If you’re a TD Bank customer who has been charged multiple insufficient funds (NSF) fees for the same transaction, you could be eligible for a payout from a recent class action lawsuit. This lawsuit, initiated in 2021, accuses TD Bank of unfairly charging these fees more than once for a single check or payment. The bank has agreed to settle the case with nearly $16 million. Read on to learn all the essential details about the settlement amount, payment dates, and how to file your claim.
TD Bank Class Action Lawsuit
In 2021, TD Bank faced legal action from customers who were charged multiple NSF fees for a single transaction. These fees are applied when an account doesn’t have enough money to cover a transaction. The lawsuit claims that the bank charged these fees repeatedly for the same transaction each time it was processed.
As of 2024, TD Bank has agreed to a settlement of nearly $16 million to resolve these claims. This settlement is designed to address the grievances of customers who feel they were unfairly charged multiple fees.
TD Bank Class Action Lawsuit Settlement Payment Date
The lawsuit was certified as a class action by the Ontario Superior Court of Justice on December 7, 2022. Following a court hearing on February 15, TD Bank agreed to a settlement amounting to $15.9 million.
The table below provides details on the payment schedule for the settlement:
| Date | Event |
|---|---|
| December 7, 2022 | Lawsuit certified as a class action |
| February 15, 2023 | Settlement agreement reached |
| May 13, 2024 | Deadline for submitting claims |
| Early April 2024 | Payments begin |
| End of June 2024 | Final payments distributed |
If you want to be part of the settlement, ensure you submit your claim form by May 13, 2024. Payments have started being issued to those who have already filed their claims, with the process expected to be completed by the end of June.
TD Bank Settlement Amount
The amount you receive from the settlement will depend on several factors, including the number of claims and the total NSF fees paid. The settlement also includes costs for administration, legal fees, and compensation for class representatives.
Here’s an overview of the expected settlement amounts:
| Details | Information |
|---|---|
| Average Payment | Approximately C$88 per claimant |
| Maximum Payment Cap | $3.90 per damaged share |
| Expected Payout per Account | Around $150 per account |
Eligible customers can expect to receive payments directly into their TD personal deposit accounts. However, the final amount may be adjusted due to administrative and legal costs.
TD Bank Settlement Form
To be eligible for the TD Bank settlement, you need to fill out a claim form if you purchased TD securities between December 3, 2015, and March 9, 2017. Make sure to submit your form and any required documents by May 13, 2024.
Here’s a quick guide on how to submit your claim:
| Action | Instructions |
|---|---|
| Complete Claim Form | Fill out the form accurately and follow instructions online |
| Submit Supporting Documents | Upload documents on the settlement website or contact the Administrator for help |
Conclusion
The TD Bank class action lawsuit addresses allegations that the bank charged customers multiple NSF fees for a single transaction. The court has approved a $15.9 million settlement, though TD Bank has not admitted any wrongdoing. This settlement applies to Canadian customers charged NSF fees from February 2019 to November 2023. After deducting costs, around $9.7 million will be divided among eligible claimants.
This settlement is a significant step in addressing customer concerns about banking practices and ensuring fair treatment in financial transactions.
FAQ’s
What is the TD Bank class action lawsuit about?
The TD Bank class action lawsuit alleges that TD Bank unfairly charged customers multiple insufficient funds (NSF) fees for a single transaction. The lawsuit claims that these fees were applied repeatedly each time a transaction was processed without sufficient funds.
How much can I expect to receive from the TD Bank settlement?
Eligible customers can expect to receive approximately C$88 on average, with the final amount depending on the number of claims and the total NSF fees paid. Payments are expected to be around $150 per account, but this may vary due to deductions for administrative and legal costs.
What is the deadline to submit my claim for the TD Bank settlement?
You must submit your claim form by May 13, 2024, to be eligible for the settlement. Ensure you complete the form and upload any required documents by this date to receive your share of the settlement.