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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 2 checks yesterday – total $1066.62. Somewhere I read that we were supposed to be receiving 44% of what they charged us but that obviously isn’t true. They charged me $1000s. And I do see the point of the people reprimanding all of us for overdrafting in the first place but sometimes things happen in life and you have to cross your fingers and hope something doesn’t clear before you get your next deposit. But when the bank then re-orders all your transactions to maximize the amount of overdrafts that’s just a pure case of theft and deception. I left TD Bank three years ago – had started with them in 1984 when they were Springfield Insitution for Savings. I am thrilled with my new bank. It’s a tiny one, they’re not open on Sundays and don’t have many branches but I’ve never had an issue. My transactions post in the exact order they are received.
I received a check in the mail for $50.54…. I thought it was a joke until I looked it up…. I loved TDBank until they allowed a charge to my account from T-Mobile that was not made by me for $720!!! I told them that first of all I have At&t therefore it was not me nor my husband who also has At&t that made any purchases….. I wanted to close the account but was not allowed due to the fact that my account was “under investigation”….. they explained to me that they were doing me a favor even tho there was only a few dollars in the account…. go figure… they cleared the account but due to their error I opt to change banks banks before the situations was even cleared
Ok i been holdin out i got back $23 three days ago in the mail
I received my check today for $167.60. Back in 2010, before I closed my account, I had aquired over 2K in overdraft fees. It kept happening week after week for transactions that hadn’t even cleared. I was being charged 35 if my account overdrew a dollar. That was ridiculous. I’m a little upset that the settlement check was so small but happy to know that I received something. It was about time these charlatans paid people money instead of taking it.
Julia, its our fault we overdrew, but the banks fault that they charged us 3 or more overdraft fees in one day instead of one.
I’ve been waiting months for a payment after receiving the postcard in the mail earlier this year. After I saw that people were receiving checks, I called up (877-271-1496) to check the status of my settlement payment. They told me “at the bank’s discretion, they decided not to offer you a payment”. I had over $1000 in fees in a 3-month period and closed my account over 3 years ago, once I paid off the negative balance from the overdraft fees. I asked for an explanation, they said “this case is closed, is there anything else I can help you with?” Extremely disappointed. I don’t understand how this can happen.
Keep a check register and then you won’t overdraft and worry about all these fees. Do I think they are a little outrageous? Yes; but its your fault you overdrew your account not the banks.
And that is what they are hoping for, to take the 34 bucks and be happy cause you cant miss a day of work or afford a lawyer. 60 mil is a drop in the bucket compared to what these thieves continue to steal from hard working people on a daily basis. WAKE UP PEOPLE!
I received $65 for over $3,000 in ‘illicit’ excess fees. This is truly an insult. I’m switching to a community bank TODAY, I’ve had enough of being ripped off by the ‘too big to fail’ big banks. Note “they didn’t admit” to any wrongdoing” – they never do.
Got $37.24 today. When I was getting overdrafts they cleared a couple hundred from the start but can’t really complain now. money, is money, especially since I wasn’t expecting any. 10000 would be awesome but at least we got something. From when they started the suit last year, we could’ve opted out and persued the suit ourselves and hired our own lawyer and gone through the trials and hopefully get more but that’s not how it went. I’m sorry a lot of you got back a lot less than you should’ve but at least you didn’t have to go through all those troubles and missed worked days and lawyer fees as well. The amount of time spent would’ve probably cost some people a lot more than what they got paid back on top on what they lost from overdrafts. Let’s just hope this doesn’t happen again…. And if it does…. You now know what to do.