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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
I always knew there was something wrongfully about my overdraft fees but could not do anything about it against such a big fish……but, this time justice is done little fish takes a bite of the big fish….feels good…..
I always new there was something wrongfully about my overdraft fees but could not doing anyhting about it against such a big fish…
But,This time justice is done little fish takes a bite of the big fish…….feels god….
I was charged over $7,000.00 in Overdraft Fees at TD Bank in the past 4yrs ive been with them. Every month its approx. $75 to $600 in Fees.
dec 1,2003 and aug 15,2010 was charge overdraft i be in settlement
td bank always overdrafts my account.
TD Bank in Barrington, RI has taken several hundred dollars from me. After a Sprint bill was processed using my bank account information, TDB processed the charge then afterwards, posted all my smaller transactions after the Sprint bill. When I called to tell them the Sprint bill was posted to the wrong account, and had Sprint reverse the charges, TDB told me they were not able to refund me any of the overdraft fees. That Sprint would be accountable in refunding me the fees. I told them that Sprint was not going to pay my overdraft fee and especially not any of the other fees that had nothing to do with them. Had that Sprint bill not gone through, all of my smaller charges would have processed just fine. Instead, TDB processed the larger amount THEN the smaller charges. Unbelievable. I couldnt do a thing about it, that was the worst part.
TD bank did it once, second time was bye-bye! so glad they are getting it.
I’m so glad that someone decided to approach this problem. I’ve been told by several “bankers” that this is how the banks make $$ and that it is legal. Guess they’re finding out otherwise.
td bank charged me over draft fees every week didnt no for what till i went in there and fought for my money they kept doing it again and again finally i had to close my account i couldnt afford to keep paying overdraft fees
TD Bank has just announced that they will begin charging customers a $10.00 fee for automatic overdraft protection on November 20, 2012. (You need a line of credit for this).They tried to do this two years ago, but changed their mind because of adverse reaction from the consumer. Now they’re doing it again. They already make 14% interest on the overdraft protection total. Now they want another ten bucks out of the struggling consumer’s pocket for each and every overdraft transaction. This kind of behavior by TD Bank show that they have no conscience. While other banks are helping hurricane victims with excusing fees etc, TD Bank is helping themselves to victim’s empty wallets. It’s despicable.