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This settlement is closed!
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A class action settlement has garnered $70 million for six Classes of TD Bank accountholders who were allegedly duped by deceptive overdraft fee policies.
The groups of Class Members include:
- Those who held a personal account with TD Bank between Aug. 16, 2010 and April 22, 2016, and who were charged overdraft fees as a result of a TD Bank practice that based overdrafts fees on the holder’s “available balance” instead of the “ledger balance” (TD Available Balance Consumer Class)
- Those with a TD Bank business account between Aug. 16, 2010 and June 26, 2019 who were charged overdraft fees as a result of a TD Bank practice that based overdrafts fees on the holder’s “available balance” instead of the “ledger balance” (TD Available Balance Business Class)
- Those who had a Carolina First Bank/Mercantile Bank Account between Dec. 1, 2007 and June 20, 2011 and who were charged overdraft fees because of either banks’ practices of using “high to low posting” or use of the accountholder’s “available balance” (South Financial Class)
- TD Bank personal accountholders who were charged overdraft fees for ATM or One-Time Debit Card Transaction between Aug. 16, 2010 and June 26, 2019 (Regulation E Class)
- TD Bank personal or business accountholders who were charged an overdraft fee between March 8, 2013 and June 26, 2019 (Usury Class)
- Those who had a personal account with TD Bank between Dec. 5, 2011 and June 26, 2019 who were not enrolled in TD Debit Card Advance and were charged overdraft fees for Uber or Lyft transactions (Uber/Lyft Class)
The TD Bank overdraft fee class action lawsuit accused the financial institution of a myriad of deceptive practices when it came to assessing overdraft fees. The case was consolidated from a number of different class action lawsuits.
The TD Bank overdraft fee class action lawsuit boiled down to five basic allegations, “(1) assessment of overdraft fees when there are sufficient actual funds in the account; (2) assessment of overdraft fees as a result of reordering debit transactions from high to low; (3) assessment of overdraft fees on transactions intentionally authorized into overdraft without notice to customers; (4) assessment of overdraft fees on ATM and one-time debit transactions in violation of [the Electronic Funds Transfer Act]; and/or (5) damages arising from TD Bank’s illegal practice of assessing its checking and money market account customers a purported ‘sustained’ overdraft fee in violation of [the National Bank Act].”
Banks and credit unions assess overdraft fees when an accountholder, who has signed up or opted into an overdraft protection program, makes a charge in excess of the funds they have in the account.
Overdraft protection programs spare consumers the embarrassment of having their debit card denied while making a purchase. While bank customers must opt into these programs, some consumers have complained that they were not adequately informed that they were signing up for this “protection.”
Others complain that banks reorder their transactions or use other dubious practices to ramp up overdraft fee charges for a handsome profit.
The TD Bank class action lawsuit alleged that the financial institution was engaged in such practices, including using the available balance in a customer’s account to assess overdraft charges, rather than the ledger balance.
Noting that the available balance in an account may be less at a given time than the ledger balance because of holds from other transactions, the plaintiffs alleged that TD Bank used this practice to maximize overdraft fee charges.
The class action lawsuits also claimed that TD Bank reorganized their transactions from highest to lowest, rather than by date, causing the high charges to empty the account and the low charges to result in multiple overdraft fees. The class action lawsuit further alleged that TD Bank had improperly assessed overdraft fees on consumers for Uber and Lyft ride-sharing transactions.
The financial institution agreed to pay $70 million to end the TD Bank class action lawsuit. Under the terms of the settlement, $43 million will be paid to certain sets of Class Members and $27 million will be used to issue overdraft fee forgiveness for the other Class Members.
All Class Members are eligible for cash payments; however, the following groups of Class Members must submit a Claim Form to take part in the settlement:
- Usury Class
- Regulation E Class
- TD Available Balance Business Class
- TD Available Balance Consumer Class
Class Members who submit a claim do not need to submit proof, although the online Claim Form requests the claim ID number from the settlement notice postcard. All other Class Members will be automatically entered into the settlement unless they object or opt out.
Overdraft fee forgiveness is available to those in the Usury Class, and TD Available Balance Consumer and Business Classes whose accounts were closed owing more than $75 to TD Bank in unpaid overdraft charges. TD Bank will also remove Class Members’ information from the ChexSystems national reporting database. No Claim Form is necessary.
The deadline to opt out of or object to the TD Bank overdraft fee class action settlement is Dec. 4, 2019.
Who’s Eligible
There are six settlement Classes in the TD Bank overdraft fee class action settlement:
- “All holders of a TD Bank Personal Account, who, from August 16, 2010, to and including April 22, 2016, incurred one or more Overdraft Fees as a result of TD Bank’s practice of assessing Overdraft Fees based on the Account’s Available Balance rather than its Ledger Balance (‘TD Available Balance Consumer Class’); and
- All holders of a Carolina First Bank/Mercantile Bank Account, who, from December 1, 2007, to and including June 20, 2011, incurred one or more Overdraft Fees as a result of Carolina First Bank’s and/or Mercantile Bank’s practices of (1) High-to-Low Posting or (2) assessing Overdraft Fees based on the Account’s Available Balance rather than its Ledger Balance (‘South Financial Class’); and
- All holders of a TD Bank Personal Account who were assessed one or more Overdraft Fees for an ATM or One-Time Debit Card Transaction from August 16, 2010, to and including June 26, 2019 (‘Regulation E Class’); and
- All holders of a TD Bank Personal or Business Account who, from March 8, 2013, to and including June 26, 2019, incurred one or more Sustained Overdraft Fees (‘Usury Class’); and
- All holders of a TD Bank Personal Account who, from December 5, 2011, to and including June 26, 2019, incurred one or more Overdraft Fees on Uber or Lyft ride-sharing transactions while not enrolled in TD Debit Card Advance (‘Uber/Lyft Class’); and
- All holders of a TD Bank Business Account who, from August 16, 2010, to and including June 26, 2019, incurred one or more Overdraft Fees as a result of TD Bank’s practice of assessing Overdraft Fees based on the Account’s Available Balance rather than its Ledger Balance (‘TD Available Balance Business Class’).”
Potential Award
Varies.
- Class Members claiming cash payments will receive a pro rata share of the $43 million settlement fund, so payments will depend on the number of valid claims submitted.
- Class Members claiming forgiveness will receive up to $75 in overdraft fee forgiveness and their information will be removed from the ChexSystems national reporting database.
- Regulation E Class Members can make a claim for up to $35.
Proof of Purchase
None required for Class Members who must submit Claim Forms.
Claim Form
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.
Claim Form Deadline
2/7/2020
Case Name
In re: TD Bank NA Debit Card Overdraft Fee Litigation, Case No. 6:15-mn-02613, in the U.S. District Court for the District of South Carolina
Final Hearing
1/8/2020
UPDATE: The TD Bank Overdraft Fee Class Action Settlement was granted final approval on January 9, 2020. Please note that claims will not be paid until after the claim deadline passes. Top Class Actions will continue to provide updates as we learn more.
Settlement Website
Claims Administrator
TD Bank Overdraft Litigation
c/o Epiq
P.O. Box 6006
Portland, OR 97228-6006
1-877-588-5722
Class Counsel
E. Adam Webb
WEBB KLASE & LEMOND LLC
Richard D. McCune
McCUNE WRIGHT AREVALO LLP
Defense Counsel
Donald R. Frederico
Lucus A. Ritchie
PIERCE ATWOOD LLP
If you were charged overdraft fees or NSF fees by your bank or credit union that you believe are improper for any reason, the attorneys who work with Top Class Actions are ready to investigate these fees on your behalf.
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300 thoughts onTD Bank Overdraft Fee Class Action Settlement
They said they’d go back as far as 2011 and I checked my records. I was charged $1300 just in “Sustained Overdraft” fees. That’s at $20 eaqch occurrence and I have 65 of them. They weren’t supposed to charge for Sustained Overdrafts at all. I bet I won’t get anywhere’s near that amount back. But I suppose a dime on the dollar would be better than nothing. But they shouldn’t be letting the attorneys get 100% then. They should get the same prorated deal we’re all getting, right? I’m wondering if I’ll even see 10%.
How do you check your records ?
There was no break down on the check
What classes were your claim under?
I got a check for $204.73 today
What settlement class your in & what part of Florida you in
Ok so you got a check from them today a lot of people said they seen it in their informed mail but I couldn’t sign up so
Go download the app.. Its USPS Informed mail app from play store to see your mail deliveries
I’m assuming it will be different for everyone?
Oh Good for you !!!!
What state are you in?
Nice what’ state are You in and what . Settlement Class were your in if you don’t mind
I live in Connecticut I’m not sure which class I’m in I know I closed my accounts with them years ago. I’m glad to be done with them.
Ok thank you for the info be safe out there
Hey Karen….
Concerning your $204…
Did you have a substantial amount of Overdrafts?
Where is my money?
Why haven’t they updated the website?
Ain’t that much Rona in these streets they can’t send my dag on money!!!! I want my moolah!
I’m sure the lawyer’s were paid and we are still waiting for a little piece of the pie.Shame on you who’s ever taking so long to send out those checks.I don’t care how much it is if it’s mine send it.
And update the dam website
You know what. I understand everything that’s going on now but when someone have you waiting for so long and no updates. No answer no money all they have to do is a very simple explanation but they don’t even do that say something like the F***** checks when out or are they going out just Lil more time but no they want to leave you on the dark no answer no updates say something you got paid we deserve some answer man come on just be lil more professional. We are not the only ones getting paid here and again 30% is pretty penny. So do part man please
TD Bank placed the money in an Escrow account (required by the courts). The lawyers hired a company with years of experience with dealing with the money calculation for class action payouts. That company is responsible for sending any/all money to individuals NOT TD bank.
But the attorney that emailed me back told me if you still have a bank account with TD, it will be direct deposited. I doubt the company they hired to keep it in escrow has our account numbers to direct deposit the funds. TD is not permitted to give out our account numbers. So how will that work? I won’t be getting mailed a check.
Call the lawyers they claim checks were mailed.
? You spoke to the layers today and they said checks got mail out already ??
(909)345-8110…. Call the lawyer they playing dumb too like they don’t know because settlement is closed.. Also dod you know TD nanks has another lawsuits out that the lawyer working on smfh.. I’m so over this TD banks.. Everyone I know & told has found another bank
You called ? And they said it’s mailed ?
I want my refund to from Bridgetown NJ
4/23/20 – nothing yet
Past due
I got something from them coming in the mail today4-24-2020 based on the readings the checks were mailed 4-20-20 I have usps tracking so it shows I’m getting 2 pieces of mail from them today.
So please let us know how much u get when u get the mail. I now have the account with them so I am learned that they are going to direct deposit and I didn’t know when they are going to do that.
Yes please let us know how much. I was checking my informed delivery and have nothing today :(
Did anyone else got check in the mail today ?
Just wondering when this website itself will update us as to the status??
Its only gonna be like $40-70 guys I get it anything is something nowadays but its really not that serious we’ll all get the money soon
As I posted before it will not be a fixed amount for each person. Only one group gets a set amount the E Class group. The other group it is based on how many NSF charges you had. If you had 50 NSF charges you dont get paid the same amount as someone that has 40 or 50. It will be a percentage of each NSF. Read before you post what you think is right. If you dont read you dont know and should just stop speading your ignorance.
g. Adjustment for Overdraft Fee Refunds. For all Settlement Classes other than
the Regulation E Class, the Overdraft Fees or Sustained Overdraft Fees eligible
for payment from the Net Settlement Fund shall be adjusted to account for fee
refunds pursuant to the following methodology, prior to distribution of the Net
Settlement Fund to Settlement Class Members. For each such Settlement
Class, Plaintiffs’ expert shall determine the total Overdraft Fees TD Bank
refunded to Settlement Class Members’ Accounts as a percentage of the total
Overdraft Fees assessed to those Accounts during the applicable Class Period
(“Fee Refund Percentage”).4
Thereafter, the Overdraft Fees or Sustained
Overdraft Fees eligible for payment from the Net Settlement Fund shall be
reduced by the applicable Fee Refund Percentage for each Settlement Class
Member who received a refund of one or more Overdraft Fees or Sustained
Overdraft Fees during the applicable Class Period. For example, if a Member
of the TD Available Balance Consumer Class was assessed two Eligible TD
Available Balance Consumer Overdraft Fees, totaling $70.00, and Plaintiffs’
expert determined a Fee Refund Percentage of 10% for the TD Available
Balance Consumer Class, the distribution from the Net Settlement Fund to
which that Member would be eligible (before any pro rata adjustments) would
be $63.00 ($70.00 – ($70.00 * 10%)). Distributions from the Net Settlement
Sorry should have said people with 50 NSF will not get them same as someone with 1 or 2
I am in usuray class and regulation E..so what’s that calculation? And I don’t know how many nsf’s I have
Either way it wont amount to much. Even if you had 50 NSF charges lol in the end the people that actually sued and their lawyers will get the bulk of it. those with qualifying NSF charges its on diminishing terms. In the end this isn’t going to save you. Millions of people got ripped off. Just be happy lawyers are recouping their expenses first. What a joke.
I agree ☝️
Idk what im talking about then why are you even here if you disagree with my stance that we all will receive the money and we should be patient if you truly disagree you wouldn’t even be on this website so miss me with the BS
65 sustained overdrafts since 2010. Times that bu 20 and they erroneously charged me illegally $1300. Oh boy, I get $40 – $70 back. They made out like bandits. Bandits that take a dollar and you have to fight to have them give you back a few cents. Oh Boy!!!
Dont listen to that. Someone else got a check for $204 nd change. I think it does go by how much each person was charged and which class(es) you’re in.
Hey buddy it’s not 40-70 dollars
I just got mine today. Just under 700.00 dollars.
Was it a deposit or check? That is great.
Well now they are withholding the money that’s supposed to go to small business folks. Money that the government gave to TD to help its business customers . No reply. No response . No help at all . Oh …and a 4 hour wait time to call customer support . Great job TD …great job . Shameful
Hi-
Where does it say that money is going to small businesses
I think they’re talking about stimulus package loans, not this settlement stuff.
Still nothing 4/21/20.
Are you an active TD Bank Consumer
If they said it’s getting sent out in the mail on April 20 obviously you aren’t getting it in the mail today ??♀️ It takes about 3-4 days
People with accounts with TD won’t be getting checks they will be getting credit electronically
Let’s hope that’s true and another delay excuse is not coming. They still haven’t updated the website at all. It was supposed to say the amount. Why is it such a secret?
I have not received a payment today I have been told another lie on top of the other lies
I still have TD ( don’t know why tho ) but The way I read the settlement is that people whom still have TD will receive there’s electronically into there TD account. Is that correct?
Yes. That’s correct they said. You guys With td bank account will get credit at the end April.
Has anyone received a payment or no of any current customers who received a credit???
04/20/2020 = Today ?
No am still waiting