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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
When will i receive the money?
Since then i have a different account I haven’t receive anything. When will i receive the money?
I went through a lot of bull with them also I finally closed my acct and went somewhere else. I did receive a card at my new address and I have been waiting to receive something in the mail.
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 have since moved to Oswego, NY from Wading River, NY. Will the payment be sent to the new address? I have closed my account with TD Bank when I moved.
Do the payers have my new address?
Also, I tried calling the toll free number, disconnected, the website “www.tdbankoverdraftsettlement.com is just a pdf with no updates. Does anyone have any information?
Final approval was march 20th, so where is the money? I have not received a dime yet!
I went through this with them and paid a lot of money to cover the way they posted. I fought tooth and nail with them in person and gave up. Then I get the notice and have been following it. Now there are never any updates on the hotline number or website. The only news you can find is that it was approved and that was a month ago. Read also that class action members should see a credit or check in A few weeks. But that isn’t what the class action number says. It is the same message as in the beginning. So I am waiting too.
I was effected bit not received anything yet as well
i went threw a lot of grief several times in the past and it was a pain in the neck every time.when they over draft you like they did it was a hell of a time to get it straightened out!
all so a lot of money you didn’t have!!!!!!!!!!!!!!!!!!!!!!!!!