The sheer audacity is breathtaking.

ANZ has won an appeal against the 2014 ruling declaring its $35 late credit card payments were illegal.

Thre judges of the Federal Court decided to overturn the ruling by Justice Michelle Gordon when she declared the fees to be extravagant and unconscionable.

Four oter banks fees, found to be outrageous and unfair, were also overturned: honour, dishonour, over-limit and non-payment fees have now also been reinstated.

This means a the ANZ has won back all the rights it had prior to the landmark litigation brought against it by the class acion of Maurice Blackburn lawyers.

Hundreds of thousands of Australian bank customers (because the results flow on to all banks) can now fatten their profits even more and laugh in the faces of their customers.

Head of class actions for Maruice Blackburn lawyers, Andrew Watson, said the “fight will continue as a result of today’s decision.

“It will continue in the High court.”

‘Unconscionable,’ was the word used by Justice Gordon when, in February 2014, she ruled against the ANZ’s $20 – $35 late fee for credit card payments. And unconscionable it is when the true cost to the bank for processing the payment is no more than $5.50; while actual costs from missing a minimum credit bill payment work out to be a mere 50 cents!

What must these three judges be thinking when the represented mark-up is 7000 per cent of the actual cost to the bank!?

Maurice Blackburn lawyers had also appealed the initial Justice Gordon ruling in the hope that other fees and penalties might also be deemed outrageous and illegal.

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