A clear admission by the banks of the damage to their reputation that has been caused by charging the outrageous penalties that have earned banks in Australia more than $11 billion in fees from customers last year according to the Reserve Bank of Australia (“RBA”).
Bankbeaters spokesman, Adelaide solicitor Richard Armour, said "The Banks are now in an impossible position from a public relations perspective. No matter what “spin” the Banks try to put on it, I have no doubt that many of the public will see these changes as a clear admission by the Banks that what they have been doing has been wrong, whatever the reason they try to offer up to justify their actions to date.
Bankbeaters and its customers will no doubt see these reductions to the fees charged as clear vindication for what they have been fighting for. The “moral” dilemma for the Banks now, is how do they justify keeping all of these fees they have charged to existing customers already – surely, they have to give them back.
If it is wrong to charge those fees now, it was wrong from the start. We are confident that a driving force behind the Banks in making these changes is that they share the same worries the Banks in England have for so long, namely, that the fees really are penalties at law and that it is just a matter of time before the Courts will say so. And that could mean “millions”
It seems that the Bankbeaters’
Whatever the reason, this is certainly GOOD NEWS FOR THE PEOPLE OF AUSTRALIA.
Bankbeaters is committed to the view that many of the charges made by banks/credit card companies/finance companies are grossly excessive and that due to a legal principle known as “the law of penalties” are unlawful and should be refunded.
On our clients behalf we have started Court action against several of the major Australian Banks. It is our intention to establish once and for all that these fees are unlawful, and should be refunded to our clients.
Many Banks are charging $AUS35.00 or more – some even $45; reported research suggests this is more than 3 or 4 times the the actual cost to such Banks. Some research suggests even far more.
Bankbeaters is committed to having these moneys refunded to customers.