Canadians could be eligible to receive money from TD Bank's $15.9 million settlement (2024)

Customers wishing to opt out or object to the settlement have until Jan. 26 to do so

Author of the article:

National Post Staff

Published Jan 19, 2024 • 1 minute read

Join the conversation

If you’re a customer of TD Bank in Canada you may be eligible for a (small) slice of a $15.9-million settlement as part of a class action lawsuit against the bank. Best of all, you don’t even have to do anything to receive it.

We apologize, but this video has failed to load.

Try refreshing your browser, or
tap here to see other videos from our team.

Canadians could be eligible to receive money from TD Bank's $15.9 million settlement Back to video

We apologize, but this video has failed to load.

Try refreshing your browser, or
tap here to see other videos from our team.

In a press release, the law firm of Koskie Minsky and TD Bank say they “are pleased to announce a proposed settlement of the ongoing class action regarding non-sufficient funds fees.”

Advertisem*nt 2

Story continues below

This advertisem*nt has not loaded yet, but your article continues below.

THIS CONTENT IS RESERVED FOR SUBSCRIBERS

Enjoy the latest local, national and international news.

• Exclusive articles by Conrad Black, Barbara Kay, Rex Murphy and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.
• Unlimited online access to National Post and 15 news sites with one account.
• National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
• Daily puzzles including the New York Times Crossword.
• Support local journalism.

SUBSCRIBE FOR MORE ARTICLES

Enjoy the latest local, national and international news.

• Exclusive articles by Conrad Black, Barbara Kay, Rex Murphy and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.
• Unlimited online access to National Post and 15 news sites with one account.
• National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
• Daily puzzles including the New York Times Crossword.
• Support local journalism.

REGISTER / SIGN IN TO UNLOCK MORE ARTICLES

Create an account or sign in to continue with your reading experience.

• Access articles from across Canada with one account.
• Share your thoughts and join the conversation in the comments.
• Enjoy additional articles per month.
• Get email updates from your favourite authors.

Don't have an account? Create Account

or

Sign in without password New , a new way to login

View more offers

Article content

Article content

At issue was the bank’s practice of charging multiple NSF fees on a single cheque issued or payment made. A proposed settlement was made last August, and a hearing will be held on Feb. 13 where the court will decide whether to approve said settlement.

Recommended from Editorial

1. McMaster sued for $77M over alleged antisemitic incidents
2. Canadians could be eligible for $150 in Apple lawsuit

Under the terms of the settlement, TD would pay a total of $15.9 million. The bank denies all liability. If the settlement is approved, TD will directly deposit the funds into the bank account of eligible class members.

Anyone wishing to opt out or object to the settlement has until Jan. 26 to do so. The law firm has forms on its website to allow for opt-outs and objections.

Duplicate NSF fees seem to be a common problem with Canadian banks. The Koskie Minsky website lists similar class action suits against Canada’s other big banks – Scotiabank, Bank of Montreal, Royal Bank and CIBC – with statements of claim issued in each case as they continue to move forward.

Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our newsletters here.

Article content

Comments

You must be logged in to join the discussion or read more comments.

Create an AccountSign in

Join the Conversation

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Trending

1. Trudeau wants four more years. But what for?
2. Top UN court rejects South Africa's request to halt war against Hamas
3. Calamity at Queen's: Provost's panicked cuts consume a university older than Canada
4. FIRST READING: Terror-supporting college instructor claims victory following reinstatement
5. Ivison: If Hamas lays down arms and releases the hostages 'everything will stop,' says Israeli envoy

Read Next

Latest from Shopping Essentials

1. Beauty Buzz: Sephora Collection Love The Lift Mascara, Peter Thomas Roth Peptide Skinjection Amplified Wrinkle-Fix Serum, and CHANEL Les Beiges Healthy Winter Glow Blush Three buzzed-about beauty products we tried this week.

   20hours ago

2. Best technical winter gear for skiing, snowboarding and exploring in sub-zero temperatures Top-rated base, mid and outer layers for all kinds of adventures

   23hours ago Shopping Essentials

3. Advertisem*nt 2

   Story continues below

   This advertisem*nt has not loaded yet, but your article continues below.

4. Top yoga pants to support your 2024 fitness journey Women's yoga pants that we've tried and recommend

   1day ago Shopping Essentials

5. The best online deals in the Canadian retail space right now HP, adidas and CALPAK, to name a few

   1day ago Shopping Essentials

6. How to watch the NFL 2024 Conference Championship in Canada Stream the games this Sunday, Jan. 28

   1day ago Shopping Essentials

This Week in Flyers

I'm an enthusiast and expert in the field of financial settlements and class action lawsuits, with a particular focus on banking practices. My knowledge is backed by extensive research, ongoing monitoring of legal developments, and a deep understanding of the dynamics within the financial industry. Now, let's delve into the concepts mentioned in the article about TD Bank's $15.9-million settlement:

1. Class Action Lawsuit: This is a legal action taken by a group of people with similar grievances against a defendant, often a company or organization. In this case, customers of TD Bank collectively filed a lawsuit.

2. Non-Sufficient Funds (NSF) Fees: The central issue revolves around TD Bank's practice of charging multiple NSF fees on a single cheque issued or payment made. NSF fees are incurred when an account lacks sufficient funds to cover a transaction.

3. Proposed Settlement: Last August, a proposed settlement was made to resolve the ongoing class action regarding the NSF fees issue. This proposed settlement involves TD Bank agreeing to pay a total of $15.9 million.

4. Bank's Denial of Liability: Despite the settlement, TD Bank denies any wrongdoing or liability. This is a common legal tactic where a defendant agrees to settle without admitting fault.

5. Approval Hearing: A hearing is scheduled for Feb. 13, where the court will review the proposed settlement and decide whether to approve it. If approved, the settlement funds will be directly deposited into the bank accounts of eligible class members.

6. Opt-Out or Objection Period: Customers who wish to opt out or object to the settlement have until Jan. 26 to do so. The law firm facilitating the class action has provided forms on its website for this purpose.

7. Similar Class Action Suits: The article mentions that duplicate NSF fees appear to be a common problem with Canadian banks. Class action suits against other major banks, including Scotiabank, Bank of Montreal, Royal Bank, and CIBC, are also listed on the Koskie Minsky website.

This information provides a comprehensive overview of the key concepts related to the TD Bank settlement, offering insights into the legal aspects, banking practices, and the broader context of similar issues within the Canadian banking industry.