Law service challenges bank fees
Consumer compensation law firm Financial Redress has started a service to help home buyers challenge banks charging excessive exit fees on the early repayment of mortgage loans.
Managing director James Middleweek says people seeking compensation for excessive fees charged by banks have “inundated” the law firm with their claims. These relate mainly to penalty charges on savings and credit card transactions and exit fees on loans.
House mortgage customers in particular are complaining to Financial Redress about exit fees, also called break fees. “The figures involved can run into tens of thousands of dollars a time,” he says. “These excessive break fees have left our clients feeling very aggrieved.
“Whether its poor disclosure, lack of transparency, mis-selling, or simple profiteering, will depend on the facts of each case. Either way, consumers feel that once again they are being massively short changed by financial institutions.
“We believe many clients could be due substantial compensation.”
He says Financial Redress provides break fee advice for a fixed fee of $200 plus GST.
