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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
Theresa what is the link to the website or does anybody else know . thanks
My husband and i were effected by this also. I closed my account but my husband still with his account and he strungle. I receive the document in the mail but he don’t we too have not seen a payment yet. We open our accounts in Boston on 2007 and in 2011 we moved to Florida a lost my job and they start to take out my money i deside to closed. The postcard say that even you have the account closed they goin to send a check but will dont see nothing. I will post here again when we receive a check.
Attornneys are gonna get rich people!!!!! They are not many, and they’re gonna get 30% from $62000000.00 what about us? Only the money TD bank stole from us. Crazy really crazy???????
I received an email from the administrator. I found the email on the website. I suggest everyone send an email to get the answer as to when you might receive any type of payment. May not be until late may or June. Just goes to show news reports are not always accurate, have to do your own research.
What’s a few weeks? It’s now April 18th
I read the final judgement papers too and it looks like all the final papers were signed the 17th. I also read 42-44% roughly. That all depends on the totals of all the fees etc. I don’t have a problem with this, as I had kissed that hard earned money good bye after several visits to my branch office. The money was in escrow for a long time. So I think with what they are getting from this case , we should see something soon. Let me know if anyone gets any information on this. Good luck
I looked into this further. It looks like we could all recieve up to 44% of the OD. Fees we all paid
I still have my account and way before td even took over commerce. I am waiting for my share. They owe it according to the courts and they didn’t wait to take it from all of us. We are at least entitled to an update. Probably like any other case, they have 60 days to make payment whoever is handling the disbursement. We may end up with 10.00 in the end. My account went way beyond that because of one transaction. I hope we all see exactly what they took, that would be a change and a nice surprise.
I could’ve sworn that the postcard they sent out in regards to this lawsuit stated that in order to receive payment, you had to have an open account with TD Bank. Good thing I’ve always refused to close my account because I’ve had it since I was 19 and I was attached to it lol. I’m 34 now…
Either way, I still haven’t received payment, and I’m not going to complain about not yet receiving something I wasn’t expecting to begin with. I’ll wait.
On the Td bank settlement website, you can call the counsel for Plaintiff to check the status of the settlement distribution. They have obligation to give you some type of information as stated in the documents attached in the website. So I would suggest people do that sometimes it can get people to move a little more effectively.