TD Bank Must Face Claims It Opened Accounts, Seized Funds – Law360

By Bill Wichert (September 27, 2021, 5:52 PM EDT) — TD Bank fell short in trying to erase class claims that it opened accounts in customers’ names without their permission and seized funds and fees, with a New Jersey federal judge on Monday issuing a novel holding that such conduct may be unlawful under the Electronic Fund Transfer Act.

In what U.S. District Judge Noel L. Hillman said appears to be an issue of first impression within the Third Circuit, he found that account numbers associated with such purportedly unauthorized account openings qualified under the EFTA as “‘other means of access'” that could be used to initiate an electronic fund transfer….