TD Bank $32,225,000 Settlement for Overdraft Fees

Final Approval: The TD Bank overdraft fee class action settlement was granted final approval on October 15, 2025. According to the settlement website, payments should be issued by March 31, 2025. Current account holders will receive an account credit. Former account holders will receive a check in the mail.

If you held a TD Bank personal checking account and were charged APSN overdraft fees between June 27, 2019, and September 30, 2022, you may be eligible to claim a payment from a class action settlement.

TD Bank has agreed to pay $32,225,000 to settle a class action lawsuit for alleged improper assessment of overdraft fees on transactions that were authorized when the account's available balance was positive but later paid when the balance was insufficient.

Who Can Submit a Claim?

To be eligible for a claim, you must meet the following criteria:

• You held a TD Bank personal checking account.
• You incurred one or more overdraft fees for a debit card transaction authorized when the account's available balance was positive but later paid when the balance was insufficient.
• The overdraft fees were incurred between June 27, 2019, and September 30, 2022.

If you did not receive a postcard or email notice but believe you are part of the Settlement Class, you may contact the Settlement Administrator for confirmation.

How Much Can Class Members Get?

The settlement provides $32,225,000 in total relief, which includes $21,975,000 in monetary payments and $10,250,000 in reductions to outstanding balances of closed accounts with amounts owed to TD Bank.

The balance of the Net Settlement Fund, after deducting attorneys' fees, service awards, and administrative costs, will be distributed among the Settlement Class Members. Current TD Bank customers will receive a credit to their accounts, while former customers will receive a check.

• Current Customers: Will receive a credit to their accounts.
• Former Customers: Will receive a check from the Settlement Administrator.

Calculation Example

If the Net Settlement Fund is $21,975,000 and there are 100,000 eligible class members, each member would receive approximately $219.75. This is a simplified example and actual amounts may vary based on the number of claims and other factors.

How to Claim an Award

To claim an award, you can file a claim online or by mail. The URL for filing a claim online is not provided, but you can contact the Settlement Administrator for more details.

For mail submissions, send your claim to: Burns v TD Bank Settlement Administrator, PO Box 5826, Portland, OR 97228-5826

Claim Instructions

Follow these steps to submit a claim:

1. Visit the official settlement website or contact the Settlement Administrator for the claim form.
2. Fill out the claim form with your personal information and account details.
3. Submit the form online or mail it to the provided address.

How Do I Get Paid?

Payments will be made either as a credit to your TD Bank account (for current customers) or as a check mailed to you (for former customers).

$32,225,000 Settlement Fund Breakdown

The settlement fund of $32,225,000 will cover:

• $21,975,000 in monetary payments to Settlement Class Members.
• $10,250,000 in reductions to outstanding balances of closed accounts.
• Attorneys' fees up to 33% of the value of the settlement.
• Service awards of up to $5,000 each to the Class Representatives.

Important Dates

• Deadline to Object to the Settlement: September 14, 2024
• Deadline to Opt Out of the Settlement: September 14, 2024
• Final Approval Hearing: October 10, 2024, at 1:00 P.M.

When is the TD Bank APSN Fee Settlement Payout Date?

If the Court approves the settlement, payments or credits should be issued within about 60 days after the Settlement is approved.

Why is There a Class Action Settlement?

The lawsuit claims that TD Bank breached its contracts with personal checking accountholders by assessing and collecting certain overdraft fees not authorized by the account agreement.

Products or Services That Are the Subject of the Settlement

The settlement concerns overdraft fees assessed on debit card transactions authorized when the account's available balance was positive but later paid when the balance was insufficient.

What Happens Next?

The Court will hold a Final Approval Hearing on October 10, 2024, to decide whether to approve the Settlement. If approved, payments will be distributed to eligible class members.