'ANZ charges fees of up to $45 for service costing cents'

THE ANZ bank knew as far back as 2006 that it would need to adjust the fees it charged customers, or risk being exposed to legal action and growing consumer anger.

The internal ANZ documents, which include emails and board meeting minutes, were obtained by lawyers in the federal court, representing the claimants of the biggest class action in legal history.

Maurice Blackburn is representing 38,000 customers who are disputing the fees they were charged over a seven-year period.

The central claim is that the excessive fees charged would be considered penalties and therefore would be illegal.

The bank is alleged to have charged exorbitant fees of between $20 and $45 for services that would only cost a matter of cents or a few dollars to administer.

More on this story on ABC

Topics:  anz banking editors picks fees

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