This article provides information on the TD Bank Class Action Payment 2024: Eligibility for Settlement, Payment Dates, and Amount. In 2021, a class action lawsuit was launched against Toronto Dominion Bank, alleging unlawful charges of multiple nonsufficient funds on single checks or payments made by its customers. Recently approved, TD Bank will distribute nearly $16 million in settlements in 2024. For further details on the TD Bank Class Action Payment 2024, including payment dates and additional information, please continue reading this article.
TD Bank Class Action Payment 2024
Canada’s largest financial institution, Toronto Dominion Bank, has been embroiled in a significant class action payment affecting the banking industry. The TD Bank Class Action Payment centers on alleged fraudulent activities that have impacted the bank’s reputation and financial compensation. The bank accused specific banks, Visa, and Mastercard of colluding to increase interchange fees and enforce restrictive regulations.
Multiple class action lawsuits have been filed in Canada against Visa, Mastercard, and other bank defendants, alleging conspiracy to raise interchange costs. In Canada, businesses pay these fees for credit card transactions. Additionally, the defendants allegedly implemented rules limiting the ability to surcharge expenses on Mastercard and Visa credit cards. Eligible Canadians involved in the TD Bank Class Action Payment will have their settlements assessed, ensuring fairness for all parties.
TD Bank has agreed to pay 15.9 million CAD to settle the case in 2024. The settlement awaits approval from the federal court, which has reviewed it as a fair amount representing the interests of all parties involved. Funds will be directly deposited into the bank accounts of eligible class members. However, TD Bank has agreed to the settlement without admitting wrongdoing and denies liability for alleged improper NSF charges.
Who is Eligible for Settlement?
The TD Bank Class Action Payment covers Canadian individuals who held personal deposit accounts with Toronto Dominion Bank and were charged NSF fees on their pre-authorized debit transactions. Not all members of the federal class action are eligible for settlement compensation; it applies only to those who incurred NSF fees during the specified period and maintained open accounts throughout the settlement period.
Eligible consumers were assessed a normal NSF fee of 48 CAD under TD Bank’s consumer banking transaction agreement. The lawsuit argued that customers were inadequately informed about the possibility of multiple NSF fees during the period from February 2, 2019, to November 27, 2023. Eligible Canadians will receive their settlement benefits deposited into their bank accounts based on the terms of the agreement.
TD Bank Class Action Payment Date 2024
Toronto Dominion Bank will compensate for the increased interchange fees and federal restrictions imposed on merchants using Visa and Mastercard. The claim process is being carefully administered to assess and approve valid claims. Eligible recipients will receive a class action payment of 30 CAD if their annual average revenue is under $5 million and they were undocumented small merchants. The deadline for filing settlement claims is December 30, 2024.
Medium-sized merchants with annual average revenues between $5 million and $20 million will receive 250 CAD under the Toronto Dominion Bank Class Action Payment. Large merchants earning more than $20 million annually will also receive 250 CAD, with their payment amount determined based on their proportional share of funds. Claims for settlement assistance totaling $188 million will be processed starting February 2024.