FEE CASH: This Bank customers may claim one-time payments from $32m ‘overdraft’ fee settlement – and you don’t need to file a claim
The lawsuit asserted that TD Bank charged overdraft fees despite customers having sufficient funds in their accounts. It was claimed that the bank processed transactions even when customers’ balances were positive but later imposed APSN fees, violating account terms by applying unauthorized overdraft charges.
While TD Bank denied any wrongdoing, it opted to settle for $32 million to resolve the claims. Of the settlement fund, nearly $22 million will be distributed to consumers who have incurred APSN fees, while the remaining $10.25 million will address outstanding balances.
How Affected Customers Will Receive Payments
Class members will receive a proportional share of the settlement based on the fees they paid, though the exact amounts for individual payments have not been estimated. Importantly, affected individuals do not need to submit claim forms; they will automatically receive a check or equivalent credit.
The final approval hearing for the settlement is scheduled for October 10.
Similar Settlement for Bank of America Over Hidden Fees
In related news, Bank of America is facing a similar lawsuit regarding undisclosed wire transfer fees. The lawsuit alleges that the bank charged a $15 fee on incoming wire transfers without properly informing customers, thereby violating account agreements.
Bank of America has agreed to a $21 million settlement to address these claims, also denying any wrongdoing. Customers with checking or savings accounts who were charged a wire transfer fee between March 8, 2019, and August 31, 2023, may be eligible for compensation.
Claim Process for Bank of America Customers
Eligible account holders will receive proportional shares of the settlement fund based on the fees charged, but specific payment estimates are not available. Unlike TD Bank, customers of Bank of America must file a claim by September 21 to receive their share.
Additionally, a tax filing service is compensating customers with $14 million for sharing personal information, and consumers may also qualify for a $9.2 million settlement related to skincare products.
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