalty fees incurred by clients with overdrawn accounts.
Tags: banks, Confidential Data, Lawyers, Maurice Blackburn, Money, Penalty Fees, Profit Margins, Profits, Six Years, Slade, Variety
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