TD Bank has agreed to a $32.2 million settlement to compensate customers charged unfair overdraft fees between June 27, 2019, and September 30, 2022. The settlement addresses instances where overdraft fees were applied on debit card transactions that were initially authorized with sufficient funds but later settled when the account balance was insufficient.
Here’s everything you need to know about eligibility, claiming your compensation, and when to expect payments.
Key Details of the Settlement
- Settlement Amount: $32,225,000
- Eligibility Period: June 27, 2019 – September 30, 2022
- Eligible Claimants: TD Bank personal checking account holders charged overdraft fees during the specified period.
- Payment Methods:
- Current Customers: Automatic deposit to their TD Bank account.
- Former Customers: Payments issued via mailed checks (requires filing a claim).
- Claim Deadline: October 10, 2024 (coinciding with the final approval hearing).
- Settlement Website: tdbankapsnfeeclassaction.com
Overview of the Settlement
This settlement resolves claims that TD Bank imposed overdraft fees unfairly. Customers were charged fees when their transactions were authorized while the account had a positive balance, but the fees applied later when the account settled into a negative balance.
The case emphasizes accountability in banking practices, ensuring transparency and protecting customers from financial stress caused by improper fee policies.
Who Can Claim?
To qualify for compensation:
सम्बंधित ख़बरें
- You must have held a TD Bank personal checking account during the eligibility period.
- You were charged overdraft fees on transactions authorized with sufficient funds but settled with insufficient funds.
Claim Process
For Current TD Bank Customers:
- No action is needed. Eligible customers will receive their settlement payment directly into their accounts.
For Former TD Bank Customers:
- You need to submit a claim form online at the settlement website.
- Ensure your contact details and mailing address are accurate to receive the check.
Payment Timeline
- Final Approval Hearing: October 10, 2024.
- Payment Distribution: Payments are expected approximately 60 days after the hearing, assuming no appeals are filed.