TD Bank Class Action Settlement 2024 – $88 Payment for Every Eligible Customer

TD Bank customers may soon be eligible for a share of a $15.9 million settlement due to an ongoing class-action lawsuit. The lawsuit, filed against Toronto Dominion Bank (TD Bank) in 2021, alleges that the bank improperly imposed multiple non-sufficient funds (NSF) fees on customers without adequate notification. Although TD Bank denies any wrongdoing, the Ontario Superior Court of Justice granted class-action status to the claim on December 7, 2022. This settlement, which could result in eligible customers receiving around $88 each, is set for a final hearing on February 13, 2024.

TD Bank Class Action Settlement

The class action lawsuit was brought against TD Bank after customers claimed they were unfairly charged multiple NSF fees on a single payment or check. NSF fees are typically charged when a customer’s account lacks sufficient funds to cover a transaction, such as a check or pre-authorized debit payment. The lawsuit contends that TD Bank charged these fees multiple times for the same transaction, without adequately informing customers.

In response, TD Bank has agreed to a settlement of $15.9 million, pending court approval. The settlement is scheduled for a hearing on February 13, 2024, where the court will decide whether the settlement is fair and adequate for all parties involved. If approved, TD Bank will deposit the settlement funds directly into the accounts of eligible customers.

Overview

Details	Information
Article Title	TD Bank Settlement 2024
Country	Canada
Class Action Hearing Date	February 13, 2024
TD Bank Settlement Amount	$15.9 million
Law Firm	Koskie Minsky LLP
Contact Information	tdbankclassaction@kmlaw.ca

Eligibility

Eligibility for the settlement is specific to Canadian residents who have or previously had personal deposit accounts with TD Bank and were charged NSF fees on pre-authorized debit transactions between February 2, 2019, and November 27, 2023. However, not all class members will receive compensation; only those who had active accounts during the settlement period and were assessed NSF fees within the specified timeframe will be eligible.

According to the lawsuit, TD Bank customers were typically charged $48 per NSF fee. The complaint argues that customers were not sufficiently informed about the possibility of being charged multiple NSF fees for the same transaction.

Settlement Amount

If the proposed $15.9 million settlement is approved at the hearing on February 13, 2024, TD Bank will distribute approximately $88 to each eligible class member. This amount will be directly deposited into their bank accounts, meaning that customers who qualify will automatically receive the payment without needing to take further action.

Dates and Actions

• Class Action Hearing Date: February 13, 2024 – The court will decide whether to approve the settlement.
• Opt-Out Deadline: January 26, 2024 – Class members who do not agree with the settlement and wish to continue litigation must opt out by this date.
• Settlement Distribution: If approved, eligible customers will receive their settlement payments shortly after the hearing.

The TD Bank class-action settlement represents a significant resolution for customers who may have been unfairly charged multiple NSF fees. If you are a Canadian resident who held a personal deposit account with TD Bank between February 2, 2019, and November 27, 2023, and were charged NSF fees during that period, you may be eligible for a settlement payment of around $88.

For more information, including how to check your eligibility and stay updated on the settlement process, visit the official settlement website or contact the law firm representing the class at tdbankclassaction@kmlaw.ca. Make sure your contact and banking information with TD Bank is up to date to ensure you receive any potential payment.

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