TD Bank Lawsuit: How to Claim Your Part of the $15.9 Million Settlement

Juilia Ruskin
4 Min Read

In 2021, TD Bank customers filed a lawsuit against the bank, accusing it of unfairly charging multiple insufficient funds (NSF) fees for single transactions. The lawsuit led to a settlement, and affected customers may be eligible for compensation. In this article, we’ll explain the details of the TD Bank class action lawsuit, the settlement amount, payment dates, and how to submit your claim.

Advertisement

What is the TD Bank Class Action Lawsuit?

Background

In 2021, TD Bank customers claimed they were being charged multiple NSF fees for the same transaction each time it was attempted. These fees were applied when there were not enough funds in the account to cover the transaction. Customers argued that this practice was unfair and filed a lawsuit against the bank.

Advertisement

Settlement Details

Settlement Amount

TD Bank has agreed to a settlement totaling $15.9 million. This amount will be distributed among the affected customers. The final payment amount for each customer will depend on the number of eligible claimants and any additional NSF fees they paid.

Advertisement

Payment Dates

When Will You Get Paid?

Customers who wish to participate in the settlement must submit a claim form by May 13, 2024. Payments have already begun for those who have completed and submitted their forms, and the rest are expected to receive their compensation by the end of June 2024.

Advertisement

How Much Will You Receive?

Estimated Payout

Eligible customers can expect to receive around C$88, which will be deposited directly into their TD personal deposit accounts starting in early April. However, the final payout may vary depending on the total number of claimants and the settlement costs. On average, each customer is expected to receive approximately $150 per account.

Advertisement

How to Submit a Claim

Claim Form and Requirements

To participate in the settlement, eligible customers must complete a claim form and submit it by May 13, 2024. If you bought TD securities after December 3, 2015, and held onto them until March 9, 2017, you might be eligible. Make sure to upload all supporting documents as instructed on the Administrator’s website.

Advertisement

The TD Bank class action lawsuit addresses the issue of multiple NSF fees charged to customers. The $15.9 million settlement aims to compensate affected customers, promoting fairness and accountability in banking practices. Eligible customers should submit their claim forms promptly to receive their compensation.

Advertisement

Why was TD Bank sued?

TD Bank was sued for allegedly charging multiple NSF fees for single transactions.

Advertisement

How much is the settlement amount?

The settlement amount is $15.9 million.

Advertisement

When are the payment dates?

Payments have started and will continue until the end of June 2024.

Advertisement

How much will I receive?

Eligible customers can expect to receive around $150 per account.

Advertisement

How do I submit a claim?

Complete the claim form and submit it with supporting documents by May 13, 2024, on the Administrator’s website.

Advertisement

Advertisement

Share This Article
Follow:
An up-and-coming tax attorney passionate about educating readers on tax planning and mitigation strategies. Juilia articles offer practical advice and actionable tips to help individuals and businesses navigate the intricacies of tax law with confidence.
Leave a comment