Singapore banks must repay over-charged Customers

Sg banks have been over-charging customers with all sort of fees at exorbitant rates, it is time they should be made to repay the customers like what happened down under.

The MAS is taking no action, a sign that they are involved in the conspiracy to extort money legally out of the people, enriching the banks and the rich shareholders like Temasek Holdings, which basically a money-making arm of MAS.

Singaporeans should raise their voice now or be condemned as lambs waiting to be bullied and slaughtered.

From: "truth"
Date: Sat, 15 May 2010 01:55:00 GMT
Subject: Australian banks start to repay overcharged customers

truth comment: this is the beauty of class action. they know their actions
are illegal. so they succumb to the threaten suit.

The National Australia Bank has begun repaying the millions of dollars in
fees it overcharged customers over seven years, but lawyers involved in the
case say those errors are just the tip of the iceberg.

It has been revealed that over the last three weeks, NAB has been repaying
excess fees it took between 2002 and 2009.

NAB sent a letter to customers informing them of the repayments just three
days after lawyers announced a $5 billion class action against local and
foreign banks.

Yesterday, CitiBank announced it will also cut the amount it charges for the
late payment of credit card bills.

The chairman of the law firm Maurice Blackburn, Bernard Murphy, says the
banks realise they have been charging excess fees for years.

"The banks understand that their position is very hard to defend and they
are trying to get their house in order before the class action," he said.

"But even if they do, it can not have any effect in stopping rebursement
application by all those millions of customers who have been overcharged
over the last six years."

Up to 500,000 people were expected to join the class action against local
and foreign banks for repayment of dishonour and late fees.

Official figures show the banks collected nearly $1.2 billion in dishonour
and late fees in the 2008 financial year.