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A 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
Both my wife and i were effected by this also. We have closed our accounts almost a year ago. We too have not seena payment yet. And i even emailed the site where the original court documents were posted and received no replay whatsoever. I have been a customer long before TD took over in our area when it was still commerce(Since ’03 if i remember correctly). I will post here again when we receive a check.
The press has said the Payouts will be coming within a few weeks of the March 18 ruling.
I havn’t gotten anything. Has anyone?
I am one affected by this class action suit but no longer have an account with them. How will I receive the money?will There be a check coming?
I have a different address also. The post card describing the settlement was sent to a previous address. How do I inform persons involved of my new address?
I am thinking of closing out my TD Bank accounts. I have already started accounts with Wells Fargo.
Should I keep TD Bank accounts open until this is settled?
i was affected by this but no longer bank with TD how do I receive my payment?
This is Jonathan D. Nash, Sr. again, email address in first comment submitted regarding MECU Bank is my wife email
my email address is different however rarely utilize it.
Thank you for your assistant!
My bank MECU of Baltimore Maryland keep charging me $28.00 for four checks keeping coming in and also i have placed stop payment once and they charged $28.00 twice, total outstanding now $575.00 and i thought and was told have overdraft coverage. They are canceling and closing my account and stopping atm card. who can i get to look into this matter?
202-248-1948 3982
not comment