If you’re a customer of TD Bank, you might be eligible to receive money from a lawsuit settlement in 2024. This article will explain everything you need to know about the TD Bank class action settlement, including who qualifies for the payout and how much you might get.
What is the TD Bank Class Action Settlement?
In 2021, TD Bank faced a class action lawsuit. This means that a group of people came together to sue the bank for the same reason. The lawsuit claimed that TD Bank unfairly charged customers extra fees called Non-Sufficient Funds (NSF) fees. These fees were charged when someone didn’t have enough money in their account to cover a payment or check. The problem was that TD Bank charged this fee multiple times for the same payment without properly informing customers.
TD Bank Settlement Details
Below is a table that outlines the key details of the TD Bank class action settlement:
| Details | Description |
|---|---|
| Settlement Amount | $15.9 million |
| Eligibility | Canadian residents with personal deposit accounts at TD Bank from February 2, 2019, to November 27, 2023. |
| Key Issue | Multiple NSF fees charged for a single payment without proper notification |
| Settlement Hearing Date | February 13, 2024 |
| Estimated Payout per Customer | $88 |
| Law Firm Handling the Case | Koskie Minsky LLP |
| Action Required by Eligible Customers | None – Payments will be deposited directly into eligible accounts |
Who is Eligible for the $88 Settlement?
You might be eligible for the $88 settlement if:
- You are a Canadian resident.
- You have or had a personal deposit account at TD Bank between February 2, 2019, and November 27, 2023.
- You were charged NSF fees on pre-authorized debit transactions during this period.
However, not everyone who was part of the class action will receive the payment. Only those who had open accounts during the settlement distribution and were charged NSF fees within the given time frame will get the payout.
What Happens Next?
On February 12, 2024, a hearing will take place to decide if the settlement is fair. If the court approves, TD Bank will start depositing $88 into the accounts of those who qualify. This means that if you’re eligible, you don’t have to do anything but wait for the money to appear in your bank account.
FAQ’s
What is the TD Bank class action settlement about?
The settlement involves TD Bank agreeing to pay $15.9 million to customers who were charged unfair NSF fees. The lawsuit claimed that TD Bank charged multiple NSF fees for the same payment without informing customers.
Who is eligible for the $88 payment?
Canadian residents who had a personal deposit account at TD Bank between February 2, 2019, and November 27, 2023, and were charged NSF fees on pre-authorized debit transactions during that time may be eligible.
Do I need to do anything to get my payment?
No, if you qualify, the $88 payment will be automatically deposited into your TD Bank account.
When will I receive the settlement payment?
If the court approves the settlement on February 13, 2024, payments will be deposited shortly after.