Between June 27, 2019, and September 30, 2022, TD Bank customers in Canada faced unexpected overdraft fees on transactions authorized with positive balances but settled with insufficient funds.
This practice led to a class-action lawsuit, culminating in a $32.2 million settlement to reimburse affected clients.
TD Bank Class Action Lawsuit in Canada
The lawsuit addresses allegations that TD Bank improperly charged overdraft fees on transactions authorized when accounts had sufficient funds but settled when balances were insufficient.
This practice caused financial strain for many customers, prompting the need for reimbursement and greater transparency in banking operations.
Eligibility Criteria for Claimants
To qualify for a portion of the settlement:
- Account Status: You must hold or have held a TD Bank personal checking account during the specified period.
- Overdraft Fees: You incurred overdraft fees on authorized transactions that later settled with insufficient funds.
- Current Customers: Payments will be directly deposited into your linked bank account without the need for a claim form.
- Former Customers: You must submit a claim form to receive the payout amount.
Filing a Claim for the Settlement
To file a claim:
- Confirm Eligibility: Ensure you meet the criteria outlined above.
- Current Customers: No action is required; eligible funds will be automatically deposited.
- Former Customers: Submit a claim form with current information through the official settlement website.
- Monitor Status: Regularly review your payment status.
- Additional Information: Visit the official portal at tdbankapsnfeeclassaction.com for more details.
Settlement Payment Dates
- Final Hearing: Scheduled for October 30, 2024.
- Payment Distribution: Expected within 60 days after the final hearing.
- Current Customers: Settlement amounts will be directly deposited into your TD Bank account.
- Former Customers: Notifications will be sent to your last known address on file.
- Expected Payout: Eligible claimants can anticipate receiving their settlement amounts by December 2024.
| Criteria | Current Customers | Former Customers | Action Required | Payment Method |
|---|---|---|---|---|
| Account Status | Active | Closed | Yes | Direct Deposit |
| Overdraft Fees Incurred | Yes | Yes | Yes | Check/Mail |
| Claim Form Submission Needed | No | Yes | Yes | Direct Deposit |
| Payment Notification Method | Yes | Check/Mail |
Conclusion
The TD Bank class-action settlement offers a significant opportunity for affected customers to receive compensation for unjust overdraft fees.
By understanding the eligibility criteria and following the appropriate steps, both current and former customers can ensure they receive their due share of the settlement.
FAQs
1. What transactions were affected by the overdraft fees?
Transactions authorized with a positive balance but settled with insufficient funds were subject to these fees.
2. Do current TD Bank customers need to file a claim?
No, eligible current customers will receive automatic deposits into their accounts.
3. How can former customers submit a claim?
Former customers should complete and submit the claim form available on the official settlement website.
4. When will the settlement payments be distributed?
Payments are expected within 60 days after the final hearing on October 30, 2024, likely by December 2024.
