In 2021, a class action lawsuit was initiated against TD Bank Class by a group of customers who alleged they were unfairly charged multiple insufficient funds (NSF) fees on single checks or payments. These fees occur when there are insufficient funds in an account to cover a transaction, and the lawsuit claimed that the bank applied these fees repeatedly for the same transaction that was put up for payment each time.
TD Bank Class Action Lawsuit
The lawsuit, filed in 2021, accused TD Bank Class of repeatedly charging NSF fees for the same transaction. Customers alleged that they were unfairly charged additional fees each time an attempt was made to process the same transaction. As of 2024, TD Bank is set to distribute nearly $16 million as part of a settlement approved recently. More details on the TD Bank Class Action Payment Dates are provided below.
TD Bank Class Action Lawsuit Settlement Payment Date
Following customer dissatisfaction with TD Bank’s alleged policy, a lawsuit was filed and certified as a class action by the Ontario Superior Court of Justice on December 7, 2022. The court’s decision followed a February 15 hearing, where TD Bank agreed to a $15.9 million settlement for the affected customers.
To participate in the settlement, customers must submit a Claim Form by May 13, 2024. The bank has already started distributing payments to those who have completed and submitted their forms, with some recipients having already received their payments. The remaining payments are expected to be completed by the end of June.
TD Bank Settlement Amount
The final payment amount may vary depending on the number of eligible claimants and the additional NSF fees they paid. The settlement covers administrative costs, legal fees, and compensation for the class representatives. To those who are eligible, a cheque for about C$88 will be sent directly to their TD personal bank accounts beginning in early April.
Before distribution to class members, certain deductions will be made, as outlined in the settlement plan approved by the court. Each recipient’s payout will vary based on the total number of claimants, with a maximum cap of $3.90 per damaged share. Each eligible customer is anticipated to receive around $150 per account.
TD Bank Settlement Form
If you purchased TD securities after December 3, 2015, and held them until March 9, 2017, you might be eligible to join a class-action claim. Ensure to submit your supporting documents by May 13 to participate.
To join the TD Bank Class Canadian Shareholder Settlement, eligible individuals must complete the claim form accurately and submit it according to the instructions on the website. Claimants can upload supporting documentation directly on the Administrator’s website or contact the Administrator for assistance if needed.
Conclusion
The TD Bank class action lawsuit addressed allegations that customers were unfairly charged multiple NSF fees for the same transactions, particularly when payments were retried due to initial failures or technical issues. In 2021, a $15.9 million settlement was approved by the Court of Justice, though TD Bank did not admit any wrongdoing. Candians who had an account with TD Bank between February 2019 and November 2023 and were charged the NSF fees listed are covered by this deal. After legal fees and other costs, around $9,740,000 will be distributed among eligible class members.
This legal resolution underscores the importance of addressing consumer concerns about banking practices, promoting transparency and accountability in financial dealings. Additionally, in 2020, TD Bank faced legal challenges related to its handling of travel insurance claims during the COVID-19 pandemic, and more recently, it resolved another class action concerning NSF fees.