Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
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.
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
229 thoughts onCourt Approves $62M TD Bank Overdraft Class Action Settlement
we all should have gotten a check for $3500 and lawyer get,s the rest $1000,s in over draft fee,s and they give $7.33 im not cashing the check im bringing it to my lawyer and getting it adjusted
Wait til you hear this. I got my BIG check for $9.31 on June 6. WOW!!! Then I find out that on 6/11 someone withdrew/stole $260.00 from my checking account from a TD ATM on Second Ave. in NYC!!!! I was working at home in NJ that day. I reported it immediately and am waiting for the results of their “investigation”. I informed them that if I don’t get my money back, I will take legal action against them, which I’m sure they would like to avoid.
I had them for a lot of years and just opened the check today, it sat on my counter for awhile and I almost threw it out. My total was $351.70. I dropped them a few yrs ago to go with a local credit union b/c I was sick of their BS fee’s
I had a commercial account with TD last year, they are STILL doing the same thing! I pay for my account and any check I deposit is supposed to clear the next day no matter where its from. They routinely held deposits over for it being an “unusual amount” an put “pending” transactions through to charge a fee when there was a “pending” deposit. I paid over $1900 in fees in 4 months. I used my bank card to run up $2000 in charges to get the money back and switched to a different bank. I’m not eligible for the class action because it only goes up to 2010 so I had to take action myself. Screw em!
I have read several from these postings something about 44% refund. I was reading the documents from the case and found a section under calculations/payments that states that they (whoever they are) would review all accounts and calculate the difference between what was actually charged in overcharged (using high-low system) vs what would have been charged if done as charges came in. That is what they are reimbursing us. Don’t know if that is what we all received but I don’t think so.
Edgars –
Contact that phone number and they told me they have no idea how things were calculated; the people at that number are only able to tell you weather or not you will receive a check. As for the website, it contains the documents of the case only. Thanks anyway.
Got $37.74 from this settlement what a joke after getting raped for $4000.00 in fees everybody’s getting different amounts . Everyone should have gotten $5000.00 a piece . Should be another lawsuit for insulting our intelligence .
I was affected by this, but haven’t receive anything as of today. no longer bank with TD
thanks
i just receive my $65 is not much but came on a good time ,i did pay a lot off overdrafs fees on that bank
Just got my check yesterday for $113.33 and wasn’t sure if it was legit since I had no idea I was part of this lawsuit. I remember getting hit a couple times with multiple OD charges due to the way they ordered the transactions, not the order in which they occurred. Both times I called and got them to refund the extra OD charges. I’ve since closed my account with TD, and use a local credit union. America’s most convenient bank isn’t all it’s cracked up to be people.