“Customers who trusted the big banks were ripped off and continue to be out of pocket after being pressured to sign up to worthless insurance cover,” Mr Paull said.
“Many people who purchased these insurance products had disabilities, were unemployed, or were critically ill, and therefore not eligible to claim against the insurance products.”
Melbourne mechanic Steve Vaiopoulos didn’t even realise he had insurance on his ANZ credit card until his new receptionist noticed the charges on his bill every month.
He realised he had been charged between $99 and $180 every month since 2015, adding up to roughly $8000.
“It’s not chicken feed,” Mr Vaiopoulos said.
“[The bank] said ‘That’s just the charge we put on your account on the insurance’ and we said, ‘What insurance?'” Mr Vaiopoulos said.
He said he has been moving his business away from ANZ since and he is one of hundreds of disgruntled customers that Slater and Gordon say have contacted them to join the class action.
“It’s just the dishonesty of it,” Mr Vaiopoulos said.
The new class actions follow the $49.5 million settlement NAB and its wealth arm MLC reached with Slater and Gordon on Wednesday. That money will be distributed to tens of thousands of customers.
Car insurance claims return about 89 cents in the dollar, while almost 50 cents is returned for travel insurance.
Westpac and ANZ declined to comment on the class action on Thursday.
Tammy Mills is a Crime Reporter for The Age.