TD Bank NSF Fees $41M Class Action Settlement – Top Class Actions

TD Bank agreed to pay over $41 million as part of a class action lawsuit settlement to resolve claims that it wrongfully charged non-sufficient funds fees, or NSF fees, after retrying transactions.

The settlement benefits consumers who were charged retry NSF fees by TD Bank during various time periods between Nov. 30, 2008, and Sept. 7, 2021.

Eligible periods vary based on state according to applicable laws. For example, the Illinois class period starts on Nov. 20, 2008 while the Colorado class period starts on Nov. 30, 2015. A full list of each state’s Class periods can be found in the settlement agreement.

TD Bank is a North American bank that serves consumers across the United States and Canada. The bank offers checking accounts, credit cards, investment services, savings accounts, borrowing options, and other services.

According to a 2019 amended class action lawsuit, TD Bank fails its consumers by charging unfair NSF fees. The bank allegedly charges NSF fees on failed transactions after these transactions were attempted for a second time. Each of these fees is between $30 and $35 which can quickly add up when multiple NSF fees are charged.

The plaintiff says she attempted a PayPal transaction in 2018 that was denied due to insufficient funds. As a result, she was reportedly charged an NSF fee of $35. Later, despite the plaintiff not attempting to initiate the transaction, TD Bank allegedly tried to clear the transaction again. When this second unauthorized attempt failed, TD Bank charged another $35 fee, the class action lawsuit contends. This same situation allegedly happened again a few months later.

According to the TD Bank class action lawsuit, these retry NSF fees violate the bank’s account agreements. The plaintiff argues that countless other TD Banks could have experienced similar unfair NSF fees.

TD Bank hasn’t admitted any wrongdoing but agreed to resolve the class action allegations with a $41.5 million settlement. This settlement includes $20.75 million for cash payments and $20.75 million in debt relief benefits.

Under the terms of the TD Bank settlement, Class Members will receive a cash payment to compensate them for retry NSF fees they paid. Payments will not be a full refund, but will be proportional to reflect the amount each Class Member who was charged a retry NSF fee. Class Members who were charged numerous fees will receive a higher payment than Class Members who were charged only one fee. 

The settlement also provides debt forgiveness to Class Members whose accounts were closed with a negative balance. Under the settlement terms, any debt owed to TD Bank will be reduced for each retry NSF fee that a Class Member owed to the bank but did not pay before account closing. Like with the settlement’s cash payments, this debt reduction will vary depending on the amount paid in fees.

The deadline for exclusion and objection was March 16, 2022.

The final approval hearing for the settlement is scheduled for May 3, 2022.

Class Members do not have to take any action to benefit from the settlement. Unless they exclude themselves, eligible consumers will automatically receive a payment from the fund.

Who’s Eligible

The settlement benefits consumers who were charged retry NSF fees by TD Bank during various time periods between Nov. 30, 2008 and Sept. 7, 2021. Eligible periods vary based on state according to applicable laws. For example, the Illinois class period starts on Nov. 20, 2008 while the Colorado class period starts on Nov. 30, 2015. A full list of each state’s Class periods can be found in the settlement agreement.

Potential Award

Varies

Proof of Purchase

Claim Form

No claim form required.

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

Perks, et al. v. TD Bank, N.A., Case No. 1:18-cv-11176 in the U.S. District Court for the Southern District of New York

Final Hearing

05/03/2022

Settlement Website

Claims Administrator

Settlement Administrator
Perks et al v TD Bank, N.A.
c/o RG/2 Claims Administration LLC
P.O. Box 59479
Philadelphia, PA 19102-9479
retryNSFfeessettlement@rg2claims.com
800-274-6605

Class Counsel

Lynn A Toops Esq
Vess A Miller Esq
Richard E Shevitz Esq
COHEN & MALAD LLP

Jeffrey D Kaliel
Sophia Goren Gold
KALIEL PLLC

Jeffrey Ostrow
Jonathan M Streisfeld
KOPELOWITZ OSTROW PA

James J Bilsborrow Esq
WEITZ & LUXENBERG PC

Defense Counsel

Danielle Oakley Esq
COUNSEL FOR TD BANK