If you’re a TD Bank customer, you could soon receive a payment as part of a $15.9 million class action settlement.
The lawsuit alleges the bank charged duplicate non-sufficient fund (NSF) fees on “re-presented pre-authorized debit (PAD) transactions.”
The document said this unfairly hurts lower income Canadians “who are more likely to maintain low bank account balances and more likely to use online vendors in lieu of credit cards.”
TD has denied liability and will not have to admit wrongdoing as part of the settlement.
“The Court has not decided whether TD Bank did anything wrong,” the document said. “If the case had not settled (or if the proposed settlement had not been approved), the plaintiff would have to prove his claims and the claims of the other class members against TD Bank at a trial. There is no guarantee that the plaintiff would win any money or benefits for the class at trial.”
Any Canadian resident who had an account with TD Bank and was charged the fees between Feb. 2, 2019, and Nov. 27, 2023, is eligible to receive a portion of the settlement.
Those who opted in to the class action settlement by Feb. 12, 2024 do not need to do anything more and will automatically be paid. The settlement was approved by the Ontario Superior Court of Justice Feb. 15.
Approximately $9.74 million is left to pay out to claimants after legal fees were deducted from the settlement amount.