

A major class action lawsuit against TD Bank has led to a $15.9 million settlement, potentially benefiting thousands of Canadian customers. This lawsuit stems from claims that TD Bank imposed multiple Non-Sufficient Funds (NSF) fees on a single transaction without proper disclosure. While TD Bank denies any wrongdoing, the Ontario Superior Court of Justice granted class-action status to the claim on December 7, 2022.
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In December 2024, the legal firm Koskie Minsky LLP revealed the potential settlement. Now, as the final court hearing approaches on February 13, 2025, many customers are wondering whether they qualify for compensation and how they can claim their share. Read on to learn more about eligibility, the payout process, and important deadlines.
Why Was the TD Bank Class Action Lawsuit Filed?
In 2021, customers accused TD Bank of improperly charging multiple NSF fees on pre-authorized debit transactions. Typically, an NSF fee is applied when a customer’s bank account lacks sufficient funds to cover a payment. However, the lawsuit alleged that TD Bank charged multiple NSF fees on the same transaction, without adequately informing customers.
Under TD Bank’s standard-form consumer banking agreement, customers reportedly paid $48 per NSF fee. The lawsuit claims that the bank did not clearly disclose that multiple fees could be charged for a single failed transaction.
To resolve these claims, TD Bank has agreed to pay $15.9 million, pending court approval. If the settlement is approved, qualifying customers will receive approximately $88 directly into their bank accounts.
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Key Details of the TD Bank Class Action Settlement
Settlement Details | Information |
---|---|
Country | Canada |
Hearing Date | February 13, 2025 |
Settlement Amount | $15.9 million |
Estimated Payment Per Person | $88 |
Legal Firm Handling Case | Koskie Minsky LLP |
Contact for More Information | [email protected] |
Who Is Eligible for the $88 TD Bank Settlement Payment?
The settlement applies to Canadian residents who:
- Currently hold or previously held a personal deposit account with TD Bank.
- Were charged NSF fees on pre-authorized debit transactions between February 2, 2019, and November 27, 2023.
- Had an open account during the settlement distribution period and were impacted by these NSF charges.
Not all TD Bank customers will receive a payout—only those who meet the criteria above will be eligible.
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How and When Will Eligible Customers Receive Their Payment?
If the court approves the settlement on February 13, 2025, TD Bank will begin distributing payments to eligible customers. No action is required from eligible account holders.
Here’s how the payment process will work:
- Automatic Deposits: TD Bank will directly deposit the $88 settlement amount into eligible customers’ accounts.
- For Closed Accounts: If a qualifying customer’s TD Bank account is now closed, instructions for receiving the payout will be provided through the official settlement website or direct communication from TD Bank.
- Timeline for Distribution: Payments are expected to be processed within a few months after final approval.
What Happens Next? Key Dates to Remember
- January 26, 2025: Last date for customers to opt out or object to the settlement if they do not agree with the terms.
- February 13, 2025: Final court hearing to approve the $15.9 million settlement.
- Mid-to-Late 2025: Expected timeline for payout distribution to eligible customers.
Final Thoughts: Should You Expect a Payout?
For eligible TD Bank customers, this settlement presents an opportunity to recover unfairly charged fees with minimal effort. If the court approves the agreement, thousands of customers could receive $88 directly into their accounts, helping to offset previous NSF charges.
If you believe you qualify, monitor your account and check official TD Bank communications for updates. For more details, you can contact [email protected].
Stay informed and ensure you receive any compensation you’re entitled to!
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