Check out the latest update on the TD Bank Class Action Lawsuit: Settlement Date, Amount, Payment Dates, and Form. The class action, launched in 2021 against Toronto Dominion Bank, alleges customers were unfairly charged multiple insufficient funds fees on single checks or payments.
TD Bank Class Action Lawsuit
In 2021, a group of TD Bank customers launched a legal battle against the bank over multiple NSF fees. These fees are triggered when a customer attempts a transaction without enough funds in their account to cover it. The bank faced allegations of repeatedly applying these fees to the same transaction each time it was presented for payment.
Customers claimed they were unfairly charged additional fees for each attempt to process the same transaction. As of 2024, TD Bank is set to distribute nearly $16 million as part of the settlement, which was approved recently. Keep reading for further details on the TD Bank Class Action Payment Dates.
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TD Bank Class Action Lawsuit Settlement Payment Date
Customers who were dissatisfied with this purported policy filed a lawsuit against TD Bank. On 7 December 2022, the Ontario Superior Court of Justice certified it as a class action lawsuit. The court’s decision followed a hearing on 15 February, during which TD Bank agreed to a settlement totalling $15.9 million among the affected customers.
Those who wish to participate in the TD Bank Settlement have until 13 May 2024 to submit a Claim Form. Kindly note that the bank has already begun distributing payments to those who have completed and submitted their forms. Some of the recipients have already received their payment after filling the claim. The rest are anticipated to be getting it by the conclusion of June.
TD Bank Settlement Amount
The final payment amount could change based on the number of eligible people who claim it and any extra NSF fees they paid. The settlement also covers the costs of running it, paying lawyers, and awarding an award to each person who represents the class. Eligible customers can anticipate receiving around C$88, deposited directly into their TD personal deposit accounts beginning in early April.
It is important to note that before distribution to entitled class members, several deductions will be subtracted from this amount. As highlighted in the settlement plan approved by the court, each recipient’s payout will vary based on the total number of claimants, with a maximum cap of $3.90 per damaged share. Each entitled customer is anticipated to receive around $150 per account.
TD Bank Settlement Form
If you purchased TD securities after 3 December 2015 and held onto them until 9 March 2017, you could be eligible to join a class-action claim. Do not forget to upload your supporting documents by May 13 to participate in this opportunity.
To participate in the TD Bank Canadian Shareholder Settlement, eligible individuals need to complete the claim form accurately and submit it following the instructions on the website. Claimants have the option to upload supporting documentation directly on the Administrator’s website or contact the Administrator for assistance if needed.
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Conclusion
In a nutshell, customers alleged that TD Bank was unfairly charging them multiple NSF fees on payments and checks. The lawsuit focused on situations where customers were billed more than once for a single transaction, especially when payments were retried due to initial failures or technical glitches.
In 2021, the Court of Justice approved a $15.9 million settlement, although TD Bank did not admit any wrongdoing. This settlement applies to Canadian residents who were TD Bank customers from February 2019 to November 2023 and were charged NSF fees as described. After deducting legal fees and other costs, around $9,740,000 will be divided among eligible class members.
This legal resolution is significant for addressing consumer concerns about banking practices and promoting honesty and responsibility in financial dealings. Not only this but in 2020, the bank faced legal challenges in its handling of travel insurance claims during the COVID-19 pandemic. More recently, TD resolved another class action related to fees charged for insufficient funds.
