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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
My son was caught up in this scheme that TD is obviously still running. I have opened several accounts to use for trusts of which I am trustee. Lucky for me, I have yet to deposit any funds in them. Surely, I will not use TD for anything whatsoever. I am in a small college town and it seems likely that many college kids are being ripped off because they are not yet educated to recognize such lowly business practices. Talk about American Greed!!
A $62 million settlement on behalf of TD Bank individual account holders who suffered additional overdraft fees as a result of the bank’s policy of re-sequencing debit transactions from highest to lowest.
They are still practicing this same method.
Got hit with re-sequencing two times on the same charges and then re-hitting because the account is overdrawn.
This is Bull! I am closing my account and done with Banks for awhile. I’ll use prepaid cards for my necessary payments online for utilities etc. If we all pulled our money- even though the prepaid cards are bank affiliated they are still cheaper. I’m done and contacted the original attorney’s associated with the case. They cannot get sued then continue the same practice!
Would like to know how I get my money being that you destroyed my bank account and my abuility to open another one so any help would be great thanks!!
I have not received a refund yet. Does anyone know how we can check the status of our refunds? A number we can call? Thanks. Good luck everyone.
I had td bank the entire time from 2000-2010, and got screwed multiple times by them. I received a letter letting me know I was in the class, but never received a check (I’m with a different bank now). How can I get what’s owed to me?
What if you have proof that TD Bank is still doing the same thing today, 09/28/13, that they have already been sued for?
Is there another class action suit?
I can joy the class action lawsuit… they are still charging multiple fees, I call td bank and they stated that the computer are one that charge the fee so they can only reverse one fee … can u believe it , this is b/s will work hard for our money for someone to take it away for non sense.
Seems that they did not learn there lesson, still doing it to me, first was 175, and then they regarranged the charges and hit me with another 105….
They are still doing it. I had purchases pending that caused an overdraft fee because they said a check I deposited couldn’t go through until the following day. They hit me $175.00 in overdraft fees. The they took the purchases and moved them to 3 days after the first fee and then hit me again with another $105.00 overdraft fee. I am filing a theft complaint against them and closing all of my accounts.