TD Bank is in the news for a big class action lawsuit settlement totaling $32 million. This settlement is for customers who were hit with overdraft fees due to APSN charges. If you had these charges on your account between June 27, 2019, and September 30, 2022, you might be getting some money back.
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What Are APSN Fees?
APSN stands for Authorize Positive, Settle Negative. This happens when a bank approves a debit card transaction because you have enough money in your account. But by the time the transaction is processed, your balance has dropped, and you end up with an overdraft fee. TD Bank was accused of charging these fees even when there was enough money in the account when the transaction was approved.
Who will Get Money?
The $32 million settlement is for TD Bank customers in Canada. If you were charged APSN fees during the mentioned time period, you might be eligible for a payment. Here’s how it works.
- Current TD Bank Customers: You’ll get your settlement money as a direct credit to your account.
- Former TD Bank Customers: If you don’t have an active account anymore, you’ll receive a check.
Important Details you should know
$10.25 Million for Balances: Part of the settlement will be used to pay off outstanding balances related to APSN fees.
Automatic Payments: If you don’t opt out of the settlement, you’ll automatically get a check or credit to your account. No need to fill out a claim form.
Opting Out: You can choose to opt out if you want to pursue individual legal action against TD Bank. But remember, opting out means you won’t get any payment from this settlement.
Deadlines: You need to decide by September 14, 2024, if you want to object or withdraw from the settlement. The final approval hearing for the settlement will take place on October 10, 2024.
Conclusion
Be aware of scam websites and emails trying to trick you into giving personal information. Always make sure you’re on the official TD Bank website or using official channels when dealing with such matters.
So, if you’re one of those affected, keep an eye on your mail or bank account for your settlement payment.
FAQs
What is the $32 million settlement for?
It’s for TD Bank customers who were charged overdraft fees due to APSN charges.
What are APSN fees?
APSN fees are overdraft charges for transactions approved with sufficient funds but settled with a negative balance.
Who can get the settlement?
TD Bank customers in Canada who paid APSN fees between June 27, 2019, and September 30, 2022.
Do I need to submit a claim form?
No, payments will be made automatically if you don’t opt out.
Can I opt out of the settlement?
Yes, but if you opt out, you won’t receive any payment or benefits.
How will payments be made?
Current customers will get direct credits; former customers will receive checks.
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