When big companies face accusations of bad practices, it can lead to major legal and financial consequences. The TD Bank Class Action Lawsuit is a perfect example. Toronto Dominion (TD) Bank has agreed to a big settlement of about CAD 16 million.
This settlement is meant to pay back Canadian customers who were charged multiple non-sufficient funds (NSF) fees without knowing it. Here’s everything you need to know about the lawsuit, the settlement, who is eligible, and how you can claim your share.
Class action lawsuits against large financial institutions often arise when numerous customers experience similar grievances. TD Bank’s recent settlement is a case in point.
Allegations that the bank wrongfully charged multiple non-sufficient funds (NSF) fees have led to a substantial financial settlement aimed at compensating affected customers.
This guide will walk you through the details of the TD Bank class action lawsuit, including how the settlement came about, eligibility criteria, important dates, and the steps required to claim your compensation.
TD Bank Class Action Lawsuit Overview
The TD Bank Class Action Lawsuit stems from claims that the bank illegally charged multiple NSF fees on failed transactions. This lawsuit, initiated in 2021, brought to light the impact of these charges on many TD Bank customers.
Consequently, TD Bank agreed to settle the case for around CAD 16 million, acknowledging their mistakes and attempting to make amends.
Understanding the Lawsuit
In 2021, several TD Bank customers filed a class action lawsuit against the bank. They alleged that TD Bank had been unlawfully charging multiple NSF fees each time a transaction failed. These charges accumulated, causing significant financial strain on the affected account holders.
To address these allegations, TD Bank has agreed to a CAD 16 million settlement. This settlement is meant to compensate those who were wrongly charged these fees between February 2, 2019, and November 27, 2023.
Overview of the Settlement
The settlement details are as follows:
- Article On: TD Bank Class Action Lawsuit
- Country: Canada
- Department: TD Bank
- Beneficiary: Claimants
- Settlement Amount: CAD 15.9 Million
- Amount for Each: CAD 250
Eligibility for Settlement Amount
To qualify for a part of the settlement, you need to meet certain criteria:
- Residency: You must be a resident of Canada.
- Account: You should have a personal deposit account with TD Bank.
- Fees Charged: You must have been charged unlawful NSF fees between February 2, 2019, and November 27, 2023.
- Fee Amount: You should have been charged CAD 48 in NSF fees.
- Account Status: Your account must be currently active.
If you meet these conditions, you can file a claim to receive your portion of the settlement.
Settlement Payment Dates and Amounts
Eligible people are naturally curious about when they will receive their settlement payments. Here’s a breakdown of the key dates and amounts:
- Settlement Agreement Date: February 15, 2024
- Claim Filing Deadline: December 30, 2024
- Payment Distribution: Payments will be distributed from mid-August to the end of October 2024.
Payment Amounts
The settlement amount you receive will depend on your annual revenue:
- Small Merchants: CAD 30 for those with annual revenue up to CAD 5 million.
- Medium Merchants: CAD 250 for those with annual revenue between CAD 5 million and CAD 20 million.
- Large Merchants: CAD 250 for those with annual revenue over CAD 20 million, subject to additional documentation and proportional share distribution.
How to File a Claim
To receive the settlement payment, eligible individuals need to file a claim. This involves filling out a settlement form and providing the necessary documentation for verification.
You can access the form through the official website. If you face any issues while applying, you can contact the settlement administrator at 1-844-216-5179 for assistance.
Important Dates in the Lawsuit Timeline
Here are some key dates in the TD Bank Class Action Lawsuit timeline:
- February 4, 2021: Claim statement issued.
- August 3, 2021: Legal proceedings began.
- October 5, 2021: Reply for the last hearing provided.
- May 6, 2022: Summary judgment succeeded by Plaintiff.
- December 7, 2022: Significant progress toward resolution.
- November 30, 2023: Settlement agreement proposal accepted.
- February 15, 2024: Court approval for distribution of compensation.
Related:
- KARTET 2024 Notification, Eligibility for Paper I and II, Exam Date, Application Fee
- TNUSRB SI Notification 2024, Eligibility Criteria, Apply Online, Selection Process
- $400 Direct Deposit: Get the Latest Updates Here
FAQs
1. Who is eligible for the settlement?
Canadian residents with personal TD accounts who were charged NSF fees from 2019-2023.
2. What is the settlement amount per person?
Eligible individuals can receive CAD 250.
3. When is the claim filing deadline?
The deadline to file a claim is December 30, 2024.
4. How will I receive my settlement payment?
Payments will be distributed via the method indicated in your claim form.