Customers of TD Bank in Canada may be entitled to a settlement from a class-action lawsuit next month. This follows the announcement made in December by TD Bank and Koskie Minsky LLP that a settlement was being considered in the ongoing class action concerning non-sufficient funds fees (NSF).

TD Bank Settlement: Eligibility Requirements

Legal firm Koskie Minsky claims that all Canadian citizens who currently possess or have held TD Bank personal deposit accounts and were billed several non-sufficient funds (NSF) penalties on presented pre-authorized debit payments are qualified for a settlement. Class members that qualify must fulfill the following requirements:

• You must be the owner of a TD Bank personal deposit account.
• TD Bank assessed a non-sufficient funds fee to their TD personal deposit account on a presented pre-authorized debit transaction from February 2, 2019 to November 27, 2023.
• At the time of distribution, their TD personal deposit account must be open.

TD Bank Settlement Amount

Toronto Dominion Bank has approved two multi-million dollar payouts in recent weeks, the first of which is a class-action settlement that would see the bank pay out about $16 million.

The settlement agreed between Toronto law firm Koskie Minsky LLP and TD Bank over non-sufficient funds (NSF) fees was approved by the Ontario Superior Court of Justice on Thursday following a hearing this week.

Less than a year after the court recognized the case as a class action, a tentative settlement was agreed in August 2023. Customers who qualify will now get a portion of the settlement compensation, with an estimated $88 being deposited into their accounts.

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