Judge Rules ANZ Bank’s Credit Card Late Fees Exorbitant
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Australia & New Zealand Banking Group Ltd. illegally charged customers for making late credit card payments, a judge said in the first ruling of its kind in Australia with lawsuits against other banks set to follow.
The late-payment fees amounted to “extravagant, exorbitant and unconscionable charges,” Federal Court Justice Michelle Gordon in Melbourne said in a 105-page judgment today. She dismissed other ANZ customer claims that the bank’s account fees for dishonoring a payment or exceeding account limits were also illegal. ANZ and the customers can appeal the decision.