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TD Bank Facing Excessive Overdraft Charges Class Action Lawsuit

Santa Clara, CA: TD Bank is facing a potential class action lawsuit alleging it “unlawfully” applies overdraft fees that penalize customers who don’t replenish their overdrawn bank accounts within 10 days.

Filed on behalf of Shaina Dorsey and all those similarly situated, the lawsuit contends that the sustained overdraft charge of $20 is imposed on customers’ accounts after an initial charge of $35 for the overdraft itself, and exceeds the limit permitted by the National Bank Act.

"Unlike an initial overdraft fee, the Sustained Fee for Overdrawn Accounts is an additional charge to a customer for which the bank has provided nothing new in the way of services," the lawsuit states. "The charge is based solely on the alleged indebtedness to the bank remaining unpaid by the customer for a period of time."

According to the complaint, Dorsey's checking account went into "overdraft" status in August 15, 2016 and remained that way until September 8, 2016. The $20 fee on August 26, 2016 was in addition to six other fees totaling $210 "for transactions that created her 'overdraft' status in the first place."

The class action suit claims that the fees are technically interest charged at an illegal rate and, when factoring for the legally permitted rates, are tens of times greater than what could be imposed.

The lawsuit seeks plaintiffs who use TD Bank and were charged with the extended overdraft charges. Plaintiffs are represented by Stephen P. DeNittis of DeNittis of DeNittis Osefchen P.C.

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Published on Jan-11-17

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Posted by
Clara Ross
TD bank engages is bullying tactics as well as discriminatory practices. TD bank went so far as to DEFAME the character of my husband and I. Had I not lived the ordeal with TD bank, I would not believe it could happen. When I questioned TDs practices that I see other posters mention (i.e., excessive OD, rearranging transactions, etc.) they sent letters to eveyone in my home to close all accounts. It was and still is unbelievable. Another practice, in addition to others, that I inquired of TD Corporate to explain was the practice of providing information regarding availability, etc., online that was "admittedly different" than the information TD sees/has in its "backroom/backend"...Wow! And, most importantly, TD gives debit cards. If a customer does not request OD protection, any transaction using the debit card (BECAUSE IT IS NOT A CREDIT CARD!!) wherein funds are sufficient should be declined. If paid, TD should not charge an overdraft fee as they paid the transaction against debit card pretenses. Remember, debit cards are predominate among individuals who are "deemed ineligible for credit"...,,,,,,think about that for a minute...And, after you think about that for awhile, think about this....I had a transaction pending on my TD checking account (just before they closed it as a result of my inquiry and community information bulletins). I contacted and visited the bank to advise that the transaction was not familiar to me and was unauthorized. "I asked that the transaction be dened" as it was only at pending stage. My request was denied. I was advised that I had to wait until the $99 was paid and then file a dispute with TD. WHAT?!!!!! Who is the customer here? Wake up reactive if not proactive.... In all, the biggest thing I have to say is everything combined AND THE LIES THEY TOLD ABOUT MY HUSBAND AND I...and, I can prove it!!!!!! I record...and I told them I was recording....

Posted by
Vanessa Staszak
employee at my bank, Td bank, was arrested for creating dormant accounts attached to other customers accounts and wiring money out of their account and my account into the dormant account you created. They were also checks that I deposited that were sent back and said the funds were not available but the money was taken out from the other banks. I have never been refunded any of my money and I can't get any help legally because so much money was taken from me I'm struggling financially to find a lawyer.

Posted by
Mike Smith
I have seen these moves by several banks. I make a deposit, then later I make a withdrawal or I write a check. At first the bank shows my deposit first in time. Later, the deposit shows as occurring after my withdrawal or the presentation of the check; the bank then charges me for an overdraft fee, which then decreases my account balance, which can create additional overdrafts. When I call the bank, they give me some bull about how the deposit is credited to my account. The say that the deposit does not get completed and the money does not hit my account for several banking days.

At times, the check I deposit is from my account at a different bank; and that bank shows the money has been transferred on day one, but the other bank says the money does not reach my account until day 3 or 4. So where is the money for the days it is being transferred and I am being charged huge overdraft fees?

These banks are total crooks and they should be sued for ever crooked transaction they engage in.

Posted by
Susan Eileen Coker
I responded to included in the TD Bank Excessive Overdraft Class Action Law Suit several years ago. My overdraft fees were between $600 and $700 between 2008 and 2010 from my TD checking account which I closed in 2012.
Please contact me with updates on my part of the settlement.
Thank you,
Susan Coker

Posted by
rozalen jenkins
omg. that has been happening to my account too. when I asked about it they double-talked an explanation to me about the order of items shows differently on my computer when I pull up my account, than it does on their records.

Posted by
Penny B.
TD bank has been rearranging the order of transactions. I have been monitoring my account several times a day. On most occasions I will see transactions in a different order than they were on my previous check in. They have been putting debit transactions that I know I made after a direct deposit, yet I will find them changed of their order reflecting the debits first. Therefore plunging me into overdraft fees...usually numerous. Also when checks I've written suddenly clear overnight. I was told by a rep. that she was even unaware that they process checks at 11:00 pm.
Its rediculous how they manipulate your account for their benefit. I'm starting to miss using a ledger, it was simpler without all the digital crap giving the banks the upper hand to manipulate balances in their favor.


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