$32.225M TD Bank overdraft fee class action settlement

Update:

• Final approval for this class action settlement was granted Oct. 15, 2024.
• Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

Consumers could receive payments or account credits from a $32.225 million TD Bank settlement resolving claims the bank charged illegal overdraft fees.

Final approval for this class action settlement was granted June 28, 2024.

The settlement benefits current and former TD Bank personal checking account holders whom the bank charged certain “APSN” fees between June 27, 2019, and Sept. 30, 2022.

APSN fees are overdraft fees on transactions authorized with a positive account balance but later paid by TD Bank when the account balance was insufficient.

According to the class action lawsuit, TD Bank violated its account terms by assessing unauthorized overdraft fees. These fees were allegedly charged on transactions despite TD Bank previously approving the transactions with a positive, sufficient balance.

TD Bank is a consumer, small business and commercial bank that offers checking accounts, savings accounts, lending opportunities and more.

TD Bank hasn’t admitted any wrongdoing but agreed to pay $32.225 million to resolve the overdraft fee class action lawsuit.

Under the terms of the TD Bank settlement, $21.975 million of the net settlement fund will provide payments to consumers who paid APSN fees. Class members can receive a proportional share of the net settlement fund based on the amount they paid in APSN fees during the class period. No payment estimates are available at this time. Current TD account holders will receive their payments as account credits. Class members without current TD Bank accounts will receive check payments.

The remaining $10.25 million of the settlement comes from reductions in outstanding balances owed. TD Bank agreed to forgive outstanding balances linked to APSN fees. 

The deadline for exclusion and objection is Sept. 14, 2024.

The final approval hearing for the settlement is scheduled for Oct. 10, 2024.

No claim form is required to benefit from the TD Bank settlement. Class members who do not exclude themselves will automatically receive a check or account credit.

Who’s Eligible

Current and former TD Bank personal checking account holders whom the bank charged certain “APSN” fees between June 27, 2019, and Sept. 30, 2022

Potential Award

Varies

Proof of Purchase

N/A

Claim Form

N/A

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Exclusion Deadline

09/14/2024

Case Name

Burns, et al. v. TD Bank NA., Case No. 1:21-cv-18194-KMW-AMD, in the U.S. District Court for the District of New Jersey

Final Hearing

10/15/2024

Settlement Website

TDBankAPSNFeeClassAction.com

Claims Administrator

Burns v TD Bank Settlement Administrator
P.O. Box 5826
Portland, OR 97228-5826
888-695-6078

Class Counsel

Jeffrey D. Kaliel  
KALIEL GOLD PLLC

Adam Webb
Franklin Lemond Jr. 
WEBB, KLASE & LEMOND LLC

BURSOR & FISHER PA

GOLOMB SPIRT PC

Defense Counsel

Lucus A. Ritchie 
Joshua Dunlap 
PIERCE ATWOOD LLP 

Susan M. Leming
BROWN & CONNERY LLP