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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 just received a collection statement regarding an old account that was all overdraft fees after closing my account. Does any have advice as to who I should contact to fix this?
TD Bank was still doing this up until YESTERDAY when they finally changed to real time posting. Why were they allowed to continue to fleece customers years after the settlement? Is there going to be another settlement for the rest of us who have been banking with them after the 2010 cut off??
I personally went into the branch and closed my accounts in 2012 due to the less than honest practices of TD & the fees. I added my name to the settlement suit for the same reason and almost 4 years later (today) I receive a letter that advises my refund amount is being applied to my negative balance, with interest! Ha! They not only found a way to avoid paying me back but have charged me interest during the court hearings. I spent an hour on the phone being transferred several times and placed on hold to find out that even after my refund was applied to so called balances….That I now owe them almost $2000. What a scam
What’s really despicable in all this is that the class action lawsuit machine is there to use our hardship to make law firms richer. They get a settlement in the hundreds of millions, I get a check for $6.79??? No even 1/6 of one overdraft charge, while the lawyers are raking in $500/hour.
Yes this happened to me. I just got a phone call today im in collection for this problem that happened 4 years ago. And they want me to pay for it.
I am a small business owner and I have had nothing but problems with TD Bank. They rearrange my purchases in order to overdraft my account almost on a weekly basis in order to maximize the number of overdraft fees they can charge me. So far this year I have been charged over $500 in overdraft fees in just 2 months. When I complain I am met with the same response, we charge overdraft at our discretion. Enough is enough, how can we allow company’s to get away with practices that have already cost them 62 million dollars.
The question is, why are you still banking with people that habitually rip you off??? Are you a glutton for punishment? I pulled all my accounts from TD Bank and put them all in a small, local credit union (owned and operated by it’s members, not corporate investors). Never looking back.
I had a mortgage with Middletown Savings Bank in NY. I paid my mortgage on time with never a problem. When TD bank took over it all started. First they required an escrow for taxes, as I owned more than 50% of my home it was not required by the previous Middletown savings Bank but just by taking over the old bank they reserved the right, no, demanded that I not only pay the current year in taxes to them but also another full year in escrow. It came to over $12,000 I had to come up with right away. My grandfather had just passed and left me just enough money to give to this dastardly bank. That is not the worst…
I had always paid my mortgage at my bank Middletown Savings Bank at the counter with a book coupon, I continued this at the same branch, it just had a new sign… TDBANK. After a few months or maybe more I saw all these late fees tacked on…once checking my credit after being declined somewhere else for a purchase I found that MY BANK TDBANK reported all these late fees and ruined my credit. When I asked at the bank I was simply told that they mail mortgage payments to a company that processes them or a mortgage processing center and it did not post until it was posted someplace that far away. This was never explain and seems to be another one of TDBANK’s attempts to rape it’s clients and with no regard to their welfare or CREDIT SCORES. I tried to contest this and hired a credit attorney but so far all TDBANK does is VERIFY the late fees and the payments being late… they created the lateness to accrue these late fees form more than me I am sure.
I was part of the OD fee class action and received $187 for thousands of late fees. There has to be a way to stop these hideous practices… seem so illegal and punishable.
my email is efoddrill@yahoo.com if anyone has had the same experience… perhaps we could end it, get them fined and our credit repaired.
After customers argue about overdraft fees and do any kind of lawsuits and everything, what banks will end it up doing is posting transactions chronological including deposit and than we all are going to be screw up with more fees. Please remember that banks are a profit organization and that they are in bussiness to make money not to be paying and lending money to the customers. People that argue about overdraft fees is the people that receive their pay check and is already gone or people that expend more than what they earn or the ones that live of ssa
I received a check issued by huntingdon national bank with a letter referencing this law suit. check is for $72. Is this legit or some sort of scam? Can someone who has already cashed theirs verify this? Havent had a TD account in years so it was sort of odd that I received this. Thanks.
I received a whole $ 18.62 back from this lawsuit. From hundreds of over draft fees, thanks for looking out for me!