TD Class Action Lawsuit Reached A Settlement & You Could Get Extra Money In Your Bank Account

The class action lawsuit filed against TD Bank in Canada has reached a multi-million dollar settlement.

If you bank with TD and have been charged certain fees on debit transactions, you could find extra money in your bank account because of this.

With the TD class action lawsuit in Canada, a proposed $15,900,000 settlement has been reached and it could soon be approved by the court.

The class action alleged that TD Bank improperly charged Canadian customers with non-sufficient funds (NSF) fees.

Even though a settlement has been reached in this case, TD has not admitted any wrongdoing and denies liability related to improperly charging NSF fees to account holders.

Class members include every person residing in Canada who is or was a personal deposit account holder with TD Bank and whose personal deposit account has been charged an NSF fee by TD Bank on a represented pre-authorized debit transaction from February 2, 2019, to November 27, 2023.

Not all members of the class action will receive compensation though.

Only class members who were charged an NSF fee on a represented pre-authorized debit transaction from February 2, 2019, to November 27, 2023, and whose account with TD is still open when the settlement gets distributed will get money.

"Once the settlement is approved by the court, the settlement we negotiated provides that class members will receive their pro rata share of the settlement funds directly deposited into their TD bank account without having to file any additional paperwork," said Adam Tanel, a partner at Koskie Minsky, the law firm representing the class.

That means you won't have to submit a claim form to get money from the TD Bank class action lawsuit which is unlike most class actions.

If you're an eligible class member, compensation will be deposited directly into your bank account by TD.

There will be a court hearing to decide whether or not to approve the proposed settlement on February 13, 2024.

So, keep an eye on your bank account after that date because you could see extra money deposited in there!

This article's cover image was used for illustrative purposes only.