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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 was confused of why I was charged so many overdraft fees, which made checks bounce! I knew I had a good system with my budget. I close this account and haven’t had a issue since. I hope this settlement comes in fast cause TD Bank owes me money and a apology.
I was several times at the bank complaining about this that they would take the hiighest first and then keep paying on debits even after they knew that they already took me for taking the highest amout out first so that The balance would overdraft and not clearing my money that were from checks put in days ago. then taking me on every single debit that they are letting go through. They have many times not let checks that were work that should have been cleared . I always now cash my checks where ever my work place banks and then put it in as cash so that I do not have to wait to pay my bills. nI hate TD but tried to stick there because Bank of Amerca and PNC who let people withdraw money unauthorized and both Did the same thing I don’t know who to trust.
This is exactly why I left TD bank and went to a credit union. Real time banking is the only fair way and that’s what the credit union does.
you want to mad at someone for fees and fee hikes… be mad at who you buy things from. banks lost alot of money on an agreement between merchants and the government in regards to paying a lower percentage on credit transactions. so banks make less…. which thats what made alot of the perks we all miss…. like free checking…. a memory. look it up if you dont believe me. merchants used to pay 6% or more to banks…. now they are paying 3 and 4%. so that revenue was cut in half or worse. banks are a business like any other. they have expenses and arent owned by big brother. again research it if you doubt me on the agreement reached with merchants.
also stop pushing the acct to the last dime. its called… cut the spending short when you still have SOMETHING left. and write down what you spend. and when you see it with all your things from days ago. cross it off.
ummmm don gaess…. obviously you didnt read the same thing i did. td has BEEN charging that 10 dollar fee. and funny thing is…. its got nothing to do with sandy. unless sandy hit a year ago when i opened my acct and came back for more approx a year later. lack of education people…. thats what it sounds like from alot of you. them posting the higher first…. wah wah. if you all read the same thing i did when you got your acct it says that all. they gave me the same thing im sure they gave you. its called a disclosure and several other things. heres some hints to some of you…. dont spend money you dont have. second…. dont spend money you dont have and then make a deposit the next day expecting no overdraft. or deposit 9000 and expect it to clear in 5 min. its like shoveling after the snow already melted. or expecting the shovel to clear your entire street in one scoop. people are quick to point fingers at outside sources. like blaming their neighbor for having a pool that someones kid falls in. educate yourself. you are as ignorant as you allow yourself to be. to karen fitz…. is that 12 #&&*#*# supposed to be “12 pages”? case in point. you walked in the door. you spent the money. you continued to spend the money. you didnt read and ask questions. so far im seeing personal responsibility being the real issue here. i have several accts and have no issues with any bank. because i educate myself. maintainance fees….. dont have a bentley acct for your toyota pockets that needs such a high balance requirement. enough of the crybaby crap. youre an adult. as ive heard it said in court…. ignorance is no excuse. especially when the tools to not remain ignorant are given to you
I was charged overdraft fees and the took my weeks pay and then some for overdraft fee because they put the highest amount first instead of taking the charges in order.That was a few hundred dollars!!Closed the account,and they are still trying to get money from me!!
call me
i will do anything testify anything you want i hate them they have screwed me over and over to tge I have a file 12 ibcges thick of names dates ID numbers everything i have is documented i have someone forging my name ohhgggg soo mad call me 508 877 0909 adk for karen I am on board to screw TD BANK\
THEY PUT A 10 DAY HOLD ON A CHECK from acrosrs the street Erin did it she was pissed at me cuz i took my fathers inheritance and i wanted to make a deposit a DEPOSIT of someof it in to my fiance’s account i was told r couldn’t. that was the straw that broke the camels back i said CLOSE MY ACCOUNTS IHAVE HAD IT. so she put a special hold on my chekcing account i had beeen out of work with cancer no money i bounced idk 10 checks i went into the bank and they said she put the hold on she’s the one who has to take it off.. i said hell no. and she wont be back till tuesday this was a saturday… i was so angry my friend use to be a big wig at boston federal and i went after her read policy and porcedures went over lamonias head asked for district manager Karen S… she helped for awhile until she knew i wasn;t giving up she said well I got half your fees back i said HALF MY FEES ITS MYYYYYYY MONEY YOU TOOK BY MAKING YOUR OWN RULES.. i called the 800 number they were even like they can’t do that i ended up with the VP of marketing said i wanted her to be written up a formal apology she called me twice i knew she was gonna lie so i didn’t take her call i said and i want to be compensated for the 100 hours of my time i spent on them… screwing everybody thet still owe me 280 from an atm that i never received the money ohhhhhh i could go on forever they are horrible and horrible people.. im in I will go to court i will testify I DONT CARE THEY WILL PAY.