If You Paid Overdraft Fees to TD Bank,
You May Be Eligible for a Payment from a Class Action Settlement1.
UPDATE: In September 2016, a third (“Phase III”) distribution of the remaining Settlement Funds is being made by check to eligible Settlement Class Members who previously received and timely negotiated the initial distribution in 2013 and the Phase II distribution in 2014. To be eligible to receive a Phase III distribution, Settlement Class Members must have received an initial distribution by automatic account credit (for current TD Bank customers) or by check (for former TD Bank customers) and timely negotiated their initial and Phase II checks, and the pro rata share of their Phase III distribution must equal or exceed $5.00.
Case Background
The purpose of this website is to inform you about a proposed Settlement of this class action lawsuit and about all of your options before the Court decides whether to give Final Approval to the Settlement. This website explains the lawsuit, the Settlement, your legal rights, what benefits are available, who may be eligible for those benefits, and how to get them.
A $62 million Settlement was reached in class action lawsuits claiming that TD Bank, N.A., TD Banknorth, National Association and Banknorth, National Association (collectively, "TD Bank") improperly posted Debit Card Transactions from highest to lowest dollar amount to increase the number of Overdraft Fees charged to Account holders. TD Bank maintains there was nothing wrong with the posting process used. The Court approved the Settlement in 2013.
The complaint in the lawsuit is posted on this website and contains all of the allegations and claims asserted against TD Bank. TD Bank denied the claims in the lawsuit and maintained there was nothing wrong about the posting order used.
You are a member of the Settlement Class if you had a TD Bank consumer Checking Account accessible with a TD Bank Debit Card, at any time between December 1, 2003 and August 15, 2010 and were charged one or more Overdraft Fees as a result of TD Bank’s practice of posting Debit Card Transactions from highest to lowest dollar amount.
During the 2013 initial distribution, payments or Account credits were automatically made to Settlement Class Members who did not opt-out of the Settlement. Details on the formulas for determining payment amounts, Account credits, and other Settlement benefits are included in the detailed Long Form Notice and the Settlement Agreement, both available here.
If you would like further information about the claims asserted in this case, you can review a copy of the Settlement Agreement here.
NOTICE: This website provides a summary of the Settlement and is provided for informational purposes only. In the event of any discrepancy between the text of this website and the original text upon which it is based, the text of the original document shall prevail.
1 All capitalized terms herein have the same meanings as the defined terms in the Settlement Agreement, a copy of which may be found on this website.