A class action lawsuit against TD Bank has led to a proposed $15.9 million settlement, which could provide compensation to many of the bank’s customers in Canada.
If approved, the settlement will result in an estimated $88 payment for each eligible customer who was improperly charged non-sufficient funds (NSF) fees.
This article covers the details of the TD Bank Settlement 2024, eligibility criteria, and important dates to keep in mind.
Understanding the TD Bank Class Action Settlement
The class action lawsuit was filed against TD Bank in 2021, alleging that the bank wrongfully imposed multiple NSF fees on a single transaction without properly notifying customers.
NSF fees are typically charged when a customer’s account lacks sufficient funds to cover a payment, such as a cheque or a pre-authorized debit.
The lawsuit claims that TD Bank improperly assessed multiple NSF fees on the same transaction, which customers were unaware of.
Key Points:
- NSF Fees: Customers were charged $48 in NSF fees multiple times on a single transaction, according to the lawsuit.
- Bank’s Defense: TD Bank has not admitted to any wrongdoing but has agreed to settle the case.
- Court Action: The Ontario Superior Court of Justice granted the lawsuit class-action status in December 2022.
To resolve the lawsuit, TD Bank has agreed to the $15.9 million settlement, which is pending approval by the court. The settlement will compensate affected customers and help cover legal fees and administration costs.
Eligibility for the $88 Class Action Settlement
To be eligible for the $88 settlement payment, customers must meet specific criteria. The class includes Canadian residents who were TD Bank personal deposit account holders and were charged NSF fees during a specific period.
Eligibility Criteria:
- Account Holders: You must have held a personal deposit account at TD Bank during the class period.
- Time Frame: NSF fees must have been charged on pre-authorized debit transactions between February 2, 2019, and November 27, 2023.
- NSF Fees: You must have been assessed at least one NSF fee on a transaction during this time.
- Open Accounts: Only customers with open accounts at the time of the settlement distribution will receive compensation.
Who is Not Eligible?
- Customers who closed their accounts before the settlement distribution may not qualify for compensation.
- Not every class action participant will automatically receive a payout; only those with valid NSF charges during the specified period are eligible.
Settlement Amount for Each Customer
The proposed $15.9 million settlement will result in an approximate $88 payment for each eligible TD Bank customer.
If the court approves the settlement, TD Bank will deposit the funds directly into the accounts of qualifying customers.
Important Details:
- Amount: Each eligible customer is expected to receive around $88.
- Distribution: Payments will be automatically deposited into the bank accounts of class members who meet the eligibility criteria.
- No Action Required: Customers who qualify do not need to apply for compensation; payments will be processed automatically.
Key Dates for the TD Bank Settlement
There are several important dates to keep in mind regarding the TD Bank class action settlement:
Key Dates:
- January 26, 2024: The deadline for individuals who disagree with the settlement to voice their objections.
- February 13, 2024: The court will hold a hearing to determine whether to approve the proposed settlement. If approved, payments will begin shortly after.
- 2024 Payment Dates: Payments are expected to be distributed to eligible customers soon after the settlement is approved in February 2024.
Next Steps for Eligible Customers
If you believe you are eligible for the $88 settlement, there is no need to take any action at this time. The settlement will automatically be processed, and qualifying customers will receive their payments directly into their TD Bank accounts once the court approves the settlement.
If you do not agree with the settlement, you have until January 26, 2024, to submit your objection. Further details can be obtained by contacting Koskie Minsky LLP, the legal firm handling the case, or by visiting the TD Bank class action website.
The TD Bank Class Action Settlement 2024 could provide eligible customers with a $88 payment to compensate for improperly charged NSF fees.
With the settlement hearing set for February 13, 2024, TD Bank customers who were affected between February 2019 and November 2023 may soon receive financial relief. This settlement aims to correct unfair charges and provide a fair outcome for customers.
If you think you qualify, keep an eye on your account for the automatic deposit and check the TD Bank Class Action Portal for updates.
FAQs
What is the TD Bank Class Action Settlement?
The settlement involves a $15.9 million payout to TD Bank customers improperly charged multiple NSF fees. Eligible customers may receive $88.
Who is eligible for the $88 payment?
Canadian residents who held TD Bank accounts and were charged NSF fees between February 2019 and November 2023.
Do I need to apply for the settlement?
No, payments will be automatically deposited into eligible customers’ accounts.
When will the settlement be approved?
The hearing to approve the settlement is scheduled for February 13, 2024.
How will I know if I’m eligible for the $88 payment?
If you held a TD Bank account and were charged NSF fees during the class period, you should automatically receive the payment.
