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TD Bank has agreed to pay $62 million to settle a class action lawsuit accusing the bank of gouging customers with improper overdraft fees.
TD Bank’s overdraft fee settlement, which still must be approved by a federal judge in Miami, will resolve claims by customers that TD Bank reordered debit-card transactions from highest to lowest to maximize the number of overdraft fees it could charge.
“It’s a good deal for TD Bank customers because it’s going to help recover for them some portion of the overdraft fees which we contend were wrongfully assessed against them,” said an attorney for the Plaintiffs. He estimates several hundred thousand customers will be covered by the TD Bank overdraft fee class action settlement, the exact number of which will be determined later in the settlement approval process.
The TD Bank overdraft fee settlement was reached under a massive class action lawsuit case called In re: Checking Account Overdraft Litigation involving more than 30 banks. Many of the banks have already reached class action lawsuit settlements in the case, including Bank of America, which agreed last year to pay $410 million to settle the overdraft lawsuit.
JPMorgan Chase, National City Bank (PNC), Citizens Bank, BancorpSouth, Bank of Hawaii, Associated Bank and Umpqua Bank are just some of the banks who entered into class action lawsuit settlement agreements in the litigation.
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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66 thoughts onTD Bank Reaches Overdraft Fee Class Action Settlement
suntrust(laurens sc) my son made 4 purchases with his card about $20.he was in the military and added me only as an emergency to his paper work.i had 3 other joint checking accounts with my name and suntrust treated to put holds on my accounts and took $418.00 from mybaccount in one month and we then had to move 3 accounts! my name was not on my sons checks or card nor did i ever use the account but I was made to pay his excessive over draft fee and treated with a warrent!
Anyone know how to be involved in the class action suit? Or will they send out letters to everyone after the settlement who is entitled? These scumbags allowed an unauthorized payment and then hit me with $275 of OD fees.
The best way is to turn off OD protection, and they can go eat a big one, without their scam fees.
Suntrust Bank needs to be added to this list they did my sister’s account this way and she is on social security she has had over $700 OD charges HELP
yes this happened to me too
Oh, have I been hit with this scam. How about the one where they wait until your balance is very low and then hit you with the monthly service fee of 25 dollars!!!! Actually I think its more, then you get charged 39 dollars A DAY but they dont let you know until you have put the money in the bank, then about 2 weeks later you get an overdraft notification. CUTE!!! I keep my money out of the bank as much as I possibly can. I put it in to pay bills and keep it down to a minimum, but they always seem to get me, even though I check my balances about every other day. CROOKS. This is true of every bank Ive been with, and they have been many.
Is Wells Fargo involved they double if not triple fee’s on the same customer.
I have been wanting to sue Suntrust Bank for years. They also rearrange debits and I have lost hundreds to this bank.
Citizens Bank of Pennsylvania does it all the time!!! when will we hear about them. I am ready to show proof!!! They also do not post money from your OD line of protection till the next day, so you still OD!
TD Bank is still doing it today!
Region’s Bank needs to be among this Lawsuit too!!!!!!!!!
I bank at Huntington. They did this to us several times over the years rearranging the purchases to charge us overdrafts. We’ve lost several hundred to this dishonest practice. When does Huntington get proper attention from this practice?