BONUS BUCKS: Bank Customers Can Get Payments From $32m Overdraft fee Settlement
According To The SUN USA, Time is running out for TD Bank customers to take action regarding a $32.225 million settlement over allegedly illegal overdraft fees. Affected customers have just two weeks left to either exclude themselves or object to the settlement terms before the deadline on September 14, 2024.
Who Is Eligible?
The settlement applies to current and former TD Bank personal checking account holders who were charged certain “Authorize Positive, Settle Negative” (APSN) fees between June 27, 2019, and September 30, 2022. These APSN fees are overdraft charges applied to transactions that were authorized when the account had a positive balance but later settled when the balance was negative.
The class action lawsuit claims that TD Bank violated its own account terms by assessing these unauthorized overdraft fees on transactions, even after approving them when there were sufficient funds.
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How to Benefit from the Settlement
Under the settlement terms, $21.975 million will be distributed to customers who were charged APSN fees. Current TD Bank customers will receive credits to their accounts, while former customers will receive checks. The exact payment amounts will vary depending on the fees paid by each customer during the specified period, though specific estimates have not been released.
An additional $10.25 million from the settlement will be used to forgive certain outstanding balances linked to APSN fees.
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What Affected Customers Need to Know
Customers who do not wish to participate in the settlement or who want to object to its terms must act before the September 14, 2024, deadline. The final court approval hearing is scheduled for October 10, 2024.
No claim form is necessary to receive a settlement payment. Those who do not exclude themselves will automatically receive a payment, either as an account credit or by check.
With just two weeks remaining, affected TD Bank customers should promptly review their options to ensure they take any necessary action before the deadline passes.
Additional Settlements: CGM Data Breach and More
In a separate case, Americans affected by a data breach at CGM could soon receive up to $4,400 in compensation. CGM, a software-as-a-service provider for wireless and broadband companies, faced a lawsuit after a data breach occurred between December 15, 2022, and December 28, 2022.
The breach reportedly impacted around 279,063 individuals, whose sensitive information—including driver’s license numbers, state IDs, and Social Security numbers—may have been accessed by hackers.
While CGM has not admitted any wrongdoing, it has agreed to pay $1.5 million to settle the claims. Eligible claimants will receive varying cash payments based on their specific circumstances:
- Up to $400 for ordinary losses
- $20 per hour for up to four hours of lost time
- Up to $4,000 for extraordinary losses
This settlement is one of several recent class actions in the U.S., including a $3 million overtime pay settlement and a $14.95 million privacy settlement, both of which may offer compensation opportunities for eligible Americans.
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