12 Nov 2014

NAB Bank Fees Class Action update

UPDATE: 18 NOVEMBER

Today the Federal Court granted the order to open the class, requested by the applicants and National Australia Bank.

This is an important step in moving towards a settlement. Any customers wishing to join the class are encouraged to contact Financial Redress to register as a participant.

The class will be open for 10 weeks.

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NAB today confirmed that on Friday, November 7, 2014, the applicants in the NAB Bank Fees Class Action lodged in the Federal Court an application seeking the Court’s approval
to open and close the class.

This is a first but significant step towards reaching a potential settlement.

NAB CEO Andrew Thorburn said: “NAB is doing this because we believe this is the right thing to do for our customers and our business.

“We know that banking customers want to be treated fairly, which is why five years ago NAB made the decision to remove many of the fees and charges that annoy customers the most.

“NAB is the only major bank to completely get rid of dishonour fees and periodical nonpayment fees.

“NAB is the only major bank to have a fully featured personal transaction account available to all our customers with no monthly account keeping fees.

“NAB was the first and remains the only bank to abolish overlimit fees on credit cards. Since 2010, NAB’s credit card late payment fee has been $5 – up to $15 less than our major competitors.”

If the class is opened, customers wanting to join the NAB Bank Fees Class Action and participate in any potential settlement will need to register.

The registration process would be managed by Financial Redress, a subsidiary of the company funding the Bank Fees Class Actions against all of the major Australian banks.

Any announcements about this process will be made by IMF and the applicants’ solicitors Maurice Blackburn.

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