In this article, you’ll learn about the TD Bank Class Action Payment 2024: Eligibility for Settlement, Payment Dates, and Amount. In 2021, a class action was filed against Toronto-Dominion Bank over allegations of unlawfully charging customers multiple nonsufficient funds fees on a single check or payment. In 2024, TD Bank is set to distribute nearly $16 million as part of the settlement, which was recently approved. To find out more about the TD Bank Class Action Payment 2024, including eligibility details, payment dates, and other information, continue reading this article.
Table of Contents
Overview of TD Bank Class Action Lawsuit 2024
| Aspect | Details |
| Title | TD Bank Class Action Lawsuit |
| Bank | TD Bank Canada |
| Settlement Type | Class Action |
| Eligible Customers | Those affected by unauthorized fees |
| Payment Process | Direct deposit or check |
| Amount | $15.9 million |
| Legal Proceedings | Settlement reached after legal action |
| Customer Outreach | Notification sent to eligible customers |
TD Bank Class Action Payment 2024
Canada’s largest financial institution, Toronto-Dominion Bank (TD Bank), has been involved in a significant class action settlement that has impacted the banking industry. The TD Bank Class Action Payment is related to alleged fraudulent acts that jeopardized the bank’s image and financial stability. The bank accused certain banks, along with Visa and Mastercard, of colluding to impose elevated interchange fees and enforce restrictive regulations.
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Several class action lawsuits have been filed in Canada against Visa, Mastercard, and other banking defendants. These lawsuits allege that the defendants conspired to set higher interchange fees, which businesses pay for credit card transactions. Additionally, these fees were coupled with rules that restricted the ability to charge extra to offset the costs of Mastercard and Visa credit cards. The TD Bank Class Action Payment will involve assessing settlements for eligible Canadians and resolving the claims of all parties involved.
For the year 2024, TD Bank has agreed to pay CAD 15.9 million to resolve the complaint. The settlement is pending approval by the federal court, which has determined that the amount is fair and represents the interests of all parties involved. TD Bank will make a direct transfer into the bank accounts of all qualified class members. However, the bank has agreed to the settlement without admitting any wrongdoing and denies all liability related to the alleged improper NSF charge fees.
What is the TD Bank settlement?
TD Bank has agreed to pay $15.9 million to settle a lawsuit with Koskie Minsky LLP. The settlement is scheduled for February 13, 2024, and is pending court approval. If the court approves the settlement, TD Bank will directly deposit any unpaid amounts into the bank accounts of eligible course attendees.
Who is Eligible for Settlement?
The TD Bank Class Action Payment pertains to Canadian individuals who held personal deposit accounts with Toronto Dominion Bank and were charged NSF fees on their pre-authorized debit transactions. Not all federal members of the class action are eligible for settlement compensation; eligibility is limited to those who were charged NSF fees within the specified period and whose accounts remained open throughout the settlement period.
Eligible customers were reportedly charged an NSF fee of CAD 48 under TD Bank’s standard consumer banking transaction agreement. The lawsuit argued that customers were not adequately informed about the possibility of being charged multiple NSF fees within the same period, from February 2, 2019, to November 27, 2023. Eligible Canadians will receive their share of the settlement into their bank accounts based on the terms of the agreement.
TD Bank Class Action Payment Date 2024
The Toronto Dominion Bank will provide compensation related to increased interchange fees and federal restrictions imposed on merchants by Visa and Mastercard. Claims are being carefully reviewed and approved. Eligible recipients will receive a class action payment of CAD 30 if their annual average revenue is under CAD 5 million and they were small merchants with undocumented claims. The deadline for filing settlement claims is December 30, 2024.
Medium-sized merchants with an annual average revenue between CAD 5 million and CAD 20 million will receive a class action payment of CAD 250. Large merchants with an annual average revenue exceeding CAD 20 million will also receive CAD 250, with payments based on their proportional share of the fund. The settlement fund, totaling CAD 188 million, will be disbursed in February 2024.
