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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
So has anyone heard anything about this?? Thought they were going to court in Miami sometime this month?? Haven’t heard a thing
With all the overdraft fees I was charged how do I get on the class action suit list and expect payment?
I BEEN EXPERIENCE THIS FOR YEARS, NOT ONLY THAT WHEN THEY CHANGED THEIR NAME FROM COMMERCE TO T.D BANK THEY WERE MESSING UP PEOPLES ACCT. SO A COUPLE MONTHS AGO THEY WITHDREW 685.00 OUT OF MY ACCT EMPTY ENTIRE ACCT. SAID THEY HAD A RIGHT TO TAKE IT BECAUSE THEY MESSED UP MY ACCT 4YRS GO BUT COULDN’T GIVE ANY INFO AS HOW I OCCUR THESE CHARGES…WHEN INTO BANK TO TALK TO CUSTOMER SERVICE REP AND SHE SAID ITS BEEN SO LONG SHE HAD TO PUT IN A REQUEST TO RETRIEVE ….LEFT PHONE NUMBER TO CONTACT ME AND KNOW ONE NEVER DID…THEY ARE STILL PRACTICING THE SAME TACTICS….IF YOU USE DEBIT THEN IT SHOULD COME OUT RIGHT AWAY THEY WOULD ALWAYS WAIT TO MONDAY TO POST FROM THE HIGHEST TO LOWEST.
My acct. Was charged 10% of my yearly income, which in fact gave me no option bu to over draft again! I need to eat and maintain hygene? Bad eyes
Where’s My MONEY?
TD Bank has
been charging me with false overdraft fees for years
where’s my settlement ?
OK here is a good one, the did this to me, I ended up with 700.00 bucks in ODF, I had direct deposit in my account…I was making far less than that, so it took my whole pay check..I had nothing…no rent, car payment etc., so I stopped my DD so I could have money to live, so it left me with owing them still..(i forget how much) so of course the fees kept coming I called them to close out or put a hold on it…I had another check out that did not come back yet…that that company a long time, they told me NO we cannot not while u still have an outstanding balance, I told them I could not afford to pay the balance, I offered to send them half that month then the rest the next month…they said NO!! So After they got my account negative 1700.00 bucks…late fees…and about 20 other fees…they closed the account..but before they did that…they got their money…this is how, my Mom had an account their also, my name and my sisters name on it do if something happened to her. Well with out ANY notice they took that money out of my mother account…savings account….they broke open one of her CDs to pay for it… Now that is crappy thing to do….
They are still putting transactions through largest to smallest and on top of it their online statement do not match the actual bank statements.
My husband and I have had several conversations with numerous representatives over there practices of processing charges highest to lowest to induce overdraft charges. I am still fighting these charges with them today even after closing my account a year ago with them. Where is my portion of their settlement?
I don’t know how many times this bank took every cent of mine and my bussness and my husband’s acct. they would take every cent out for overdraft fees. it was unbelieveable, and i closed the accts and they are still hounding me for money. adding late fees on top of that its stupid, i hope we get all of our money back that would be a blessing.