If you’re a TD Bank customer, you might be entitled to a portion of a significant class-action settlement in 2024.
Due to a lawsuit alleging improper NSF (non-sufficient funds) fees, TD Bank has agreed to a $15.9 million settlement, with eligible customers potentially receiving $88. Here’s what you need to know about this settlement, eligibility, and how you can benefit.
Background on the TD Bank Settlement
The class action lawsuit was filed against TD Bank in 2021, alleging that the bank improperly charged multiple NSF fees on a single check or payment without adequate notification.
NSF fees are typically imposed when a customer’s account lacks sufficient funds to cover a transaction. The lawsuit argued that TD Bank’s practices were unfair and lacked transparency.
TD Bank has denied any wrongdoing but has agreed to settle the lawsuit by paying $15.9 million. This settlement is pending approval by the Ontario Superior Court of Justice, with a decision expected on February 13, 2024.
The legal firm Koskie Minsky LLP, which represents the plaintiffs, announced the potential settlement in December 2023.
Who Is Eligible for the Settlement?
Eligibility for the $88 payout from this settlement is specific to certain TD Bank customers. Here’s a breakdown of who qualifies:
- Canadian Residents: You must be a current or former TD Bank customer residing in Canada.
- Personal Deposit Accounts: The settlement applies to those who hold or held personal deposit accounts with TD Bank.
- NSF Fees on Pre-Authorized Debits: You must have been charged NSF fees on pre-authorized debit transactions between February 2, 2019, and November 27, 2023.
- Account Status: Only those with open accounts during the settlement distribution are eligible. If your account was closed before the distribution, you won’t qualify for the payout.
Not all participants in the class action will receive compensation. The $88 payout is specifically for customers who were assessed NSF fees within the specified time frame and still have open accounts when the settlement is distributed.
Settlement Details and Distribution
The hearing to approve the proposed settlement is scheduled for February 13, 2024. If the court approves the settlement, TD Bank will automatically deposit approximately $88 into the accounts of eligible customers.
There’s no need for additional action on your part if you qualify—TD Bank will handle the distribution directly.
This settlement aims to address the grievances raised in the lawsuit, ensuring that affected customers are compensated for the alleged improper charges. The court will review the settlement’s fairness to ensure it adequately represents the interests of all parties involved.
What to Do If You Disagree with the Settlement
If you’re a class member and disagree with the proposed settlement, you have until January 26, 2024, to opt out of the settlement or express your objections.
By opting out, you retain the right to pursue individual legal action against TD Bank, though you would forfeit your share of the settlement.
How to Stay Informed
For more detailed information or to ask specific questions about your eligibility, you can contact the legal firm handling the case at tdbankclassaction@kmlaw.ca.
The TD Bank Class Action Settlement 2024 offers a potential payout of $88 to eligible Canadian customers who were improperly charged NSF fees.
The settlement, totaling $15.9 million, is pending court approval and could provide much-needed compensation to affected individuals.
If you’re a current or former TD Bank customer, be sure to check if you’re eligible for this settlement, as the distribution could happen as early as February 2024.
FAQs
Who qualifies for the $88 settlement from TD Bank?
Canadian residents with personal deposit accounts at TD Bank who were charged NSF fees between February 2, 2019, and November 27, 2023.
How much is the settlement amount for each customer?
Eligible customers may receive approximately $88.
When is the settlement hearing?
The hearing is scheduled for February 13, 2024.
What should I do if I disagree with the settlement?
You have until January 26, 2024, to opt out or object to the settlement.
How will I receive my settlement payment?
If eligible, TD Bank will automatically deposit the settlement amount into your bank account.
