Gerard Brody, director of policy and campaigns at the Consumer Action Law Centre, writes: Re. "How I beat the bank, with a little help from VCAT" (yesterday, item 4). Well done Adam Schwab for beating the banks on penalty fees! All consumers who have been hit by these unfair, unlawful fees can claim them back with the assistance of Consumer Action and CHOICE’s Fair Fees campaign. Consumers can download a template letter seeking a refund from www.fairfees.com.au. There is also information about taking the matter further, such as Adam Schwab has done.
The Senate’s Economics Committee is also undertaking an inquiry on a bill that will allow the financial services regulator, ASIC, to be able to determine certain penalty fees to be unfair and unlawful. While submissions have closed this week, people could still contact the Senators on the Committee to tell them it is time do something about unfair penalty fees.
crikey newsletter 24 april 08
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