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

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Key Takeaway Box

  • TD Bank Settlement: TB Bank has agreed to pay $15.9 million to settle a class action lawsuit over non-sufficient funds (NSF) fees charged on re-presented pre-authorized debit transactions between Feb. 2, 2019, and Nov. 27, 2023.
  • Eligible customers who have an open personal deposit account with TD Bank that was charged an NSF fee by the bank on a re-presented pre-authorized debit transaction during the class period may receive a payment of $88 from the settlement fund.
  • The settlement is awaiting court approval and is scheduled for Feb. 13, 2024. Customers who do not wish to be legally bound by the settlement can opt-out by Jan. 26, 2024. Customers who want to remain in the settlement but object to its terms can also submit their objections by Jan. 26, 2024.
  • For more information, visit the settlement website or contact the settlement administrator.
Get your $88 for the TD Bank Settlement 2024

Understanding TD Bank Class Action Settlement

Hey, Hustlers! If you have a TD Bank account, you may be entitled to some extra cash without lifting a finger. That’s because TD Bank has agreed to pay $15.9 million to resolve a class action lawsuit over non-sufficient funds (NSF) fees.

What are NSF fees, you ask? They are fees that banks charge when there are insufficient funds in an account to cover a cheque or pre-authorized debit. For example, if you have $100 in your account and you authorize a payment of $150, the bank will charge you an NSF fee for the difference.

Sounds fair, right? Well, not exactly. The class action lawsuit, launched in 2021, alleges that TD Bank unlawfully charged customers multiple NSF fees on a single payment made or cheque issued. For instance, if the bank re-presented the same payment or cheque after it was initially declined due to insufficient funds, it would charge another NSF fee, even though the customer did not authorize the re-presentation.

This practice, according to the lawsuit, violated the terms and conditions of the account agreements and the Consumer Protection Act. The lawsuit also claimed that TD Bank failed to disclose the re-presentation policy and the possibility of multiple NSF fees to its customers.

TD Bank has denied any wrongdoing or liability and rejected the allegations, but has agreed to the settlement that the law firm said was reached after “lengthy negotiations” and with the help of a mediator¹.

TD Bank Settlement Overview

The settlement covers all Canadian residents who have an open personal deposit account with TD Bank that has been charged a non-sufficient funds fee by the bank on a re-presented pre-authorized debit transaction between Feb. 2, 2019, and Nov. 27, 2023¹.

The settlement is awaiting court approval and is scheduled for Feb. 13, 2024. The court will assess the settlement amount’s fairness and ensure that it represents the interests of all parties involved⁶.

If the court approves the settlement, TD Bank will pay out a total of $15.9 million, a portion of which will get directly deposited into the bank accounts of eligible class members. The settlement also provides for the payment of legal fees, administration costs, and a $10,000 honorarium to the representative plaintiff¹.

Eligibility for $88 Class Action Settlement

To be eligible for the settlement, you must meet the following criteria:

  • You are a Canadian resident
  • You have an open personal deposit account with TD Bank
  • You have been charged a non-sufficient funds fee by the bank on a re-presented pre-authorized debit transaction between Feb. 2, 2019, and Nov. 27, 2023

If you meet these criteria, you do not need to do anything to receive a payment from the settlement fund. You will automatically receive a payment of $88, which is the estimated average amount of NSF fees charged per class member. The payment will be made by direct deposit into your TD Bank account, or by cheque if you do not have an active account.

TD Bank Settlement Amount for Every Customer

The settlement amount of $88 is based on the total number of eligible class members and the available settlement fund after deducting legal fees, administration costs, and the honorarium to the representative plaintiff. The settlement fund is non-reversionary, which means that any unclaimed or undistributed funds will not revert to TD Bank, but will be donated to a court-approved charity.

The settlement amount is also subject to court approval and may vary depending on the number of opt-outs and objections. If more than 5% of the class members opt out of the settlement, TD Bank has the right to terminate the settlement. If there are any objections to the settlement, the court may modify the settlement terms or reject the settlement altogether.

IMPORTANT LINKS:

How to Opt-Out or Object to the Settlement

If you are an eligible class member, you have the right to opt-out or object to the settlement.

Opting out means that you do not want to be legally bound by the settlement and you want to keep your right to sue TD Bank on your own. If you opt-out, you will not receive any payment from the settlement fund, but you will also not release any claims against TD Bank.

Objecting means that you want to remain in the settlement, but you disagree with some or all of its terms. If you object, you will still receive a payment from the settlement fund, but you will also have the opportunity to voice your concerns to the court.

The deadline for opting out or objecting to the settlement is Jan. 26, 2024. To opt-out, you must mail or email a completed Opt-Out Form to the settlement administrator. To object, you must mail or email a written Objection Form to the settlement administrator and the lawyers representing the class. You can find the forms and the contact information on the settlement website.

Conclusion

The TD Bank Settlement 2024 is a proposed class action settlement that could benefit thousands of TD Bank customers who were charged multiple NSF fees on re-presented pre-authorized debit transactions. If you are one of them, you may be eligible for a payment of $88 from the settlement fund, without having to do anything. However, if you do not want to be part of the settlement, or if you have any issues with the settlement terms, you have the right to opt-out or object by Jan. 26, 2024.

For more information, visit the settlement website or contact the settlement administrator. You can also check out our other articles on [HustleHub], where we share tips and tricks on how to make money, save money, and live better.

We hope you found this article helpful and informative. If you did, please share it with your friends and family who may also benefit from the TD Bank Settlement 2024. And remember, Hustlers, keep hustling!

Source: (1) Galgano v. TD Bank, N.A. – Home. https://www.outofnetworkatmfeesettlement.com/. (2) Class-action settlements Canadians could cash in on in 2024. https://dailyhive.com/canada/class-action-settlements-canada. (3) TD Bank Is Dropping in Price — and I’ll Buy if it Goes Below $80. https://www.fool.ca/2024/01/31/td-bank-is-dropping-in-price-and-ill-buy-if-it-goes-below-80/. (4) Got a TD Bank account? Deadline nears to opt out of $15.9M proposed …. https://globalnews.ca/news/10241558/td-bank-class-action-proposed-settlement-deadline/.

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