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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
wow a whole 29 bucks back from hundreds of od charges. wow i’ll go celebrate
What is the status of getting money out to the consumers? I thought it was supposed to be first week of May for actual money paid out to the consumers.
WHAT IS GOING ON WITH THIS BANK ? ITS THE END OF MAY . THIS CLOSED IN MARCH ! THESES LAWYERS HAVE TO TELL US SOMETHING . THEY ARE GETTING PAID A HELL OF A LOT OF MONEY BEHIND THIS SETTLEMENT .
Td Bank Failed to send me a card or ven notify me on this action as my account went back to 2009 and they had been ripping me off since since for a Conservatiove figure reaching $2400 in fees.i want my name addres to toe Plaintiffs lawsuits.I ebeleve many more of thier customers names were omitted from their list which they gave the courts.How do i remedy this Situation. Plese advise.Mr. cleveland Ward 18 crowell St. dorchester,ma. 02124
Forget about it. the only people who are going to get paid are the lawyer’s and the people who started the. suite.so get on W
ith your life theynotifyed you because that was the legal yjthing to do.
people forgret about this settlement. by they finish paying lawyer’s and god knows who else, you will be lucky to see a dollar.they sent out cards because that was the legal thing thry they had to do. get on eith your life and watch your momoney.
#42 justsayin – he is a doosh so don’t worry. I agree with you.
Did you read the documentation. I am thankful to all those that did something and YES, they are still doing it? I have been with TD bank forever, but they were Wachovia, does that all consititue the same thing? Does anyone know the breakdown or data analysis of how much we will recieve and when? I am not a lawyer and read the info. and understand all but what a customer gets and if Wachovia-TD Bank switchover counts? Anyone??
to harsh reality….i don’t think people push their account to the last dime to hope to have a problem with their money, pushing to the last dime for most of us is called “surviving and trying to pay all your bills on time. Unless you have money out the ass, it’s pretty much what we all NEED to do
They are still doing this today. This is true because this is the game. Do the illicit activity. Go as far and as fast as you can before authorities and consumers push back. Hire the best legal team to delay and ultimately minimize the settlement. Rinse and repeat. This is not banking, people. Banks take deposits and make loans. Now that credit standards and capital requirements reduce the ability to make loans, they can’t grow without growing fees. Fees are not the basis of a healthy banking industry. Solution: banking industry must shrink because loan originations will not keep up with paydowns of loans. Portfolios will shrink. Selling them off in pools makes this opaque, but this is what is happening in the macro. Look for a shrinking US Banking industry increasingly desperate to show continued growth through earning more fees. Fees don’t represent valuable services extended to customers. They represent a “toll booth” or “penalty” for bad behavior. This approach is the death knell for the US Banking industry. If they don’t get back to basics, let their banks shrink as they naturally should. They will be facing competition from other financial services companies for their business. Look also at Internet based companies such as Paypal to take away huge business from the “banks”. Two thoughts for you bankers. 1. Study your banking history and remind yourself what a bank does that’s valuable. 2. Get ready for Glass Steagall redux. And, prepare to shrink as an industry. Do it gracefully and you can find new opportunities to make money. Fight it and get prepared to end up like the dinosaurs.