Fees returned nothing to do with action
(18 May 2010 – Australia) Fees returned to 16,000 National Australia Bank customers in April have nothing to do with the A$5 billion class action targeting Australian banks, says NAB spokesperson.
The bank returned around A$3.5 million in fees to the customers for overcharging them as a result of a system error. The bank also included interest compensation in the repayment made to the 16,000 out-of-pocket account holders.
NAB notified the industry regulator in 2008 of the fees caused by the system error, which occurred between 2002 and 2009.
The charges made to customers accounts related to the classification of a customers profile as a business or personal client, the spokesperson said.
A NAB spokeswoman said the refund had nothing to do with the potential class action suit and it maintained the suit has no basis for claim.
The largest ever class action reportedly valued at over A$5 billion is being targeted at 12 lenders, with an astonishing 500,000 expected to join the lawsuit.
NAB notified the industry regulator in 2008 of the fees caused by the system error, which occurred between 2002 and 2009.
The charges made to customers accounts related to the classification of a customers profile as a business or personal client, the spokesperson said.
A NAB spokeswoman said the refund had nothing to do with the potential class action suit and it maintained the suit has no basis for claim.
The largest ever class action reportedly valued at over A$5 billion is being targeted at 12 lenders, with an astonishing 500,000 expected to join the lawsuit.
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