FEE FRENZY: This Bank customers may claim one-time payments from $32m ‘overdraft’ fee settlement – and you don’t need to file a claim
According to THE SUN, TD Bank customers affected by overdraft fees may benefit from a $32 million settlement without needing to file a claim. The settlement addresses allegations that TD Bank charged APSN overdraft fees on transactions despite customers having positive account balances.
The lawsuit claimed that TD Bank violated its account terms by charging these unauthorized fees, even when transactions were approved with sufficient funds. Although TD Bank denies any wrongdoing, the bank has agreed to settle the case.
Settlement Breakdown
Nearly $22 million of the settlement fund will be returned to customers who paid APSN fees. The remaining $10.25 million will be allocated to outstanding balances. Class members will receive a proportional share of the settlement fund based on their fees paid. Exact payment amounts will vary, and there are no estimates available for individual payouts.
Affected customers will automatically receive a check or equivalent credit, and no claim forms are required.
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Upcoming Court Hearing
The final approval hearing for the settlement is scheduled for October 10.
Bank of America Faces Similar Settlement
Bank of America is also dealing with a settlement related to hidden wire transfer fees. A lawsuit alleges that BOA charged a $15 fee for incoming wire transfers without properly disclosing it to customers. The bank denies any wrongdoing but has agreed to a $21 million settlement.
Eligibility and Claims
To be eligible for a payment, customers must have been charged a wire transfer fee between March 8, 2019, and August 31, 2023. Payments will be proportional to the fees charged, but no specific estimates for individual amounts are available. Eligible customers must file a claim by September 21.
Additional Settlements
- A tax filing service is paying out $14 million to customers whose personal information was shared.
- Consumers may also qualify for a $9.2 million skincare settlement.
