Banking Generics
Banking Generics

ANZ to be hauled to court over fee slug

THE corporate cop is set to launch legal action against ANZ over controversial fees it charged customers.

ANZ today said the Australian Securities and Investments Commission had advised it intends to launch civil proceedings against the bank for slugging customers with fees after they failed to make scheduled payments between two of their own accounts.

The move by ASIC comes after ANZ settled a class action on issue for $1.5 million late last year.

ANZ chief Shayne Elliott
ANZ chief Shayne Elliott

ANZ today said it would "vigorously defend" the ASIC case.

"While ANZ is still considering the matters raised by ASIC, ANZ categorically denies any deliberate wrongdoing and intends to vigorously defend any such allegation," it said in a statement.

The banks said it understood ASIC would be seeking penalties for 1.3 million occasions where the fees were applied.

ANZ said it had set aside $50 million in customer remediation payments for the matter, of which more than $28 million has already been paid out.

THE corporate cop is set to take action against ANZ over controversial fees it charged customers.
THE corporate cop is set to take action against ANZ over controversial fees it charged customers.

ASIC said it intended to issue proceedings in the Federal Court against ANZ today and "will comment further once that has occurred".

The ASIC case is set to focus on so-called periodical payment non-payment fees ANZ charged before 2016.

It charged the fees when a prearranged payment between a customer's accounts - such as a payment from a transaction account to a home loan account - was not made.

This could happen when there was not enough money in the transaction account.

john.dagge@news.com.au



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