TD Bank Canada begins paying settlement money to eligible class action customers

Updated on April 19, 2024

It’s unfortunate that TD Bank’s customers had to deal with such a frustrating situation. Being hit with multiple NSF fees for a single transaction can really add up and cause unnecessary financial strain. It’s good to hear that the Ontario Superior Court of Justice recognized the issue and allowed it to proceed as a class action lawsuit. Hopefully, this means that affected customers will get the restitution they deserve.

It’s also a relief to know that the settlement process is underway, with the deadline for filing claims coming up soon. Hopefully, this will bring some closure to those who were impacted by the bank’s alleged policy. It’s essential for banks to be transparent and fair in their fee structures, and situations like this highlight the importance of holding them accountable when they fall short.

Qualifications for the TD Bank Bank Settlement Program

To be eligible for a payout from the settlement, you have to tick off a few boxes:

Firstly, you need to have had a personal deposit account with TD Bank at some point. That’s the starting point.

Then, TD Bank must have hit your account with an NSF fee for a re-presented pre-authorized debit transaction. Basically, this means you gave permission for a third party to take money from your account regularly.

TD Bank Canada begins paying settlement money to eligible class action customers

These NSF fees should have been charged to your account between February 2, 2019, and November 27, 2023. That’s the timeframe they’re looking at.

Lastly, your personal deposit account with TD must still be active when they’re doling out the settlement cash.

Meeting all these criteria can qualify you for a piece of the settlement pie. It’s a bit of a process, but hopefully, it’ll bring some relief to those who’ve been affected by TD Bank’s policies.

Legal Proceedings and Settlement

The approval of the settlement by the Ontario Superior Court of Justice marks a significant step forward for the affected customers of TD Bank. After a thorough hearing on February 15, both parties reached an agreement on a settlement amount of $15.9 million.

However, before eligible class members receive their share of the settlement, several deductions will be made from this amount. These deductions cover various expenses, including a fee for the Class Counsel, disbursements, an Honorarium for the representative plaintiff, and a fee for the litigation funder totaling $952,935.40.

It’s worth mentioning that TD Bank’s agreement to the settlement doesn’t imply any admission of wrongdoing or liability. Despite disagreeing with the allegations made in the lawsuit, the bank has chosen to settle to bring closure to the matter. This stance underscores the complexity of legal proceedings and the importance of reaching resolutions that serve the interests of all parties involved.

Automatic Enrollment and Payout

That’s some straightforward news for eligible class members—no need to fill out another form for compensation. If you meet the eligibility criteria, you’re already in the running for a payout.

It looks like each eligible customer can expect around C$88, and the funds will be deposited directly into their TD personal deposit accounts, starting in early April.

It’s always nice when things work out smoothly, especially when it comes to getting some deserved compensation. For more info on the lawsuit settlement, check out the details on that page.

 

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