NZ banks to face fee class action

A group of law firms is poised to launch a default fee class action against New Zealand banks this afternoon. Details are scant but media have been invited to a 1pm press conference in Auckland.
''Over the past six years, New Zealand banks have collectively charged their customers more than $1 billion in default fees. These fees occur when customers overdraw their account, pay their credit card too late or bounce a cheque, the invitation said.

''Today, three of Australasia's largest legal firms will announce class action against New Zealand's major banks to reclaim these fees. This action is expected to be the largest class action in New Zealand's history.''