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Joining the NAB Class Action?

Companies, Financial Services | Comments (5)

Joining the NAB Class Action?

Because the Federal Court has ruled that NAB is not required to email every account holder, you may not know that you may be entitled to compensation if you have been charged exception fees and join the class action.   NAB customers who have been charged exception fees are entitled to join the class action. The window to join re-opens today at www.financialredress.com.au.

 Fairfax reported 18 November as follows: “National Australia Bank customers have until late January to sign up to a class action over about $40 million in bank fees, which the bank is moving to settle. The Federal Court on Tuesday approved an application that will allow the long-running class action to be re-opened so that more customers can register, and be eligible for any settlement. It is estimated that more than 30,000 customers have already signed up to the action against NAB, with about $40 million in total claims. It is part of a broader action targeting all of the major banks, with the case against ANZ Bank running as a test case.NAB customers who have not already registered for the action, being run by Maurice Blackburn, will be able to do so between November 25 and January 27.

The case relates to types of “dishonour” fees for late payments, and is part of a class action targeting nine of the country’s biggest banks that could be worth up to $240 million, and is the biggest in Australian history.

In a move that NAB should be lauded for, Fairfax reports that NAB is the only bank that has so far sought to settle.

Go to www.financialredress.com.au

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Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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5 Comments

  1. Paul Audcent
    :

    OK If you are late repaying your loan then surely you should receive some fine to compensate the Bank. Of course I declare I am a shareholder in two banks but as retired business manager, fairs fair. Nothing is free in this world, well almost nothing as Montgomery Facebook page is entirely free and excellent reading.

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