Oz banks hooked on the English habit...

It is well known that Australian banks are hooked (that is dependent on) overseas funding (which was part of the reason for the recently introduced backstop facility by the RBA).  However the below report of a case in respect of overdraft charges bears a striking similarity to cases in respect of such charges in the UK, where banks had to pay billions in compensation...

...Australian banks are being targeted in a massive class action suit in New Zealand, which aims to recover about $800 million in overdraft penalty fees....A trans-Tasman grouping of legal firms calling itself Fair Play on Fees estimates that as many as 1 million New Zealanders are eligible to join the class action....

...Lead lawyer Andrew Hooker says the lawsuit, against the big four Australian-owned banks and Kiwibank, seeks to recoup excessive penalty payments taken by the banks over the past six years....He says the average fee for an overdrawn account, late credit card payment or bounced cheque is about $12. (here)