Consumers looking for a TD Bank class action lawsuit sign up may want to look into a $70 million overdraft fee settlement reached with the bank.

In July, TD Bank agreed to pay $70 million to resolve overdraft fee litigation which claimed that the bank charged excessive overdraft fees.

In addition to providing $43 million in payments, the settlement will also provide $27 million in overdraft fee forgiveness. The settlement follows years spent “zealously” litigating whether or not TD Bank illegally charged overdraft fees to their customers.

“After nearly six years of litigation, we have reached a comprehensive settlement of all claims. During that time, TD Bank changed the challenged practices, but this settlement was still needed to provide financial compensation for the several classes,” class counsel said in a statement to Law360.

More information and TD Bank class action lawsuit sign up information will be available soon.

TD Bank Overdraft Fee Lawsuits

This is not the first time that TD Bank has been subject to overdraft fee litigation, nor is it the first time that the bank agreed to pay to resolve claims against them for similar issues.

TD Bank reportedly assured consumers that overdraft fees are only charged “when funds are not available in your TD Checking account and TD Bank pays for or returns a transaction.” However, plaintiffs claimed these representations are false as the bank reportedly uses deceptive practices to maximize the number of overdraft fees they can charge.

In 2009, another multidistrict litigation centralized claims that TD Bank, JPMorgan Chase Bank NA, Bank of America NA, PNC Bank NA, and numerous other banks had manipulated transactions so that they could charge more overdraft fees. This litigation was resolved with a large $62 million settlement from the bank in 2013.

However, TD Bank allegedly failed to improve their overdraft practices. In 2015, the bank faced further legal action from consumers who claimed that TD continued to reorder transactions for their own gains.

“Significantly, defendants continue to assess overdraft fees based on the improper reordering of debit card transactions from highest to lowest amount and to assess fees even at times when customers would, but for the reordering, have sufficient funds in their account to cover all merchant requests for payment,” one overdraft fee class action lawsuit claimed.

This and eight other suits were centralized in Southern Carolina in 2015. The recent $70 million settlement will resolve the multidistrict litigation by granting Class Members cash payments and overdraft fee forgiveness.

The largest payments will be given to a Class of various TD Bank customers who were charged overdraft fees between 2010 and 2016. The settlement’s smaller Class includes TD Bank customers who were charged overdraft fees on Lyft and Uber transactions since 2011. Four other consumer Classes will also benefit from the settlement.

The TD Bank settlement is unique because the terms of the agreement determine that “under no circumstances” will TD Bank be able to recover any of the money paid into the settlement. Even if the cash payments and attorneys’ fees are less than estimated, TD will still reportedly be forced to pay the entire $70 million.

TD Bank Also Faces Legal Action For Fraud

In 2017, a TD Bank class action lawsuit sign up was available in connection with a Penny Arcade settlement. The bank agreed to resolve eight class action lawsuits claiming that their Penny Arcade coin counting machines inaccurately counted coins. This allegedly resulted in customers being shortchanged. The settlement benefited consumers who used a TD Bank Penny Arcade machine between April 11, 2010 and July 12, 2017.

This year, a $550,000 settlement was reached for the same issue. Unlike the earlier settlement, this deal benefited Canadian consumers who used TD Bank coin counting machines between Jan. 1, 2013 and May 25, 2016.

Canadian individuals who file a valid claim will be able to collect up to two percent of their total deposited coin value. Consumers still have a chance to benefit from this settlement if they file a valid Claim Form by Sept. 16. The deadline for exclusion or objection was April 15.

Are you looking for the TD Bank class action lawsuit sign up? Send us an email at questions@topclassactions.com

The Multidistrict Overdraft Fee Litigation is In re: TD Bank NA Debit Card Overdraft Fee Litigation, Case No. 6:15-mn-02613, in the U.S. District Court for the District of South Carolina.

UPDATE: October 2019, the TD Bank overdraft fee class action settlement is now open. Click here to file a claim.

If you were charged overdraft fees or NSF fees by your bank or credit union that you believe are improper for any reason, the attorneys who work with Top Class Actions are ready to investigate these fees on your behalf.

Learn more by filling out the form on this page.

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This article is not legal advice. It is presented
for informational purposes only.