Financial Rights Legal Centre has launched a class action in the Federal Court of Australia seeking compensation for consumers who entered into the standard service agreement contracts with MyBudget Pty Ltd that include the following wording:
Client funds are held in an interest bearing account arranged by MyBudget. Interest is not payable to clients on funds held in your MyBudget Account. Credit interest on client funds will be applied by MyBudget in its discretion to pay bank fees on the account.
This wording appeared in the standard terms of service from 2011 to 2015.
What is the MyBudget Class Action about?
The claim alleges that the standard service agreement wording is insufficient to enable MyBudget to retain the interest earned on client funds, and alternatively is an unfair contract term.
Kelvin Turner is claiming compensation, being the interest earned on the funds he deposited into MyBudget’s account for himself and others.
Who can benefit from the class action?
Anyone who entered into the standard terms of service which includes the above wording, who did not opt out of the proceedings and who also deposited funds with MyBudget. The opt out period expired on 6 September 2017.
The parties have been directed to mediation.
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