Law360 has recently published an article which looks directly at how TD Bank takes in hundreds of millions of dollars in unlawful fees by hitting its American customers with multiple penalties for nonsufficient funds transactions. Within this, a New York woman has filed a class-action lawsuit last Monday, seeking repayment and punitive damages. Here’s what we know about the TD Bank Fee Lawsuit:
The suit pending before Manhattan U.S. District Judge Deborah A. Batts was lodged on behalf of a putative class by Mary Jennifer Perks, a checking customer at the $100 billion bank, which is based in Toronto and has its U.S. subsidiary’s headquarters in Cherry Hill, New Jersey.
While TD Bank is in the right to charge a single $35 NSF fee for a single failed consumer transaction, the bank routinely assesses unlawful, multiple NSF fees by resubmitting transactions even when it “knows full well” the transaction will fail again, according to the complaint.
“TD Bank NSF fees fall disproportionately on racial and ethnic minorities, the elderly and the young, many of whom regularly carry low bank account balances,” the suit claims.
The suit says TD Bank is unlike other big banks, which do not engage in the allegedly abusive practice.
Perks says she was hit with a total of $140 worth of NSF fees earlier his year when she tried to make two PayPal transfers worth a total of less than $6.
The suit alleges further that the bank’s agreement with customers makes material misrepresentations and omits that fact that it will attempt to resubmit failed transactions for an additional $35.
The proposed class action claims for breach of contract, violation of New York law prohibiting deceptive business practices and unjust enrichment. It seeks repayment of the alleged overcharges to all customers, an order blocking future multiple charges, and damages.
Editor’s note on the TD Bank Fee Class Action Lawsuit:
This piece is written about the recent TD Bank Fee Lawsuit. If you are considered eligible to be among the class of consumers described in the class action, you may eventually be able to participate in receiving any compensation the court may award.
If you believe that what is alleged in the TD Bank Fee class action has affected you, please don’t hesitate to reach out to us. We’d be happy to help you take a step in the right direction, fight this issue, and better enable you to join the consumer class action. If interested, please send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter, Facebook, Instagram, LinkedIn, or even connect with us directly on our website! We look forward to hearing from all of you.
The case can be searched for under the name: