Chance to get NAB fees back
CUSTOMERS of National Australia Bank (NAB) who have paid exception fees on their bank accounts and credit cards can now register their claims for compensation ahead of a possible settlement of the NAB class action.
The Federal Court last week agreed that NAB customers who are not already part of the class action have until January 27, 2015 to register their claims and participate in any settlement with the bank.
According to Financial Redress, a wholly owned subsidiary of litigation funder IMF Bentham Ltd, which is funding the class action against NAB, around 30,000 NAB customers have already joined the action against the bank. This is part of a wider group of legal actions launched against eight of the major banks in Australia.
More than 150,000 customers with over 200,000 accounts are involved in these actions nationwide.
James Middleweek, managing director of Financial Redress, said that NAB customers should complete the registration process on www.financialredress.com.au so they do not miss out on any compensation.
"Banks routinely used to charge customers $30-40 if they became overdrawn, went beyond an agreed limit, or made a late payment.
"The true cost may only have been a few dollars at most on each transaction.
"Banks have made billions of dollars from these unfair charges," he said.