If you’re affected by the TD Bank class action suit, here’s a straightforward guide to the settlement amount, payment dates, and how to file a claim. This article will help you understand what to expect and how to ensure you receive your share of the settlement.
TD Bank Class Action Suit
In 2021, a group of TD Bank customers filed a class action suit alleging that the bank unfairly charged multiple insufficient funds (NSF) fees on the same transaction. These fees occur when a transaction is attempted without sufficient funds in the account. The lawsuit claimed that TD Bank charged these fees repeatedly for the same transaction.
As a result of the lawsuit, TD Bank has agreed to settle for nearly $16 million. This settlement aims to compensate affected customers. Below, you’ll find all the important details about the settlement amount, payment dates, and how to file a claim.
TD Bank Class Action Suit Settlement Payment Date
The Ontario Superior Court of Justice certified the TD Bank class action suit on December 7, 2022. Following this, TD Bank agreed to a settlement of $15.9 million. The court’s decision was finalized on February 15, and the settlement has been approved.
Payment Schedule
| Event | Date |
|---|---|
| Court Certification | December 7, 2022 |
| Settlement Approval | February 15, 2023 |
| Claim Submission Deadline | May 13, 2024 |
| Payment Distribution Begins | Early April 2024 |
| Final Payments Expected | By the end of June 2024 |
Customers who wish to receive compensation must submit their claim forms by May 13, 2024. Payments have already started for some claimants, and the rest will receive their payments by the end of June 2024.
TD Bank Settlement Amount
The amount each customer receives will depend on the total number of valid claims and the total NSF fees charged. The settlement will also cover administrative costs, legal fees, and compensation for class representatives.
Expected Settlement Amount
| Estimated Payment | Amount |
|---|---|
| Average Payment per Customer | C$88 |
| Possible Maximum Payment | Up to $150 |
| Deductions for Costs | Varies based on the total number of claims |
Eligible customers should expect an average payment of about C$88 deposited directly into their TD personal deposit accounts starting in early April. After accounting for deductions, the average payment per account is expected to be around $150.
TD Bank Settlement Form
If you purchased TD Bank securities between December 3, 2015, and March 9, 2017, and held onto them, you might be eligible for this settlement. To participate, you must accurately complete and submit the claim form by May 13, 2024.
How to File a Claim
- Complete the Claim Form: Fill out the claim form accurately.
- Submit Supporting Documents: Upload your documents on the Administrator’s website or contact them for assistance.
- Ensure Timely Submission: Submit all required information by the deadline to qualify for the settlement.
Conclusion
The TD Bank class action suit addresses concerns about multiple NSF fees charged on single transactions. The court has approved a $15.9 million settlement to compensate affected customers. Although TD Bank did not admit to any wrongdoing, the settlement provides a way for customers to be compensated for their incurred fees.
For those impacted, submitting your claim form by May 13, 2024, is crucial to ensure you receive your share of the settlement. This resolution is a significant step towards improving banking practices and addressing consumer concerns about unfair charges.
FAQ’s
What is the TD Bank Class Action Suit about?
The TD Bank class action suit involves allegations that TD Bank charged customers multiple insufficient funds (NSF) fees for the same transaction. Customers claim these fees were unfairly applied each time a transaction was processed without sufficient funds.
When will payments from the TD Bank Settlement start?
Payments from the TD Bank settlement are expected to begin in early April 2024. Eligible customers must submit their claim forms by May 13, 2024, to receive their share of the settlement.
How much can I expect to receive from the TD Bank Settlement?
Eligible customers can expect an average payment of about C$88. After deductions, the final amount per account is estimated to be around $150, depending on the number of claims and total NSF fees.
