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Deadline Approaches to Opt Out of TD Settlement

Toronto Dominion Bank customers have until week’s end to legally opt out of an almost $16-million class-action settlement.

In August 2023, the Toronto-based law firm Koskie Minsky LLP finalized a proposed settlement with TD Bank concerning excessive non-sufficient funds (NSF) fees.

The Ontario Superior Court of Justice recognized the lawsuit as a class action on December 7, 2022.

Should the settlement receive court approval at a February 13 hearing, TD Bank will distribute $15.9 million, with a portion being directly credited to the accounts of eligible class members.

Customers wishing to avoid being legally bound by the settlement must request exclusion from the class action by January 26. Opting out preserves their right to individually sue TD Bank.

Those who choose to stay in the class action but disagree with the settlement terms also have until January 26 to voice their objections.

Customers can opt out or contest the settlement by mailing or emailing the necessary forms, available at kmonline.ca.

Eligible customers who take no action will automatically share in the settlement benefits, if approved, receiving an estimated $88 in their accounts without additional paperwork, according to the law firm.

Eligibility for payment requires Canadian residency and owning a TD Bank personal deposit account charged with an NSF fee on a re-presented pre-authorized debit transaction between February 2, 2019, and November 27, 2023, as detailed in the Notice of Hearing.

NSF fees are levied when an account lacks sufficient funds to cover cheques or pre-authorized debits.

The 2021-initiated class action claims TD Bank improperly imposed multiple NSF fees on single transactions or cheques.

While TD Bank denies any misconduct or liability and refutes these claims, it consented to the settlement following “extensive negotiations” and mediation, according to the law firm.

“We believe that this is an excellent result for the class,” said Adam Tanel, a partner at Koskie Minsky, in a statement.

“It took a lot of work, on both sides, to get this deal done. We’re pleased with the outcome.”

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