A class action lawsuit against TD Bank may entitle customers to a portion of a $15.9 million settlement in 2024.
The lawsuit alleges that TD Bank imposed multiple Non-Sufficient Funds (NSF) fees on single transactions without adequate notification, impacting many customers.
Although TD Bank denies wrongdoing, it has agreed to settle the lawsuit. Here’s what you need to know about the settlement, eligibility, and how much you could receive.
Background of the TD Bank Settlement
The class action lawsuit was initiated in 2021, claiming that TD Bank charged customers multiple NSF fees on the same payment, often without sufficient warning.
These fees were imposed when a customer’s account lacked sufficient funds to cover a check or a pre-authorized debit payment. A single transaction could result in repeated NSF fees, leading to significant financial losses for consumers.
The legal firm Koskie Minsky LLP took the case to the Ontario Superior Court of Justice, where class-action status was granted on December 7, 2022. The court must still approve the final settlement, which is scheduled for February 13, 2024.
Settlement Overview
- Settlement Amount: $15.9 million
- Class Action Hearing Date: February 13, 2024
- Law Firm: Koskie Minsky LLP
- Further Details: [email protected]
Eligibility for the $88 Payment
To qualify for the $88 payment from the settlement, individuals must meet the following criteria:
- Residency: Must be a Canadian resident.
- Account Type: Must currently hold or have previously held a personal deposit account at TD Bank.
- Fee Type: Must have been charged NSF fees on pre-authorized debit transactions between February 2, 2019, and November 27, 2023.
Only individuals who held accounts during the specified period and were charged NSF fees will be eligible for compensation.
Those whose accounts are still open at the time of settlement distribution are most likely to receive the payout.
How the Payment Will Be Processed
If the court approves the settlement, TD Bank will deposit approximately $88 directly into the accounts of eligible class members.
The deposit will be made automatically—customers do not need to file additional claims to receive their share of the settlement. If your account is no longer open, TD Bank will likely provide instructions for receiving your payment.
Important Dates and Actions
- January 26, 2024: Deadline to opt out of or continue participating in the class action.
- February 13, 2024: Court hearing to approve the settlement.
- February 2024: If approved, payments will be deposited directly into eligible accounts.
How to Apply for Compensation
The good news for affected customers is that no formal application process is required. Once the settlement is approved by the court, TD Bank will automatically transfer the settlement funds into the accounts of eligible class members.
If you were charged multiple NSF fees during the qualifying period, you should receive your payout without further action on your part.
If you have any questions or need additional information, you can contact Koskie Minsky LLP at [email protected].
If you are a TD Bank customer who was charged NSF fees between February 2019 and November 2023, you may be eligible for a share of the $15.9 million class action settlement, with an estimated payout of $88 per person.
The settlement is pending court approval, but affected customers can expect automatic deposits if they meet the eligibility criteria.
Stay informed and monitor any updates from TD Bank or Koskie Minsky LLP regarding the final approval of the settlement and distribution of payments.
FAQs
Who qualifies for the $88 settlement payment?
Canadian residents who held a personal deposit account at TD Bank and were charged NSF fees between February 2019 and November 2023.
How much will each customer receive from the settlement?
Each eligible customer will receive approximately $88.
When will the TD Bank settlement be finalized?
The court hearing to approve the settlement is scheduled for February 13, 2024.
Do I need to file a claim to receive the settlement payment?
No, TD Bank will automatically deposit the settlement funds into the accounts of eligible customers.
How do I get more information about the settlement?
You can contact Koskie Minsky LLP at [email protected] for further details.
