TD Bank Class Action Lawsuit 2024: Payout, Eligibility & How to Claim (Ontario)

There was a recent class-action lawsuit against TD Bank in Canada regarding non-sufficient funds (NSF) fees. Here’s a breakdown of what you need to know:

The Lawsuit and Settlement

The lawsuit alleged that TD Bank charged customers multiple NSF fees on a single pre-authorized debit (PAD) transaction that was re-presented. In February 2024, the Ontario Superior Court of Justice approved a settlement agreement.

Who is Eligible for Payout?

The settlement applies to residents of Canada who were TD personal deposit account holders between February 2, 2019, and November 27, 2023. To be eligible for a payout, you must have been charged an NSF fee on a re-presented PAD transaction during this period.

How Much is the Payout?

The exact payout amount will vary depending on the number of eligible claimants and the number of NSF fees they incurred. However, estimates suggest eligible customers could receive around C$88 deposited directly into their TD personal deposit account.

How to Claim Your Payout

(It is important to note that the deadline to claim has likely passed as of July 23, 2024.)

The claim process for the TD Bank NSF fee class action lawsuit has likely concluded. Here’s why:

• The court approval occurred in February 2024. Class action settlements typically involve a claims filing window after approval.
• The information available suggests deadlines to opt out or object to the settlement might have been in January 2024.

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What to Do If You Missed the Claim Deadline

Unfortunately, if you missed the deadline to claim your portion of the settlement, you won’t be able to receive any payout.

Here are some alternative steps you can take:

• Contact the Law Firm: You can try contacting the law firm that represented the class in the lawsuit (KOSKIE MINSKY LLP) to see if there are any exceptions or if they have information on future developments.
• Monitor TD Bank Updates: Keep an eye on TD Bank’s website for any announcements related to future settlements or class actions.

Disclaimer

This information is for general knowledge only and does not constitute legal advice. It’s always best to consult with a lawyer if you have specific questions about the TD Bank class action lawsuit or your eligibility for a payout.