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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
I received a check for $6.65.. But they charged me “Last Week” $140 in Bank Fees.. One of which was for a $1.38 cent cup of coffee which now cost me $36.38!!! This Is BS and an insult that they send me now only $6.65.., Twelve years of Family banking here & that’s what I get!! It’s like getting a quarter to remind us we are scum to them while others get Millions.. crap I’m NOT asking for their Money.. IM ONLY ASKING FOR MY MONEY I WORKED HARD FOR THAT TD BANK TOOK FROM MY KIDS .. I WILL DEFIANTLY WILL BE LOOKING ELSE WHERE & SUGGEST THE SAME TO OTHERS…
I moved in the recent years, any idea how I can track down what’s owed to me by TD Bank? Thanks for any information in advance.
Michael Crowell
I had no idea this case was pending. One day $580.00 showed up in my checking acct. I was overjoyed as it was a tight week.
I have no grudges with TD Bank as I have almost always been able to talk them into refunding my charges or at least half.
Interesting that so many people have had “thousands” in fees. Why would you stay with that bank then??!
m a levine if you want to find those questions out you can contact
info@tdbankoverdraftsettlement.com
877-271-1496
I received a check in the mail today for what seems to be a mere percentage of the amount of money I paid in overdraft fees. Does anyone know of how they came up with who got what amount? They obviously did some sort of calculations to get the numbers they got.
i cant speak for the check from td bank as i havent received mine yet, but for all the people complaining about 35 and 33 dollar checks when me and my fiancee received our reimbursemnet from the bank of america settlement we were teriffically disappointed. we received 32 dollars and change and because boa did the same thing restructuring charges like that and we were always so tight the y would flip it around so that biggest payments went through and then we all of a sudden had 7 or 8 o/d fees on $3 dunkin donut charges
and thats how they made our money… im looking forward to getting my check but not expecting it to be huge. and would actually be happier if they dropped the collection account for the charges they tried to hit me with after i closed my account.
I received 2 checks weirdly enough. One for $49.46 and another for $14.89. I’m hoping more checks will show up in my mailbox that I didn’t expect. I had no idea there was a lawsuit at all about this issue, but that was the reason that I closed on my account years ago. They reordered the charges in the account so that the highest charges were first. This amount of money doesn’t nearly reflect the amount of charges I paid in fees, but I’m glad to get something years later without having to do any of the legwork myself.
Got back $45 and some change. I should’ve left TD Bank years ago, I knew that crap they were pulling did NOTadd up… $45 is NOTHING compared to what they took from me in what seemed to be and surely were unfair overdraft charges. Silly me to believe the BS their reps would feed me over the phone to justify ripping people off and like someone previously mentioned they would say “all banks do it” how naive i was to believe that was true. I wish i had the balls to question it further and get a lawyer involved. Kudos to the original plaintiffs and many thanks for your brave efforts. As for TD Bank and their affiliates you are nothing more than bullies and thieves dressed up in corporate attire- you took advantage of millions of people and their hard earned money; I wish nothing but sweet karma your way in whatever form it chooses to come. xoxo
Hahahahahahahaha I received $18.00 that’s so stupid, what about attorneys they got more than 30% of $62000000. They got rich. Stupid stupid stupid stupid. And you people still happy.