2024 TD Bank Class Action Settlement: Eligibility, Payment Dates, and Amounts

Learn all about the 2024 TD Bank Class Action Payment: Eligibility, Payouts, and Dates. In 2021, a class action accused Toronto Dominion Bank of wrongful charges for insufficient funds. Now, the federal TD Bank is set to distribute a $16 million settlement in 2024. Dive into this article for details on payment dates and more.

TD Bank Class Action Payment 2024

Canada’s largest financial institution, the Toronto Dominion Bank, is embroiled in a class action payment case that has significantly impacted the banking industry. The TD Bank Class Action Payment reveals alleged fraudulent activities threatening the bank’s reputation and financial standing. The bank accuses specific banks, Visa, and Mastercard of colluding to increase interchange fees and impose regulations.

Numerous class action lawsuits in Canada target Visa, Mastercard, and other banks, alleging a conspiracy to raise interchange costs. In Canada, businesses bear fees for credit card transactions, and the charges were accompanied by rules restricting the ability to surcharge Mastercard and Visa credit cards. Eligible Canadians in the TD Bank Class Action Payment will have their settlements evaluated, marking the resolution for all parties involved.

In 2024, TD Bank is set to pay 15.9 million CAD to settle a case, pending federal court approval. The court, after careful assessment, deems the settlement fair for all parties involved. Eligible class members can expect direct deposits into their bank accounts. It’s important to note that while TD Bank agrees to the settlement, they neither admit wrongdoing nor accept liability for alleged improper NSF charger fees.

See also  MySalam 2024: Check Status, Log In, Register, Eligibility Criteria

Who is Eligible for Settlement?

The TD Bank Class Action Payment covers Canadians with personal deposit accounts at Toronto Dominion Bank. It specifically includes those charged NSF fees on pre-authorized debit transactions. However, not all federal class members are eligible for settlement compensation. Only those who incurred NSF fees within the specified period and maintained open accounts during the settlement period are eligible for compensation.

Customers deemed eligible for the TD Bank Class Action Payment were allegedly charged a 48 CAD NSF fee, as outlined in TD Bank’s standard consumer banking transaction agreement. The lawsuit contends that these customers were not sufficiently informed about the potential for multiple NSF fees during the period from February 2, 2019, to November 27, 2023. Eligible Canadians will receive settlement benefits directly deposited into their bank accounts, the amount varying based on their specific agreement.

TD Bank Class Action Payment Date 2024

Toronto Dominion Bank is set to provide compensation due to increased interchange fees and federal restrictions impacting merchants’ costs for Visa and Mastercard. The claim process involves careful assessment and approval of valid claims. Eligible recipients, specifically small merchants with annual average revenue under $5 million and undocumented claims, will receive a class action payment of 30 CAD. The deadline for filing settlement claims is December 30, 2024.

Medium-sized merchants, with annual average revenue between $5 million and $20 million, are eligible to receive a Toronto Dominion Bank Class Action Payment of 250 CAD. Similarly, large merchants, exceeding 20 million in annual average revenue, will also receive 250 CAD. Large merchants, using a documented claiming type, will receive TD Bank Class Action Payment based on their proportional share of the funds. The total settlement amount is $188 million, and claims can be filed in February 2024.

Leave a Comment