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Toronto-Dominion Bank, also known as TD Bank, has agreed to a $41.5 million settlement in a class action lawsuit accusing the bank of charging consumers unlawful fees.
The plaintiff filed their class action lawsuit in November 2018, alleging TD Bank charged fees for insufficient funds multiple times when merchants tried multiple times to complete the same transaction, Reuters reported.
The class action lawsuit claimed TD Bank allegedly charged $35 for each time a transaction was re-submitted and rejected.
The settlement terms include $20.75 million in cash, as well as $20.75 million in debt relief. Toronto-Dominion Bank is Canada’s second-largest lender and also operates in the United States, according to Reuters.
All current and former holders of TD Bank NA consumer checking accounts who, during the Class Period relevant to the state in which the account was opened, were assessed at least one retry nonsufficient funds (NSF) fee is considered a Class Member.
The relevant Class Periods are:
- Nov. 30, 1998, to preliminary approval date: Maine
- Nov. 30, 2008, to preliminary approval date: Illinois, Indiana, Iowa, Kentucky, Louisiana, Missouri, Rhode Island, West Virginia, Wyoming
- Nov. 30, 2010, to preliminary approval date: Montana, Ohio
- Nov. 30, 2012, to preliminary approval date: Alabama, Connecticut, Georgia, Hawaii, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Dakota, Oregon, South Dakota, Tennessee, Utah, Vermont, Washington, Wisconsin
- Nov. 30, 2013, to preliminary approval date: Arkansas, Florida, Idaho, Kansas, Nebraska, Oklahoma, Virginia
- Nov. 30, 2014, to preliminary approval date: Arizona, Pennsylvania, Texas
- Nov. 30, 2015, to preliminary approval date: Alaska, Colorado, Delaware, District of Columbia, Maryland, Mississippi, New Hampshire, North Carolina, South Carolina
In the time since the class action lawsuit was filed, TD Bank has revised its disclosures about retry NSF fee assessment.
Do you bank with Toronto-Dominion Bank? Do you think you have been charged excessive fees? Let us know in the comment section below.
The plaintiff is represented by Richard E. Shevitz, Lynn A. Toops, and Vess A. Miller of Cohen & Malad LLP; Jeff Ostrow and Jonathan M. Streisfeld of Kopelowitz Ostrow Ferguson Weiselberg Gilbert; Jeffrey D. Kaliel and Sophia Gold of Kaliel PLLC; and James J. Bilsborrow of Weitz & Luxenberg PC.
The Tornoto-Dominion Bank Fees Class Action Lawsuit is Perks, et al. v. TD Bank NA, Case No. 1:18-cv-11176, in the U.S. District Court for the Southern District of New York.
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8 thoughts onToronto-Dominion Bank to Pay $41.5M to End Nonsufficient Funds Fees Claims
Please add me! Yes we have lost hundreds due to TD Bank charged fees for insufficient funds multiple times when merchants tried multiple times to complete the same transaction.
There was one time The same bull was somehow paid twice at tge same time, it was a $600 bill and because the second one didn’t go through they keep charging even after I asked both to stop and fix the online mishap that acurred. That time alone cost us hundreds of dollars that we couldn’t afford. Constantly for years charging us not once but tree to four times knowing the money wasn’t there and charging us every time. Telling us nothing can be done. They just put in a nsf credit in our account of 48$ and change as if that makes up for all the money in overcharges and insignificant funds they have already collected on, selfishly taken, over and over on the same charge. We lost so much from this bank. We are still a customer of there’s but ended up having to switch banks for our important finances because we could keep getting charged like that. We were having trouble paying our bills, all due to these charges they would put on us. If were to go back over all the years we have been with them and look to see how much they have taken from us it would definitely be in the thousands. Mistakes And overcharges shouldn’t make it so you can’t pay your rent or mortgage.
Add me please I’m overcharge several times
Been over charged alot what do I do
I had TD Bank and alway charging me overdraft fees . Also call and complaint. It was to the point I closed my account and they said I owe them money and I didn’t . Was nothing a headache dealing with them.
I have been charged outrageous fees by TD Bank for the past 4 years. I don’t know how they figure out their overdraft fees but they are inconsistent. Please add me.
My name is maritza arredondo daughter of manuel arredondo who is currently in garnishment with TD bank and is getting charged with almost 39,000 and deducted off his check every week. My father manuel arredondo does not make alot of money weekly he does have alot of bills to be paid by him, my mother diana garcia does not work they are currently still raising a child and still provides for that child by the name of Denisse Arredondo. It is so difficult to pay that high amount with pandamic ever since it started my father has gotten his electricity cut off due to none payment were he does not make alot of money. My dads pay checks became getting garnishment deducted March 22, 2021. With this being said we would want to know what can we do in this case more since this 2014 Ford Mustang Roush stage 3 was stolen and police report was made insurance and Gap insurance were made but still did not cover all the balance. Please help us out with this we are not able to afford paying a vehicle no longer exists.
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