TD Bank Class Action Lawsuit: Know About Settlement, Form and Payment Dates

Toronto Dominion (TD) Bank has been accepted to provide a settlement amount of about C$16 million to Canadian people who are eligible to receive the TD Bank Settlement Amount. TD Bank is the largest financial institution that is trusted by a larger population but due to alleged involvement in charging higher and multiple non-sufficient funds (NSF) fees without the knowledge of account holders.

Therefore, a larger population has filed a lawsuit against TD Bank due to charging higher and multiple NSF fees that were illegally charged. However, a green light has been provided for the TD Bank Settlement Payment that can be provided to eligible people. TD Bank’s Class Action Lawsuit has also decreased the reputation of this largest financial institution in Canada which can also affect their overall business profit and other businesses. 

TD Bank Class Action Lawsuit

The customers or service user of TD Bank has filed a Lawsuit Against TD Bank in 2021 for charging illegal multiple NSF fees. Numerous people have filed lawsuits that have reduced the reputation of TD Bank in the financial market. They have been alleged of multiple fraudulent activities that have affected the trust of millions of service users of TD Bank.

Therefore, the bank has decided to provide some compensation to eligible people in the form of the TD Bank Settlement Claim. It is not sufficient to compensate for the fraud but can be considered as a way that they have accepted their fault and are trying to settle by providing some financial compensation. TD Band Class Action Lawsuit has taken the bank at risk of gaining people’s trust. People are highly excited to know how much settlement amount they will receive. People are also looking for wide information related to settlement dates, payment amounts, payment dates, and others. 

TD Bank Lawsuit Settlement- Overview

Article OnTD Bank Class Action Lawsuit
Department TD Bank
Settlement Amount CAD 15.9 Million
Amount for EachCAD 250

Eligibility for TD Lawsuit Settlement Amount

TD Bank Settlement Amount has been announced and people are highly excited to receive this amount for now. Therefore, people want to know how to file the claim to receive the settlement payment. Every individual is not qualified to receive this payment. Therefore, some criteria are set to get benefits under this TD Lawsuit Settlement that are discussed further. 

  • You must be a resident of Canada. 
  • You must have a personal deposit bank account with TD Bank.
  • Between February 2, 2019, and November 27, 2023 you were charged for the unlawful NSF fees.
  • You were reportedly charged NSF fees of 48 CAD. 
  • You have account remains open till now. 
TD Bank Class Action Lawsuit: Know About Settlement, Form and Payment Dates

Understanding TDB Class Action Lawsuit

In 2021, customers of TD Bank filed a Class Action Lawsuit against banks for charging multiple NSF fees. They alleged that this charge is triggered when they try to make a transaction that is not even successful. This allegation is repeated by multiple customers regarding similar issues with transaction issues each time.

They added that they have an additional charge for the unsuccessful transaction which is unlawful. Therefore, the bank has approved C$16 million as a TD Bank Compensation Amount to their eligible account holders. This amount will be paid according to eligibility criteria and the amount they can be eligible for as per average annual revenue. 

TD Lawsuit Settlement Payment Date 2024

After the announcement of the settlement to compensate for their unlawful activity, TD Bank will provide some monetary value to Canadians. People are highly excited to receive this TD Lawsuit Compensation Amount in compensation for the amount charged to them without prior notice. Therefore, TD Bank is providing compensation to eligible account holders who have experienced increased interchange fees which were restricted by the federal from the Visa and MasterCard higher costs to merchants.

After careful review and assessment, eligible people will receive a Class Action Payment. However, to receive these benefits, people need to file a claim. You need to file your claim for the TB Lawsuit Settlement havethe last day of 30, December 2024. You must file your claim before the provided last date to get this compensation amount from TD Bank. 

Payment Amount TD Bank Lawsuit Settlement

People are trying to gather information about the total TD Bank Settlement Amount they can receive for the TD Bank multiple NSF fees. It is estimated that a larger number of merchants will file claims to receive these settlement benefits. On 15th February 2024, TD Bank agreed to a C$19.6 million settlement for affected members. Therefore, it is expected that on average 30 CAD will be provided to the small merchants with C$5 million annual revenue.

However, larger merchants with average annual revenue between C$5 million to C$20 million will receive about C$250 as the TD Bank Lawsuit Settlement Check for 2024. Moreover, larger merchants with higher than C$20 million average annual revenue will be also able to receive TD Bank Compensation Amount of 250 CAD but they will need to document claiming type and will provide according to funds proportional share. However, a settlement check can be claimed in February 2024 for C$188 million. 

TD Bank Settlement Form

Eligible people are looking to fill out the settlement form to apply to receive the TD Bank Compensation Payment. Therefore, people need to make a claim that can help to claim accurately by following the instructions provided on the websites. Claimants will also be provided with the option to upload related documents that will be reviewed before releasing the TD Bank Settlement Check. If you face any problems applying for the claim, you can also contact the administrator for the proper assistance to apply for a claim.

You may call 1-844-216-5179 for assistance to raise a claim to receive the settlement amount. Following this process can help you to successfully apply to claim the settlement amount provided by TD Bank as compensation. TD Bank Settlement Payment Date 2024 has been announced with the approval to pay this settlement amount to class action members. So, people need to wait to receive the settlement check. 

TD Bank Canada Timeline

People are highly excited to know more about the TD Bank Class Action Lawsuit which can help to understand every aspect in a better way. Therefore, people should know about each important date that can be mentioned in the history of TD Bank. Some important dates for the TD Bank Lawsuit are mentioned below.

  • February 4, 2021, was the day on which the claim statement was issued. 
  • From August 3, 2021, legal proceedings started including defence statement submission. 
  • On October 5, 2021, the reply was provided for the last hearing. 
  • May 6, 2022, can be remembered for the notable progress when summary judgment was succeeded by the Plaintiff and made advancement in the case. 
  • By December 7, 2022, a significant step was taken toward the resolution of the lawsuit. 
  • Both parties on November 30, 2023 agreed on the proposal of settlement agreement which was subject to court approval. 
  • On February 15, 2024, Judge Ontario approved the distribution of compensation to affected and eligible class members.  

1 thought on “TD Bank Class Action Lawsuit: Know About Settlement, Form and Payment Dates”

Leave a Comment