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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
I am ashamed to say that to quoted we paid out 11,000.00 in overdraft fees during our 6 year relationship with them. I am praying we can get some of that money back. Such an awful practice of paying the largest amount and returning your debits and charging a fee as well.c50rky
cmm, thank you very much for the reply ! tracey, what phone number did you call where you actually got a human ! lol! would appreciate it so I can call too! thank you all for the info,nancy
The email said “late May or June.” There is no exact timeframe right now I’m sure because they have no idea yet what amount we’re getting
I just read where it said we will receive our money in late may or june. Well we’ll see because its late may im hoping to receive something soon.
This is not true you don’t need an account there anymore to receive any settlement. I closed my account there a while ago because they kept charging me all the time. Even though I have a new bank I still received the card in the mail so I called and talked to someone about it and I still qualify for it.
cmm, did they say June or late May or June? Just curious because that’s the answer they gave me andi wondered if it changed… also did they say beginning of June,middle or end of June ? TIA Nancy
I am so over TD bank, my account has been -212.56 for the last 2 weeks due to their “shenanigans” Your weekend transactions aren’t posted until Monday, and when the do post it show you are overdrawn and owe overdraft fee. I’ve complained and was reimbursed for some of the fees and then they pulled the same crap again. I’ve never had this problem when they were Commerce and what happened to their commercials with Regis and Kelly? I am so done with them the settlement probably won’t be worth waiting around for.
Received a response from the administrator last Wednesday that said the amount and date have still not been determined. We should receive something in June
any word on refunds ? still waiting
I just saw the up date on the settlement. I don’t understand why we are not being told through e-mail or home address on this matter. When do they plan to pass out the refunds! I was charged a lot of money and they did not hesitate to charge me. why should we have to wait for4 what is ours! I hope we hear something soon! Do the right thing!