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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
Good morning,
I have closed my account with TD Bank because of what I personally told them that what they were doing was illegal by taking my highest purchases first to cause all my other lower purchases to be over draft. There were times when the highest purchases were completed four or five days after my smaller purchases. Their response was that it was when the vendor processed the charge and I called them a crook and a liar. I told them I have a degree in accounting and I pay close attention to my account and I only uses my debit card and I know for a fact that my purchases as soon as I swiped my card, the amount is put on hold on my account until it clears. There is no way a purchase I did yesterday cleared before a purchase or purchases I did three or four days ago. This was only because that purchase was the highest amount, which caused my lower amounts to be over draft. As I told their manager of the branch I was at for this issue, justice always comes my way, now here we are for this exact same issues I told them that was illegal in the first place of what they were doing just to get money from hard working people. TD Bank needs to be shut down, not just sued. What make them any different than a loan shark, embezzler, or any other criminal whom unlawfully steals money from innocent people. These large companies hides behind our constitution and these man made laws and are getting away with these huges white collar crimes that an average human being would have been arrested for commenting.
i have had $5000 + in ridiculous fees past 2 years. Some where actual bounced checks. I mess up there. But others were Online transactions etc usingPAYPAL or other services. In past bank would automatically block. TD treats every thing like a blank check. $35 fees being taken out 5-6 time for a $5 marketing expence via FIVVER via PAYPAL. The transaction was stuck on a loop. NOW, I have $1000 in the red in an account ALL of that being fees. I refuse to pay. NO ONE at TD will help. NOW my credit is screwed. DO NOT USE TD BANK AT ANY COST.
So I have been waiting for check since May. They keep claiming that when they mail my check to me that it keeps coming back to them saying it’s undeliverable. I have verifies on multiple occasions with them then correct address and they tell me that’s what’s on the check. I said I have no troubles getting any of my other mail delivered. They are trying to tell me that they don’t know what the problem can be. It’s absolutely ridiculous!! Has anyone else had this problem with them!?
So I have been waiting for check since May. They keep claiming that when they mail my check to me that it keeps coming back to them saying it’s undeliverable. I have verifies on multiple occasions with them then correct address and they tell me that’s what’s on the check. I said I have no troubles getting any of my other mail delivered. They are trying to tell me that they don’t know what the problem can be. It’s absolutely ridiculous!! Has anyone else had this problem with them!?
I’ve followed this suit & left TD bank. They continued to charge fees after I left! They are attempting to get $3000 and sadly, I haven’t received my settlement check YET! It seems worth it to them to pay this amount since the amount they might have got away with could possibly be twice that amount
I’ve followed this suit & left TD bank. They continued to charge fees after I left! They are attempting to get $3000 and sadly, I haven’t received my settlement check YET! It seems worth it to them to pay this amount since the amount they might have got away with could possibly be twice that amount
I’ve followed this suit & left TD bank. They continued to charge fees after I left! They are attempting to get $3000 and sadly, I haven’t received my settlement check YET! It seems worth it to them to pay this amount since the amount they might have got away with could possibly be twice that amount
I’ve followed this suit & left TD bank. They continued to charge fees after I left! They are attempting to get $3000 and sadly, I haven’t received my settlement check YET! It seems worth it to them to pay this amount since the amount they might have got away with could possibly be twice that amount
I’ve followed this suit & left TD bank. They continued to charge fees after I left! They are attempting to get $3000 and sadly, I haven’t received my settlement check YET! It seems worth it to them to pay this amount since the amount they might have got away with could possibly be twice that amount
I’ve followed this suit & left TD bank. They continued to charge fees after I left! They are attempting to get $3000 and sadly, I haven’t received my settlement check YET! It seems worth it to them to pay this amount since the amount they might have got away with could possibly be twice that amount