National Australia Bank customers seeking to reclaim "unfairly charged" exception fees have to register today.
The company managing a series of class actions on behalf of bank customers, Financial Redress, says today is the deadline for those seeking to reclaim "potentially millions of dollars in unfairly charged exception fees".
Financial Redress managing director James Middleweek yesterday said any NAB customer who believed they had been hit by excessive exception fees in the past should complete the registration process on www.financialredress.com.au by 4pm Australian Eastern Daylight Time today so as not to miss out on possible compensation.
NAB exception fees were on average about A$30 ($31.87) before the bank reduced or eliminated them altogether in 2010.
More than 40,000 NAB customers have so far joined the NAB class action, which is part of a wider group of legal actions relating to exception fees launched against eight of the major banks in Australia.
The lead case, against ANZ, is awaiting judgment in the Court of Appeal after class action members won a Federal Court case on late fees.
"When we launched the registration process for the class actions back in May 2010 the response was overwhelming," Middleweek said.
"I commend NAB for its willingness to seek a settlement leading to compensation for its customers.
"It's high time that the other banks followed suit."
Financial Redress specialises in recovering compensation from financial institutions for excessive charges or mis-selling.
It joined forces with IMF Bentham (IMF) in 2010, and is now a subsidiary of IMF, which is a public company listed on the Australian Securities Exchange.
IMF provides funding for significant and large-scale litigation, including the bank fees class actions relating to exception fees.