Written By: Anushka
Due to an ongoing class action lawsuit, TD Bank will settle $15.9 million for improper NSF fees charged to customers.
TD Bank was sued for imposing multiple NSF fees without proper notification. The Ontario Superior Court of Justice granted class-action status on December 7, 2022.
The settlement, managed by Koskie Minsky LLP, will be reviewed on February 13, 2024. If approved, TD Bank will deposit settlement amounts directly into eligible customers' accounts.
Canadian residents with personal deposit accounts at TD Bank. And Assessed NSF penalties on pre-authorized debit transactions between February 2, 2019, and November 27, 2023.
Eligible customers will receive approximately $88 if the court approves the settlement. Payouts will be deposited directly into bank accounts.
Customers disagreeing with the settlement can continue participating in the class action until January 26, 2024.