Finance Finance News Banks beat customers on fees

Banks beat customers on fees

anz bank
The verdict could sting the other big banks. Photo: AAP
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Australia’s big banks have scored a significant win over consumers after the High Court dismissed an appeal in the long-running bank fees test case.

In a majority decision handed down on Wednesday morning, the full bench of the High Court upheld a 2015 Federal Court decision that found ANZ was justified in levying late payments fees on customers.

The test case mounted by legal firm Maurice Blackburn was the largest consumer-driven class action in Australian history.

The High Court’s decision means that ANZ and other major banks will not have to compensate customers up to $500 million for collecting late fees since the 1990s.

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