The TD Bank class action in 2024 involves a settlement payment of nearly $16 million CAD to resolve allegations of improperly charged nonsufficient funds (NSF) fees. This lawsuit, initiated in 2021, has reached a settlement awaiting federal court approval.
The case stems from accusations against TD Bank for charging multiple NSF fees on a single check or payment. The settlement amount, decided in 2024, aims to compensate eligible Canadian customers who were affected during the specified period.
Summary of TD Bank Settlement Payment Details 2024
Aspect | Details |
---|---|
Settlement Amount | $15.9 million CAD |
Allegation Period | From 2 Feb 2019 to 27 Nov 2023 |
Eligibility | Canadian individuals with personal deposit accounts charged NSF fees |
NSF Fee Charged | $48 CAD under the standard consumer banking transaction agreement |
Payment to Eligible Customers | Direct deposit into bank accounts of eligible class members |
Deadline for Filing Claims | 30 Dec 2024 |
Payment Amount for Merchants | $30 CAD for small merchants; $250 CAD for medium and large merchants |
Court Approval Status | Awaiting federal court’s approval, ensuring fair representation of all involved parties’ interests |
The Toronto Dominion Bank, Canada’s largest financial institution, faces this lawsuit due to allegations related to elevated interchange fees and NSF charges. Despite agreeing to the settlement, TD Bank denies any wrongdoing or liability.
Eligibility for Settlement
Eligibility for the TD Bank class action settlement includes Canadian individuals who held personal deposit accounts and were charged NSF fees on pre-authorized debit transactions. However, not all class action members qualify; only those charged NSF fees within the specified period and whose accounts remained open for compensation are eligible.
The settlement claims process is crucial, with a deadline for filing claims set for 30 Dec 2024. This process is designed to fairly distribute the settlement amount among affected customers and merchants.
Payment Details
Eligible Canadians will see the settlement benefits deposited directly into their bank accounts. This includes specific payments to merchants based on their annual revenue, with amounts set at $30 CAD for small merchants and $250 CAD for medium to large merchants.
This settlement aims to compensate those unfairly charged, affecting both individual customers and merchants. It reflects TD Bank’s commitment to resolving the allegations while maintaining its reputation and trust with its customers.
Conclusion
The TD Bank Settlement Payment 2024 is a significant development for eligible Canadians affected by NSF fees. As the settlement awaits court approval, it represents a step towards financial redress for those impacted.
Frequently Asked Questions
What is the TD Bank Settlement Payment 2024?
The TD Bank Settlement Payment 2024 is a financial compensation package for eligible Canadians affected by improperly charged NSF fees, totaling nearly $16 million CAD.
Who is eligible for the TD Bank class action settlement?
Eligible individuals include Canadian personal deposit account holders of Toronto Dominion Bank charged NSF fees on their pre-authorized debit transactions within a specified period.
What are the key dates for the TD Bank Settlement?
The key date to remember is 30 Dec 2024, the deadline for filing settlement claims.
How will the settlement amount be distributed?
The settlement amount will be directly deposited into the bank accounts of eligible class members, with specific amounts also designated for small, medium, and large merchants.
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