If you’re a TD Bank customer, you may be entitled to a portion of the $15.9 million settlement from a recent class action lawsuit.
In December, the law firm Kosky Minke LLP announced that it had reached a settlement in a class action lawsuit related to repeated non-funding (NSF) fees.
The lawsuit alleged that customers were charged multiple NSF fees without proper notice of the possibility. TD Bank denied liability, but agreed to a settlement after mediation in August.
The proposed $15.9 million settlement has not yet been approved, and a public hearing will be held on February 12 to determine whether it will be approved. If approved, TD will deposit the outstanding funds directly into the bank account of the eligible class member. In other words, if you’re eligible, you don’t have to do anything to collect your piece of the pie.
Adam Tunnell, a partner at Koskie Minsky, said he was happy the class members didn’t have to “jump any additional hurdles.”
“I believe this is a great result for the class,” he said. In a press release. “It took a lot of effort on both sides to get this deal done. We are pleased with the outcome.”
NSF fees apply when a check is dishonored or when a customer makes a payment to a bank that is declined due to insufficient funds.
Court documents say TD customers were billed $48 in this situation under the terms of the bank’s “Standard Form Consumer Banking Agreement” at the time the case began. However, in some circumstances, the customer was liable for his second NSF fee for the same payment being refused. The lawsuit alleged that customers were not properly informed that NSF fees could be incurred repeatedly for a single payment.
The class action lawsuit was first launched in 2021 and was certified by the Ontario Superior Court of Justice on December 7th. This includes a Canadian resident who owns or has had a personal savings account with TD Bank since February 2, 2019, and whose NSF fee was charged to that account during that period. Ta.
Funds will be automatically deposited upon approval of the Settlement, but eligible Class Members may opt out if they wish.
Koskie Minsky LLP has an opt-out form available on its website as well as an objection form if you wish to remain a member of the class but object to the proposed settlement. He expects both applications to be submitted by January 26th. The opposition is expected to be heard at his confirmation hearing in February.
