The lawsuit filed against TD Bank in Canada for charging fees on debit transactions has reached its logical conclusion and a multi-million-dollar settlement. All account holders who have been charged fees for transactions could receive some amount from the proposed $15.9 million settlement, which could soon be approved by the court. The lawsuit alleged that TD Bank inappropriately deducted money from Canadian account holders who had insufficient funds in their accounts.
Despite the settlement, TD has admitted that it has not done anything improper and has also claimed that it is not liable to pay any damages for deducting NSF fees to account holders. The class lawsuit represents every Canadian citizen who has an account with TD Bank and has been charged an NSF fee by TD Bank on a represented pre-authorized debit transaction from February 2, 2019, to November 27, 2023.
It must be noted that not everyone will be the recipient of the compensation, and only those members will be eligible who have been charged an NSF fee on a represented pre-authorized debit transaction from February 2, 2019, to November 27, 2023. Also, their TD account must be operative to be eligible for the settlement.
Adam Tanel, a partner at Koskie Minsky, the law firm representing the class, said that once the settlement gets the nod from the court, the class members will receive their share from the settlement fund, and it will be directly deposited into their accounts. In other words, account holders will not have to claim to get the money from TD Bank. The compensation will be directly deposited into their accounts.
The Court is scheduled to hear the case and decide whether to approve or reject the settlement on February 13, 2024. TD Bank is not a sole case, and five other banks are also facing a lawsuit for repeatedly charging account holders failed pre-authorized debit (PAD) transactions.
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