Have you ever had an automatic payment deducted from your account only to find that you didn’t have enough money so the bank slapped you with a $20-$60 fee? Maybe you got hit with a unfair fee on your credit card and paid dearly for it. I really don’t understand how some banks can get away with charging so excessively for such things.
At most many of these fees cost the bank only a couple dollars and in many cases nothing at all but still they are charging you upto $60. The banks have been making a killing of doing these fees and it amounts to millions. They argue that it was completely legal to charge these fees as they had informed them in the “Terms and conditions” of the product. Seriously lets get real who has ever gone to the trouble to not only read these terms and conditions? Sure some really savvy people do but it doesn’t stop them from seeing how they were cheated unfairly from their hard earned money when they pay $60 to borrow only $20 from an ATM.
Due to pressure that has been exerted on these banks about these fees some have begun to stop these unfair practices, however they have done nothing to compensate these customers for the money they took. If you are one of these people who has lost money to these unfair fees you may be glad to know there is serious action that is being taken in the Courts to gain compensation for the victims of these fees.
The Financial Redress is starting to really gain momentum in their class action against 12 major banks. They are seeking to return all the money lost through these fees in upto 6 years ago. This means you could get some of your money back just for filling out their online form. The Financial Redress will only get a 25% cut of any money that you return just to cover their costs for the class action. You have nothing to lose by joining the Financial Redress but may gain all that money you thought you had lost.