We recommend reading this article to all the customers of TD Bank and thereby getting informed about TD Bank Class Action Lawsuit in Canada: Reason, Who is Eligible, and Amount.
TD Bank Class Action Lawsuit in Canada
The Canadian bank Toronto-Dominion Bank (TD Bank) was the target of a countrywide class-action lawsuit. Several years after TD was accused of pressuring clients to pay overdraft fees, even when they had positive balance the TD Bank Class Action Lawsuit settlement was reached.
A settlement of $32.2 million was reached in this court dispute, giving affected TD Bank customers the chance to get their money back. Because TD Bank is involved in class-action settlements, impacted clients can get cash compensation for the unethical overdraft fees that the bank charged.
If you were also affected by the unethical deduction of overdraft fees by the TD bank, then you must read this post and know all the current details about TD Bank Class Action Lawsuit in Canada.
TD Bank Action Lawsuit Reason
TD Bank has been the target of several class-action lawsuits in Canada in recent years, which have led to significant settlements intended to make up for the losses suffered by impacted consumers.
The core of the class action lawsuit is the allegation that TD Bank improperly assessed overdraft charges. Customers were charged fees, namely, for transactions that were authorized when their account balance was positive but ultimately completed when it was insufficient to sustain the transaction.
It was this practice that gave rise to the class action lawsuit.
The Ontario Superior Court of Justice authorized a settlement in February 2024 wherein TD Bank consented to pay $15.9 million CAD. Current TD Bank customers will be paid automatically, while past clients must fill out a claim form.
TD Bank Lawsuit in Canada Overview
| Article Title | TD Bank Class Action Lawsuit in Canada |
| Allegations on | Toronto-Dominion Bank |
| Settlement Amount | $32.2 million |
| Reason | Charging of unethical Overdraft fees |
| Latest Updates | Read Here |
Who is Eligible?
TD Bank customers in Canada who were incorrectly charged overdraft fees from June 2019 to September 2022 may now be eligible for payment, under a $32.2 million class-action settlement.
Canadian nationals who wish to participate in the TD Bank class action settlement must also have a personal bank account at TD Bank. A minimum of one overdraft fee must have been assessed to you for debit card transactions that were authorized when your account balance was positive but settled when it was insufficient.
Customers who qualified did not need to fill out an extra claim form. Current clients’ TD Bank accounts received payouts straight after the settlement administrator automatically determined which accounts qualified.
TD Bank Action Lawsuit Amount
The settlement deals with the financial strain that unjust overdraft fees have caused. The impact of these costs and the significance of clear charge policies in the banking sector are acknowledged by TD Bank through consumer compensation.
The whole settlement sum of $32,225,000 will be disbursed to all qualified claimants. How many legitimate claims you filed, the overdraft costs you incurred, and the length of time the practice affected you will all affect your reimbursement. Eligible account holders typically got CAD $88 per account, however the precise amount varied.
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