In this article, we’ll explain the details of the TD Bank Class Action Lawsuit, including the settlement amount, payment dates, and how to fill out the claim form. This lawsuit started in 2021 when customers of TD Bank complained about being charged multiple insufficient funds (NSF) fees on the same checks or payments. Let’s dive into the details.
TD Bank Class Action Lawsuit
In 2021, some TD Bank customers filed a lawsuit because they were charged multiple NSF fees for the same transaction. NSF fees happen when someone tries to make a payment without enough money in their account. TD Bank was accused of charging these fees every time the same transaction was presented for payment.
TD Bank Class Action Lawsuit Settlement Payment Date
The Ontario Superior Court of Justice approved the class action lawsuit on December 7, 2022. TD Bank agreed to a settlement of nearly $16 million. Customers affected by this issue need to submit a Claim Form by May 13, 2024, to get their part of the settlement. Payments have already started for those who have submitted their forms, and the rest will get their payments by the end of June.
TD Bank Settlement Amount
The settlement amount depends on the number of people who claim it and the extra NSF fees they paid. After deducting the costs of running the settlement and paying lawyers, eligible customers can expect to receive around C$88, which will be deposited into their TD accounts starting in early April. The final amount each person gets may vary, but the average payout is expected to be around $150 per account.
Important Links
- CRA Announces $1600 CPP Payment 2024
- IRS Mistake Leads to Incorrect Tax Notices
- Senior Bonus 2024
- USPS Stamp Prices Rise in July 2024
- $2350 Relief for Seniors in Canada
- Average Income in Canada for 2024
TD Bank Settlement Form
If you bought TD securities after December 3, 2015, and held them until March 9, 2017, you might be eligible to join the class action. To participate, you need to fill out the claim form and submit it with any supporting documents by May 13, 2024. You can upload your documents on the Administrator’s website or contact them for help if needed.
Conclusion
The TD Bank lawsuit addressed the unfair practice of charging customers multiple NSF fees for the same transaction. The settlement, approved in 2021, includes a payout of $15.9 million to affected Canadian residents who were TD Bank customers between February 2019 and November 2023. After deducting legal fees and other costs, about $9,740,000 will be distributed among the eligible class members. This settlement highlights the importance of fair banking practices and consumer rights.
Table of Important Dates
| Event | Date |
|---|---|
| Lawsuit Filed | 2021 |
| Class Action Approved | December 7, 2022 |
| Claim Form Submission Due | May 13, 2024 |
| Payment Distribution | Starting April 2024 |
FAQ’s
What is the TD Bank Class Action Lawsuit about?
The TD Bank Class Action Lawsuit addresses claims that TD Bank charged multiple insufficient funds (NSF) fees on the same transaction. Customers alleged that the bank unfairly applied these fees whenever a transaction was attempted more than once.
How much money is being distributed in the settlement?
The settlement amount totals $15.9 million. This amount will be divided among eligible customers who were affected by the alleged unfair fees.
How can I claim my share of the settlement?
To claim your share, you need to submit a Claim Form by May 13, 2024. You can complete and submit this form online or follow instructions provided by the settlement administrator.
When will the settlement payments be made?
Payments are expected to start being distributed in early April 2024. The exact timing may vary based on the number of claims and processing times.
Who is eligible to receive a settlement payment?
Eligible customers are those who were charged multiple NSF fees on the same transaction between February 2019 and November 2023. To qualify, you must be a TD Bank customer who experienced these charges.