Sarah Mirando  |  March 20, 2013

Category: Legal News

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TD BankA federal court on Monday approved a $62 million class action settlement between TD Bank and customers who say they were improperly charged overdraft fees. Eligible TD customers can expect to see a payment or account credit within the next few weeks.

The TD Bank overdraft settlement resolves allegations the bank reordered debit card transactions in order to maximize the number of overdraft fees it assessed to customers. Plaintiffs claimed that instead of declining transactions when an account had insufficient funds to cover the purchase, TD Bank authorized the transactions and then posted them from highest to lowest dollar amount to increase overdraft fees.

TD Bank denies the allegations but has agreed to pay $62 million to settle its portion of the case, which involves more than 30 other banks accused of the same improper overdraft fee policies (In re: Checking Account Overdraft Litigation).

Class Members of the TD Bank overdraft class action settlement include customers who held a deposit account that could be accessed with a debit card at any time between December 1, 2003 and August 15, 2010 and were charged more than one overdraft fee in a single day as a result of TD’s practice of posting transactions from highest to lowest dollar amount.

Class Members will automatically receive a cash payment or account credit – no action is required. The amount of this award will be based, in part, on the number of people in the Settlement Class and the amount of additional overdraft fees each Settlement Class Member paid as a result of TD Bank’s improper posting order.

More information on the TD Bank Overdraft Class Action Lawsuit Settlement can be found at www.TDBankOverdraftSettlement.com.

The case is In re: Checking Account Overdraft Litigation, case No. 9-MD-02036-JLK, U.S. District Court, Southern District of Florida.

 

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229 thoughts onCourt Approves $62M TD Bank Overdraft Class Action Settlement

  1. bmgo says:

    I have received a check, but I am afraid to cash it. I will call them at the 877 number and ask for more details.

  2. Robert Andrews says:

    The bank mailed my check to a old address,so I got it given to me by a friend on June 2014.I wrote to the bank after they charged me for a return check fee of $15.00 for a out dated check and got more overdraft fees.I got the fees reduced and contacted the office on the check from Portland O.R. in writing with no replacement check.Then in July my debit card transaction dates changed and I received $179.00 in overdrafts.That went up to $281.00 out of my Disability check.I contacted mt state rep. Attorney Generals office, My town rep .and Congressmen.They are not getting an call back from the bank!!

  3. r casteline says:

    Unfortunately, as recently as TODAY, (July 18, 2014) they are still taking money falsely from their customers checking accounts!!!

  4. lauren says:

    Td has charged me with over 500 dollars in over draft fees and they shut my account down AFTER I put everything back into my account and today I got a check for 9.31 cents, what about my 500+ dollars. I have not had a bank account since then, you cant trust anyone else with your money that you work hard for.

  5. Celine T. says:

    Wondering if payout has been made and if I am receiving any funds. I did receive a check from another bank involved in this class action suit last October.

  6. Michael Kim says:

    It’s not just TD Bank. Other banks are doing the same thing. Just another ploy to still our money!!

  7. Michael Kim says:

    Even after the settlement, TD bank is still employing the same tactics of applying the debit charges in the order of the largest to the smallest in order to maximize the overdraft charges. So what have they learned? What has changed? NOTHING!!

  8. dianne davis says:

    i received 4 checks from the commerce bank settlement.i live in an apartment,will i be receiving anymore as i want to check my mail often if so. i am in st.louis,mo.

  9. Chrystal says:

    Just had this happen today. After I stopped payment on an invalid draft (triple the amount it should have been). They processed debit transactions that were pending for 24 hours after processing the invalid draft that took my account into the negative. Otherwise there would have been no overdraft fees for them to assess. Makes me sick and I will be closing this account today.

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