An Australian law firm was amazed by the response as more than 1000 citizens an hour are signing up on what could be the biggest class action against banks in Australian history.

Maurice Blackburn, a law firm, and litigation funders International Monetary Fund (IMF) Australia through its subordinate company Financial Redress, will seek damages for “exception fees” amounted up to $5 billion that have been charged by Australian banks for six years.

Managing director James Middleweek of Financial Redress anticipate the action may reach up to 400,000 people and this might reach to a $600-800 million class action.

After the lawsuit was announced, more than 50,000 people signed up after 24 hours.

Hugh McLernon of IMF Australia said the response was overwhelming and it may likely meet its target of signing up 100,000 people who have been charged of exceptional fees over the past six years.

''It's very simple for people to sign up to this, they just need to go to the website. There is a video there that talks them through the process. It takes about 10 minutes,'' he said.

Mr. McLernon advised those who sign up to never reveal their bank details as they will acquire the data from the banks instead.

Despite the optimistic approach by IMF and Maurice Blackburn, several unions in the finance sector are concerned over the class action suit.

Leo Carter, a spokesperson of the Finance Sector Union told media yesterday the lawsuit may positively put an end to the issue of bank fees, though he is worried about the after effects.
"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," he said.
Mr. Carter suggested that a better regulation should be the solution to end this problem.

Half a million Australians are expected to join the class action against local and foreign banks for repayments of dishonour and late fees.