$32M TD Bank Unauthorized Overdraft Fees Class Action Settlement

Unsplash | Published: August 31, 2024

Claim Form Deadline: N/A

Payout: Varies

Proof required: N/A

What's the TD Bank Overdraft Fees Class Action?

A $32,225,000 class action lawsuit, Burns v. TD Bank, North America, has been settled. The class action lawsuit alleges that TD Bank breached its contracts with personal checking accounth olders by assessing and collecting certain overdraft fees not authorized by the bank's account agreement

Specifically, the lawsuit focuses on APSN ("Authorize Positive, Settle Negative") fees, which occur when a debit card transaction is authorized with a positive account balance but settles when the balance is insufficient, triggering an overdraft fee

What are APSN Overdraft fees

APSN fees occur when you make a purchase with your debit card and have enough money in your account at the time of the purchase. However, if other transactions happen before the store takes the money out of your account, you might end up with insufficient funds when the transaction settles. Because of this, your bank charges you an overdraft fee, even though you had enough money initially.

These types of bank fees can be frustrating and unexpected, as they often catch people off guard. The TD class action settlement allowed some consumers to reclaim cash from a $32 million settlement in an effort to stop banks from charging unfair overdraft fees that can be unfair or exploitative.

What is the Total Settlement Amount?

The total settlement amount is $32,225,000, consisting of:

• $21,975,000 in monetary payments ("Settlement Payment Amount")
• $10,250,000 in reductions to outstanding balances on closed accounts ("Overdraft Forgiveness")

How Do I Qualify For a Payout?

You may be qualified for a payout if you:

  1. Held a TD Bank personal checking account
  2. Incurred one or more overdraft fees for a debit card transaction that was authorized when the account's available balance was positive, but later paid by TD Bank when the balance was insufficient
  3. These fees were incurred between June 27, 2019, and September 30, 2022

How Much Can I Get Paid?

The exact amount each class member will receive is not specified. The payment will be determined by dividing the Net Settlement Fund (after deducting attorneys' fees, costs, and other expenses) among all eligible class members as outlined in the Settlement Agreement.

When Will I Get Paid?

The court will hold a Final Approval Hearing on October 15, 2024, at 11:30 a.m. to consider whether the settlement should be approved. If the Court approves the settlement, payments should be made or credits should be issued within about 60 days after the Settlement is approved.

There are some factors that could delay payment:

  1. If someone objects to the class action and the objection is sustained, there would be no settlement.

  2. Even if all objections are overruled and the Court approves the Settlement, an objector could appeal, which might take months or even years to resolve, delaying any payment.

  3. The notice advises class members to be patient, as the payment process may take some time depending on these factors. For current TD Bank customers, the payment will be issued as a credit to their account. Former customers may receive a check directly from the overdraft fees class action settlement.

How Do I File a Claim?

You do not need to file a claim in this settlement. Payments will be distributed automatically: Current TD Bank customers will receive a credit to their accounts Former TD Bank customers will receive a check from the Settlement Administrator

Do I Need Proof to File a Claim?

TD Bank will use its own records to identify eligible class members and distribute payments or account credits automatically

How Do I Find Class Action Settlements?

Find all the latest Class Action Settlements you can qualify for by getting notified of new lawsuits as soon as they are open to claims:

Claim Form Website: TDBankAPSNFeeClassAction.com

Filing Class Action Settlement Claims

Please note that your claim form will be rejected if you submit a settlement claim for payout with any fraudulent information. By providing this information and your sworn statement of its veracity, you agree to do so under the penalty of perjury. You would also be harming others that actually qualify for the class action settlement. If you are not sure whether or not you qualify for this class action settlement, visit the class action administrator's website below. OpenClassActions.com is only providing information and is not a class action administrator or a law firm. OpenClassActions is a participant in the Amazon affiliate advertising program and this post may contain affiliate links, which means we may earn a commission or fees if you make a purchase via those links.

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