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TD Bank has agreed to pay $62 million to settle a class action lawsuit accusing the bank of gouging customers with improper overdraft fees.
TD Bank’s overdraft fee settlement, which still must be approved by a federal judge in Miami, will resolve claims by customers that TD Bank reordered debit-card transactions from highest to lowest to maximize the number of overdraft fees it could charge.
“It’s a good deal for TD Bank customers because it’s going to help recover for them some portion of the overdraft fees which we contend were wrongfully assessed against them,” said an attorney for the Plaintiffs. He estimates several hundred thousand customers will be covered by the TD Bank overdraft fee class action settlement, the exact number of which will be determined later in the settlement approval process.
The TD Bank overdraft fee settlement was reached under a massive class action lawsuit case called In re: Checking Account Overdraft Litigation involving more than 30 banks. Many of the banks have already reached class action lawsuit settlements in the case, including Bank of America, which agreed last year to pay $410 million to settle the overdraft lawsuit.
JPMorgan Chase, National City Bank (PNC), Citizens Bank, BancorpSouth, Bank of Hawaii, Associated Bank and Umpqua Bank are just some of the banks who entered into class action lawsuit settlement agreements in the litigation.
The case is In re: Checking Account Overdraft Litigation, case No. 9-MD-02036-JLK, U.S. District Court, Southern District of Florida.
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66 thoughts onTD Bank Reaches Overdraft Fee Class Action Settlement
When will the checks be mailed out
I have an account with TD bank New York for many years. They changed the policy of overdrawn and started charging so many overdrawn fee every single time if a check or transaction overdraws from my account even i tried to deposit money back to my account before end of the business day. NO other bank i have experienced the same way like TD BANK does, I called the TD bank customers service , they said “now other banks are also doing the same to charge overdrawn fee, WHICH IS a BIG LIE ” NO other banks do the same thing like TD BANK. TD BANK is the “Worst” and “Greediest” bank who continue to use every single way to suck dry their customers with FEE and FEE and FEE and FEE and FEE endless FEE. I am just so sick of them .
I just received a collection statement regarding these fees from 5 years ago after closing the account. Does anyone have advice as to who I should contact for this?
We offer a submission form on our website for you to fill out if you are seeking class action legal help. Attorneys will then review your submission to determine if you have a case. If they feel you qualify, they will contact you directly. You can submit your information here: https://topclassactions.com/start-a-class-action/. You may want to consult your own attorney, and should you choose to go that route, we recommend checking out http://www.consumeradvocates.org/find-an-attorney. Once there, you will be able to search a broad database of specialized attorneys in your area that you may consult.