The case, Andrews & Ors v Australia and New Zealand Banking Group Ltd, will commence before Justice Finkelstein in Melbourne.
The purpose of the hearing, which is expected to run for around two hours, is to outline a timetable for hearing the matter and to file further court documents.
Bernard Murphy of Maurice Blackburn, the firm behind the class action, said they will be seeking an expedited timetable, although they expect ANZ to oppose their arguments.
The class action involves three lead applicants and at least 27,199 individuals and businesses holding about 40,000 personal and business accounts.
The bank penalty or "exception" fees imposed by ANZ on customers consist of honour and dishonour fees on bank accounts and "over the limit" and late payment fees on credit cards.
Maurice Blackburn will allege that the exception fees charged by ANZ are illegal and that banks should only charge customers for their reasonable costs incurred, which may be as little as $1, rather than the $20 currently charged by ANZ for late credit card payments.
It is estimated that the total value of the ANZ class action to date is in excess of $50 million, with the average claim around $1,500 per account holder and the ranging from hundreds of dollars to over $35,000.