A settlement fee of $15.9 million was granted by the judge of Ontario in the month of February 2024 against TD Bank. You are eligible to file a claim if the bank has deducted pre-authorized debit transactions from your account between Feb. 2, 2019, to Nov. 27, 2023.
The deadline to file the claims is May 13 of the current year. You have a chance to get $88 in your TD bank account if you are eligible. The bank has also given the green light to deposit this amount equally in the accounts of shareholders.
The court has concluded that the overall settlement amount is excellent and is in the interest of the customers. The settlement case was filed in August 2023. The court has mentioned this as a class action case.
TD Bank tried to deny the liability or wrongdoings and also rejected the allegations. But now it has agreed to pay the settlement amount after the decision of the court. The amount will be deposited in the personal accounts of the customers through the bank.
What Are Details For The Td Bank Settlement 2024
TD Bank has now agreed to transfer the funds of 15.9 million dollars to the accounts of eligible class members. The persons who are eligible for this settlement are expected to receive an amount of 88 dollars on average.
This amount is on behalf of NFS fees that are forcefully charged by the bank without proper guidelines. The class of customers who have their account in TD Bank and paid fees on pre-authorized debit transactions in a given time frame can get this benefit.
Prior to the settlement, the bank was not accepting this charge against them. The legal settlement address said that the bank also charged multiple NSF fees on a single transaction. There are no proper notices that were sent to the customers.
The bank has clearly violated its terms and conditions as well as the protection laws for consumers. After the court proceedings the bank also agreed to improve its disclosure procedures.
The customers who are eligible will get the payment in their accounts. They do not need to take any stringent actions and other processes. However, if you think that you are eligible for the payment then the official website of TD Bank is also offering claim submissions.
Eligibility Criteria For Class Section Settlement Amount?
The eligibility criteria will determine the actual customers who will get this amount. There are potential customers who are affected by the policy of the bank. So here are the exclusive particulars of the individuals who are going to get the payment.
Canadian Residency
The person who is eligible for this fund should be a resident of Canada. It comes under the jurisdiction under which the lawsuit was filed. This claim is valid for citizens living in part or province of the country and are affected by the bank transactions.
Customer Status
The individuals must be the current or former account holders of the TD bank. They have deposited the payments in the given time frame to this bank. If you do not have an existing account in the bank then the payment can not be transferred.
Account Type
The account should be a personal deposit in nature. There are some other accounts that are governed by business. These accounts have different terms and conditions. So, they might not be included for this particular settlement.
Transaction Type
The transaction types should involve NSF also known as non sufficient funds fees that are charged during a transaction. These transactions are charged for pre-authorized debits. These debits are actually reserved by the company for bank charges etc.
Time Period
The insufficient fees were deducted during the period from the end of February 2019 to 27th November 2023. The alleged activities have occurred in this timeline. So if you have an account in this duration then you are going to claim.
Fee Occurrence
Another issue regarding this matter was the multiple deductions of NSF charges on a single transaction. There was no proper disclosure of these charges. So you must have charged more than once at the same time.
Account Status
When the settled funds are going to be distributed then the customers must have a working account. If there is any issue with the account or it is time-barred then contact the bank to fix it before settlement.
Secured Credit Card
The people who have received a secured credit card after 2015 to January 18 2022 are also eligible. This credit card also has some fees associated with it that are addressed by the lawsuit.
How to Claim TD Bank Settlement 2024
It is now possible to claim for the settlement amount against the TD Bank. The customers can visit their official website and make this claim. However, you may require some assistance before submitting a request.
- The earliest step is to visit the official website of TD Bank Canada. The users can search for the claim form on this website. To make it more easy you can simply type “File Claim” in the search box of the website.
- The website will show you the details regarding the claim. On the top right section, there is an orange button named “File Claim”. Click on this button and the website will furnish you with an online form.
- There are instructions obtainable on the website to help you complete filling out this form. They will ask for some personal details related to the bank account and that’s it.
- The deadline for the claim holders is May 13 for the year 2024. They also must be eligible to submit the form. Otherwise, the bank will reject your documents and claim.
- The bank can ask you to upload the supporting documents. Moreover, if the official website is not working then you can contact the administrator directly.
- The website will provide you with direct contact with the customer services who are dealing with this matter. This number is available on the same page. if the online process does not work you must dial this number.
What Is The Implied Amount That Each Eligible Class Member Will Acquire From The TD Bank?
For the year 2024, The candidates will receive the $88 in a single account. The court has already approved the settlement amount in February. The total amount that is distributed among shareholders is about 16 million dollars.
The bank will directly deposit this amount as compensation to the customer’s bank accounts. The exact amount is also depending upon some other actors. The customers may have been charged single or double fees without their consent.
The number of participants and additional NSF will decide the average amount that is distributed.
The minimum amount that can come into your account can not be less than 88 dollars. There are some other expenses and attorney fees that will reach in the way.
The compensation amount may increase if a class representative has a special case. The banks are now becoming more conscious and do not deduct these fees. They have already removed these policies.
How long Will it take to acquire TD Bank shareholder settlement after filing a claim?
The timeframe to get this specific amount of claims is another concern for the customers. If you have filed the claim in the year 2024 then the bank may take up to 13 months to deliver the fee that is depending upon the eligibility.
There is no exact time frame that is provided by the bank. You will obtain a receipt from the bank after the approval of the settlement.
The approval time is another factor that will play its role. The individuals can submit the form up till 13th May of this year. However, the date can be extended for any reason.
Crucial Aspects of TD Bank Settlement 2024
This settlement is a broader move to the financial industry that also addresses unlawful activities. Transparency is the right of the customers if they are negotiating with financial issues. This will discourage any problems in the future.
The eligibility criteria and other aspects are discussed related to the query. But there are some other crucial aspects that we need to mention here as well.
Exclusion Options
If you think that the settlement amount is not worthy and you do not care about it then there is an option to opt out. The customers will not get any type of compensation if they tell the bank that they are not interested.
The customers will still have a right to file a claim against the bank on their behalf.
Objection
The alternative approach is that you can object or disagree with certain terms. The customers can file an objection and voice their concerns in the court. This might influence the terms of the final settlement.
You must have solid reasons and proof in order to raise objects. The bank may have violated some other rules related to NFS fees. Or you may be charged abnormally on your debit payments.
Distribution of Funds
The expected date for the distribution of funds is April 2024. The timeline depends upon the conclusive authorization from the court. However, as per the latest information, the Ontario judge has greenlit a 15.9 million dollar settlement amount against TD Bank.
Method of Distribution
The methods of payment for these compensation costs are direct deposits. The amount will be added to the intimate accounts of the customers. There shall be no more additional actions that are required by the customers.
Legal Fees and Administration Costs
A portion of this amount will be utilized to cover the legal fees for the attorneys. There are other administration costs that are associated with the settlement. These costs are approved by the court and provided to the assistance providers.
Transparency and Oversight
The court will oversee this matter and ensure transparency. It also makes sure that the legal fees are deducted as per the law. Moreover, it will ensure that the settlement funds are distributed appropriately to the customers.
Eligibility Disapproval
If a customer thinks that he is eligible then he can check the official website of TD Bank. Read all the particulars carefully and then make any other decision. There is a contact number on the same websites to ask the different details about the eligibility criteria.
Financial Compensation
The direct payments to the customers will give them financial relief. They can receive an estimated amount that may vary as per your case. If you are improperly charged then submit the claim now.
Do Nothing
If the customers are not willing to do anything and are class members then it means they are giving up their right to participate. They will not be given any type of compensation or other benefits in the future.
Some Other Class Action Lawsuit To Claim In Canada 2024
The class action lawsuit in Canada provides a mechanism through which citizens can address their common issues against the corporations. In the current year, there are multiple opportunities that are available for the Canadians to receive the compensation.
In this section, we will discuss some of the notable class action lawsuits that you can achieve other than the TD Bank claims.
OxyContin and OxyNEO Settlement
The class action settlement is related to OxyContin and OxyNEO. These are actually a kind of drugs that are addictive. These drugs lead to several health issues for many people in Canada. A settlement amount of 20 million was confirmed to provide financial compensation to the eligible persons.
The deadline to submit these claims is June 27, 2024. This helps the individuals to come forward and submit the claims. The total amount of compensation that each class member will receive is dependent upon several factors. However, you should file a claim if you are eligible.
Automotive Parts Price Fixing
The automotive car parts lawsuits involve different car brands that deal with auto parts as well. The alleged charges are related to price fixing of auto parts that are used in the new cars. The settlement amount for this claim is almost 78 million dollars.
The individuals who purchased the cars from these brands in between July 1998 and September 2016 can file a claim. If you are coming in this category then there is a chance to get a compensatory benefit. The court in Ontario, Canada approved this lawsuit.
Facebook Sponsored Stories
The lawsuit against Facebook, specifically Meta, claims that they are involved in the manipulation of users’ data. They have used unauthorized photos of the users and 51 million dollars were charged against this company.
The residents of Canada in specific cities who have used Facebook between Jan 1, 2011, to May 30 2014 can claim this amount. Facebook also uses the stores and other data of the users without their consent. This lawsuit wants to protect human rights and user privacy
Cineplex Online Booking Fees
The Cineplex has allegations of not disclosing the booking fees at the initial phase of the ticket purchasing process. Class action cases have been filed against the Cineplex in Quebec and BC. This lawsuit seeks justice for the people who have paid added fees for online ticketing.
All these lawsuits present a great opportunity for the citizens to claim the amount and get benefits. There are some other lawsuits that are coming in the same year. We will keep you updated regarding these cases.
Important Link : Facebook Settlement Claim
Conclusion
TD Bank Settlement case is on its way to disburse a settlement amount to the customers of the bank. The final date of submission of the claim or documents is 13 May 2024. However, the bank has already made its decision and given instructions to the bank to pay 15.9 million dollars to the customers. It will now make clear communication with the customers regarding any matter. There is an eligibility criteria that gives a special time frame for the NFC payments deduction. The customers must have a running account in TD Bank and also should be citizens of Canada. There are some other details that are related to payment dates and the history of this dispute that you can read in the blog.
Leave a Reply