NAB agrees to repay bank penalty fees

The Federal Court yesterday made orders approving the settlement of a class action brought against National Australia Bank over bank fees. Law firm Maurice Blackburn started a class action against all the big banks in 2011 alleging that large overlimit fees, late payment credit card fees and other bank penalty fees were illegal. In late 2014, NAB broke ranks and gave a commitment to explore opportunities for a resolution. If the settlement proceeds NAB will pay $6.6 million.

Banking Day