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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
Thanks Angelita Henriksen! I appreciate you posting that letter because the reported letter said a couple of weeks from approval. I know I certainly I should expect to receive something form them. I eventually ended up closing my account after paying over $500 to do so, but it states that even if it was closed and you don’t owe you should receive something. I’m not expecting to receive much. I’m just glad that they were caught! I never had those problems with Commerce Bank.
Didn;t change their ways though,just happened again this week.2 card charges and they bounced larger first and then bounced second for only $1.06,result in $70 overcharged instead of $35.Guess tiis is how they plan to pay off settlement.
Contact them via email. I do know that after attorney fees and the money that the people that started this lawsuit get, we will not get the full amount that they charged accounts. There are ALOT of people in this settlement. I have accepted that whatever I get , I get and I am not planning on it. You probably will not be contacted, it will appear on your account or sent by check. But like I said , I wouldn’t depend on it.
Hey I know I’m owed a substation amount of monies. So will I be informed by e-mail or by phone in late may or June. Because this has become a burden for my family in the past and now. I would appreciate any info for peace of mind. Thank you for your help.
How would I know if I was eligible?
Did the ruling go in the customers favor and will the checks be sent out through the lawyer or the bank
i posted my response to today email to them
From: TD Bank Overdraft Settlement [mailto:info@tdbankoverdraftsettlement.com]
Sent: Monday, April 22, 2013 1:49 PM
To: Angie
Subject: RE: over draft refund
Dear Angileta Henrisken,
Thank you for your email.
The Court granted Final Approval at the March 7, 2013 Final Approval Hearing. The Final Approval Order is available at http://www.tdbankoverdraftsettlement.com .
Awards will be distributed to eligible Class Members in late May or June. The award amounts and the exact disbursement date have not yet been determined.
Please check in with the Settlement Website, http://www.tdbankoverdraftsettlement.com , or call Toll Free 1-877-271-1496 to receive more information about the Settlement and updates going forward.
Regards,
Rachel R.
TD Bank Overdraft Settlement Administrator
I went on the web site for the td class action information and at the bottom is a contact email. Use that email. Let me know if that works. And let me know what they say to you. Probably a copy and paste they are sending. Good luck!
I just emailed the settlement administrator from the overdraft website not sure id there is any other site . will update i i hear anything