16 May 2010

NAB repaying overcharges

7:10 am on 16 May 2010

National Australia Bank has begun repaying fees to customers who were overcharged between 2002 - 2009.

NAB sent a letter to customers informing them of the repayments three days after lawyers announced a $A5 billion class action against domestic and foreign banks.

The ABC reports official figures show banks in Australia collected nearly $A1.2 billion in dishonour and late fees in the 2008 financial year.