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ANZ Wins High Court Challenge

Wednesday, July 27, 2016 - Posted by Philip Harvey

The High Court has recently ruled in favor of ANZ Bank after a lengthy case regarding the charging of bank fees.

The decision upheld that the costs of debt collection, capital hold requirements and provisioning are relevant when determining the banks costs for a late fee and are not necessarily an unfair penalty. If it were deemed that the costs was an unfair penalty the fees would have to be refunded.

Furthermore the Court held that late fees were not:

  • Unconscionable;
  • Unjust Transactions; or
  • Unfair Contract Terms.
You can read the response from Maurice Blackburn Lawyers here.

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