An NGO known as the New Economic Rights Alliance says it is suing the country's four major banks as well as the South African Reserve Bank.
The organisation says papers have been filed in court and the banks, First Rand Bank, Absa, Standard Bank and Nedbank.
The SA Rerserve Bank has been named as a respondent because of it controls the issue of the national currency.
The spokesperson for New Economic Rights Alliance, Raymondt Dicks, says they are not suing for money, but are in fact challenging the Constitutionality of the entire money-lending system.
He says they're challenging three banking methodologies - fractional reserve lending, securitisation and seignorage.
"The whole financial structure or policies regarding financial application is being attacked, we want transparency, we want the public to know how these transactions are done and how the public is affected by these transactions and most importantly we need to know as the public if one of the banks fail what type of bail out is available to protects the people's money" Dicks said.
Click on link below to learn more about the case brought against the Banks
