TD Bank Settlement 2024: Eligibility for $88 Class Action Settlement.

TD Bank Settlement 2024 – Because of the continuing class action lawsuit, TD Bank customers may be eligible for a portion of the $15.9 million settlement. Many customers sued TD Bank for incurring several NSF fees without appropriate notice. TD Bank denies responsibility for the alleged improper NSF fee charges and has not admitted any wrongdoing. On December 7, 2022, the Ontario Superior Court of Justice certified the claim as a class action. Koskie Minsky LLP, a law company, indicated a potential settlement for the TD Bank class action case in December.

Understanding TD Bank’s Class Action Settlement:

A class action lawsuit was launched against Toronto Dominion Bank (TD Bank) in 2021. This lawsuit alleged that TD Bank fraudulently assessed several non-sufficient funds (NSF) penalties to its consumers on a single cheque or payment. If a customer’s account does not have enough funds to cover a pre-authorized debit payment, the bank will levy these fees. To resolve the litigation with Koskie Minsky LLP, TD Bank agreed to pay $15.9 million. The settlement is set to take effect on February 13, 2024, and is subject to court approval. If accepted, TD will deposit any unpaid balances straight into the bank accounts of eligible course registrants.

Eligibility for $88 Class Action Settlement:

The class comprises Canadian citizens who now or formerly had personal bank accounts with TD Bank and were assessed non-sufficient fund (NSF) fines on pre-authorized debit transactions between February 2, 2019, and November 27, 2023. Compensation will not be provided to all class action participants. Payouts are only available to persons with open accounts during the settlement distribution and have been charged NSF fees within the authorized time. Customers allegedly paid a $48 NSF fee by TD Bank’s regular consumer banking agreement. According to the lawsuit, consumers were not given adequate notice about the possibility of multiple NSF fees being levied for a single payment.

TD Bank Settlement Amount for Each Customer:

A hearing to decide whether to accept the proposed $15.9 million settlement will be held on February 12. TD will instantly send around $88 to each qualifying class member’s bank account if the court approves the settlement next month. If authorized, TD will directly transfer outstanding funds into the bank accounts of qualified class members; in other words, if you qualify, all you have to do is take advantage of this opportunity to receive. We are glad you chose to read about the TD Bank Settlement 2024 on our page. Please come back for more global news and updates.

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