More than 1,000 people an hour are reportedly phoning litigation funder IMF Australia to join the class action against 12 Australian banks.
IMF Australia believe the 12 banks have illegally charged customers well over $5 billion in the past six years in what they call outrageous fees.
"We're talking about millions of dollars which have been ripped out of families. People are sick and tired of the banks ripping them off with outrageous fees and hopefully this class action will send them a clear message that they won't be allowed to get away with it any longer." said IMF Australia CEO Hugh McLernon to the Daily Advertiser newspaper.
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Speaking to the ABC Maurice Blackburn lawyers chairman Bernard Murphy says the public response has been overwhelming, with 3,000 registrations on the company's website as of last night.
"Now that genuine pre-estimate would be, in some cases in relation to credit cards overdrawn, several cents. In relation to cheques, maybe $2.'
"They've [banks] been charging $25 to $60. So we say the charges are extravagant and exorbitant. The law says that if those charges are extravagant or exorbitant then they amount to a penalty, which is illegal. Said Murphy.
Speaking with Sky News National Secretary of the Finance Sector Union Leon Carter believes that the class action is not the right choice, but believes the situation 'requires better regulation from the federal government rather than the involvement from private law firms'
"Our concern is that if this lawsuit is successful the banks will simply make their money up somewhere else or even worse, sack staff to recoup any costs," Carter told the ABC.
"It's high time we got our own back against the banks because they've got away with far too much for way to long," he said. "We're talking about millions of dollars which have been ripped out of families.'' said Senator Steven Fielding.
Fielding last year failed in his attempt to pass legislation against the banks over fees and charges.
Fielding claimed in a blog on his website last year that 'Banks must be held to account and that's why Family First is drafting laws to go before the Senate that would require banks to seek approval from the government for withholding interest cuts or putting up interest rates beyond the Reserve Banks official rate changes.'
