Some 34,000 ANZ customers are taking action against the bank, claiming they were charged unfairly for late credit card payments and overdrawn accounts.
Class action lawyers at Maurice Blackburn are claiming around $50 million for fees the banks charged.
Maurice Blackburn class action principal Andrew Watson said the Federal Court hearing was the critical first step since proceedings were issued late last year.
"This hearing will answer important questions regarding the definitions within the contracts between ANZ and its customers of what is a fee or a charge," he said.
"We know the customers who were late paying a credit card or overdrawing their account were charged $30 or more.
"We believe that it did not cost ANZ anywhere near that amount in terms of managing an overdrawn or late payment on an account."
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