Law firm Maurice Blackburn - which represents 34,000 users of the lender - is seeking to recover these charges in a case worth AU$50 million ($48.5 million).
An additional 11 institutes could be set to face similar action, with the ANZ instance acting as a precedent for such a hearing.
ANZ - which first opened as the Bank of Australasia in Sydney in 1835 - is to vigorously defend the law suit and the case may extend will into next year, a spokesman from the bank revealed.
Claimants are contesting that the lender caused customers to pay exception fees - which include payments for overdrawn accounts and insufficient fund penalties - to the tune of AU$1.2 billion a year.
IMF Australia, the biggest litigation funder in the country, is backing Maurice Blackburn in the case.
By Tony Aynsley