Because of a TD Bank Class Action $88 Settlement 2024, TD Bank customers might get a share of a $15.9 million settlement.
The lawsuit happened because people claimed TD Bank charged them multiple NSF (non-sufficient funds) fees on single transactions without properly notifying them.
You can find all the details about the TD Bank Settlement 2024 here, including who can get money, how much they might receive, and key dates to remember.
TD Bank Class Action $88 Settlement 2024
The Lawsuit
In 2021, a class action lawsuit was filed against TD Bank, claiming that the bank wrongfully charged multiple NSF fees on single checks or payments when there weren’t enough funds in customers’ accounts.
NSF fees are charged when there isn’t enough money in an account to complete a transaction. On December 7, 2022, the Ontario Superior Court of Justice approved the lawsuit as a class action.
Settlement Agreement
TD Bank has agreed to pay $15.9 million to settle the lawsuit. The settlement needs court approval, with a hearing set for February 13, 2024.
If the court approves it, eligible customers will get their compensation directly deposited into their bank accounts.
Key Dates
- Class Action Hearing Date: February 13, 2024
- Deadline to Raise Concerns or Keep Participating: January 26, 2024
Eligibility For The TD Bank Class Action $88 Settlement 2024
Who is Eligible?
The class includes people who live in Canada and:
- Have or had personal deposit accounts at TD Bank.
- Were charged non-sufficient funds (NSF) fees on automatic debit transactions between February 2, 2019, and November 27, 2023.
Compensation Criteria
Not everyone in the class will get compensation. Only those who meet the following criteria will be eligible for payouts:
- Have accounts that were active during the settlement distribution period.
- Received NSF fees within the given timeframe.
Under TD Bank’s consumer banking policy, customers usually faced a $48 fee for insufficient funds (NSF). The lawsuit argued that customers weren’t properly told they could be hit with multiple NSF fees for one payment.
Settlement Amount and Distribution
Proposed Settlement Amount
- Amount: The settlement is set at $15.9 million.
- Approval Date: If the court approves it on February 13, 2024, TD Bank will deposit around $88 into each eligible class member’s bank account.
Distribution Process
- Direct Deposit: Once approved, TD Bank will automatically deposit the settlement amount into the bank accounts of those who qualify.
- No Extra Steps: Qualified individuals won’t need to do anything extra to receive their payment after the settlement is approved.
How to Stay Informed
Contact Information
For more information or if you have any questions about the settlement, please reach out to the law firm Koskie Minsky LLP at:
- Email: [email protected]
Additional Information
- Check Regularly: Keep visiting the relevant websites and official announcements for the latest updates and detailed information.
- TD Bank Settlement: This class action settlement is a big deal for customers who may have been charged unfair NSF fees. It could mean compensation for those affected.
- Know Your Eligibility: To make sure you get what you’re owed, understand who qualifies and keep an eye on important deadlines.
Conclusion
The TD Bank Class Action $88 Settlement 2024 offers significant relief for customers impacted by unfair NSF fees. With a proposed $15.9 million payout, eligible individuals could receive around $88 each. Ensure you meet the criteria by verifying your account activity between February 2, 2019, and November 27, 2023. Key dates include the court approval hearing on February 13, 2024, and the deadline for raising concerns by January 26, 2024. Stay informed and check for updates to ensure you receive your compensation.
FAQs
Who is eligible for the TD Bank Class Action Settlement?
Customers with personal deposit accounts at TD Bank who were charged multiple NSF fees on automatic debit transactions between February 2, 2019, and November 27, 2023, are eligible for the settlement.
How will the settlement amount be distributed?
If approved, eligible customers will receive approximately $88 deposited directly into their bank accounts. No additional steps are needed to receive the compensation.