TD Bank Settlement 2024: Eligibility for $88 Class Action Settlement Amount for Every Customer

Please read this post for comprehensive details on TD Bank Settlement 2024: Eligibility for an $88 Class Action Settlement Amount for Every Customer

TD Bank Settlement 2024

Due to an ongoing class action lawsuit, TD Bank customers may qualify to receive a portion of a $15.9 million settlement. The lawsuit alleges that TD Bank levied multiple NSF (Non-Sufficient Funds) fees without adequate notification to consumers.

TD Bank denies liability for the alleged improper NSF fee charges and has not admitted to any wrongdoing. The Ontario Superior Court of Justice granted class-action status to the claim on December 7, 2022. Koskie Minsky LLP, a legal firm, disclosed a potential settlement for the TD Bank class action in December.

This article will provide a detailed overview of TD Bank Settlement 2024, including information on the amount of the class action settlement payment and eligibility criteria.

Understanding TD Bank Class Action Settlement

In 2021, a class action lawsuit was initiated against Toronto Dominion Bank (TD Bank). The lawsuit alleged that TD Bank unlawfully charged multiple non-sufficient funds (NSF) fees to its customers for a single check or payment. These fees are typically imposed by banks when a customer’s account lacks sufficient funds to cover a check or pre-authorized debit payment.

To resolve the lawsuit with Koskie Minsky LLP, TD Bank has agreed to a $15.9 million settlement. The settlement is scheduled for February 13, 2024, pending court approval. If approved, TD will deposit unpaid amounts directly into the bank accounts of eligible class members.

The court will assess the fairness of the settlement to ensure it appropriately represents the interests of all parties involved. Individuals who oppose the proposed settlement and prefer to remain part of the class action can do so until January 26.

TD Bank Settlement Overview

Article TitleTD Bank Settlement 2024
Class Action Hearing DateFebruary 13, 2024
TD Bank Settlement Amount$15.9 million
Lawyer in ActionKoskie Minsky LLP
For Further details[email protected]

Eligibility for $88 Class Action Settlement

The class includes Canadian residents who currently hold or previously held personal deposit accounts at TD Bank and were charged non-sufficient fund (NSF) penalties on pre-authorized debit transactions between February 2, 2019, and November 27, 2023.

Not every participant in the class action will receive compensation. Payouts are reserved for individuals with active accounts at the time of settlement distribution who were assessed NSF fees within the specified timeframe.

According to the lawsuit, customers allegedly paid a $48 NSF fee under TD Bank’s standard-form consumer banking agreement. The lawsuit claims that customers were not adequately informed about the possibility of being charged multiple NSF fees for a single payment.

Important Links
WASPI Female Payout Date 2024
Universal Credit Payout Date Confirmed
2024 SSS Contribution Table Updated

TD Bank Settlement Amount for Every Customer

A hearing to decide on the approval of the proposed $15.9 million settlement is scheduled for February 12. It is anticipated that TD will instantly transfer around $88 into the bank accounts of each qualifying class member in the event that the court grants approval for the settlement next month.

Once authorized, TD will transfer outstanding funds directly to the bank accounts of qualified class members. If you qualify, you simply need to seize this opportunity to claim your share.

We appreciate your visit to our portal for information on TD Bank Settlement 2024. Please continue to check back for more global news and updates.

Leave a Comment