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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.
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
Guess WHAT!! They are re-dojng it again, the “Highest to Lowest” system is back..who to contact?
For the first time in 27 years my employers payroll department made a mistake on my direct deposit paycheck. This caused me to have insufficent funds for one check I had written out of two. I started the day with over $400.00 available and withdrew $100.00 early that am. Later that night the 2 checks came in and not only did they charge me $35.00 for each check (even though there was enough $$ to cover one), they even charged me $35.00 for the ATM withdrawal I made earlier that day. This is just so unbelievable! How do they get away with this? Didn’t they learn anything from this past judgement? It seems the only ones who benefited from this whole fiasco were the lawyers.
well i recieved all together $348. Seriously i had been with with td bank for over 5 yrs and surely paid alot more than 348 dollars in overdraft fees. kinda makes you think what they think of there clients. Ive called the number that they provide and all they can say is if you have a check on the way… they dont even tell you how much its for…and now i know why they say life is unfair…seriously the rich keep getting richer and the rest of us wonder why….
I received a check alright, for$55.98. I tried to cash it at Stop&Shop and was told it’s not a real checl. It doesn’t have enough #s on it. It is drawn from HuntingtonNational Bank, which is in Ohio. I need to call or write these people. Although, from all the posts it sounds like fraud payouts, because the settlement said cash or draft account payments.
I received a check for 57.19 ,but cannot cash it because its made out to myself and someone i am no longer with and haven’t been in almost 10 years .
I waited and waited for my big payout – all $18 of it! I had been planning to close my acct but then found out about the overdraft settlement. Happily closed my acct yesterday and when asked why told them it was from their beyond awful criminal like practices!! Last year I had thousands in fraudulent charges that drained my acct and surprise surprise they did nothing except their “sham” 14 day investigation and charge overdrafts that they said they’d reimburse!! All of the fraudulent activity was still in pending charges yet they were going to allow it to hit my acct and let it be severely overdrawn for a least 2 weekes while they investigated!!! I had to take matters into my own hands and call each vendor to get them to issue me a credit. That was my defining moment that TD sucks!!! Had it been chase they would’ve credited the fraudulent activity ASAP and not make it be my issue !
When I got the notice in the mail of the class action suit, I was so excited to finally see that TD bank was going to be held accountable..For years I have been complaining that they have been purposely posting from highest to lowest and actually holding onto charges so that it would throw account into overdraft..There were times where a charge would be posted on the account and then the following day it would show up in a different order so that they could charge overdraft fees..I know I have been charged thousands with these fees, and on June 6, 2013 I received a credit on my account for $27.93…What?? Really?? Where did all this money won go to??? This is ridiculous!! So much for us little people who were taken advantage of..I thought we were finally going to be taken care of, for years of sneaky practices..$27.93 isn’t even the amount of one overdraft fee, which is $35.00…How did they calculate that number?? Crazy!!
TD Bank Has more than one trick up their sleeve for those of you that ran to them every time you got an overdraft and they were tired of seeing you they started ordering your overdraft account from highest to lowest too and made it a requirement that the full amount had to be available in your overdraft account not just the amount needed to fulfill the overdraft What a crock of ish they gave me only 18 dollars. I used to bug them everyday!
ok so for every one coming to this page an update for you, i spoke to the class action settlement department for td bank. as my case was under review. a lot of people are getting small checks because they left td bank with a negative account balance. so if you still had a negative balance when you left td and closed your account any amount that they determined you were owed went to satisfy that balance first. while it sucks and i know i was expecting money, it is even more justifying that they now have to dismiss the money i owed them for overdraft fee on top of overdraft fee that they kept charging because they reopened my account. so now they have to take that off and help out my credit score. so if you are wondering why you got such a small check that may be a reason why. not saying it definitely is but it is a possibility.
Have not received a check or credit to my account as yet. Was with TD long before the date of this suit and still am with TD. I like the bank and it’s people. The fact I was in NY the move to Florida in the last 4 years I hope did not confuse the people sending out the checks. Anyone else have this problem?? Thanks