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TD Bank Faces Overdraft Fees Class Action Lawsuit


New York, NY: A consumer banking class action lawsuit has been filed against TD Bank NA alleging the financial institution continues to manipulate the order of debit card transactions so that it can profit through the maximization of overdraft fees. The lawsuit comes less than a year after the bank paid $62 million to settle a multidistrict litigation alleging the same practice.

Filed in Pennsylvania federal court by lead plaintiffs Sheila and Emilio Padilla, the complaint specifically alleges that TD Bank has continued to use a software scheme to illegally collect overdraft fees, and that it assessed the fees even when customers have sufficient funds in their account to cover the debit card payments.

"Defendant employs sophisticated software to automate its overdraft systems,"the complaint states. "These programs maximize the number of overdrafts, and thus the amount of overdraft fees charged per customer."

The complaint further states, "Many of the complained of practices continued as before, even after the class action settlement. Shockingly, unlike nearly all other banks sued in the multidistrict litigation, ... TD has continued these practices even after it settled claims of wrongdoing based on these very same practices."

The class action seeks to represent all TD Bank customers who opened a new account after the settlement class period ended on August 15, 2010, and who were charged improper overdraft fees. The class also seeks to represent those customers that had an account prior to August 2010 but were not charged overdraft fees until after that time.

The case is Padilla et al. v. TD Bank NA, case number 2:14-cv-01276, in the U.S. District Court for the Eastern District of Pennsylvania.

Plaintiffs are represented by Richard M. Golomb, Ruben Honik and Kenneth J. Grunfeld of Golomb & Honik PC.



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Published on Mar-5-14

LEGAL ARTICLES AND INTERVIEWS

MB Financial Facing Lawsuit re $6,000 in Overdraft Fees
MB Financial Facing Lawsuit re $6,000 in Overdraft Fees
April 30, 2018
Chicago, IL MB Financial dinged Rhonda Boone for a truly jaw-dropping $6,000 in bank overdraft fees between 2015 and 2017. That was 18 percent of her total income for those years. On March 12, 2018 she filed a lawsuit in the Northern District of Illinois seeking class action status on behalf of herself and other similarly situated checking and money market account customers. The fact that these are state law claims suggests that the future direction of consumer financial protection lies in the class action lawsuits to enforce state, rather than federal, law READ MORE

READER COMMENTS

Posted by

on
I check my balance and transfer funds to cover future purchases and I still somehow end up with fees. This bank has gotten thousands in fees from me. I am a single mother so these unexplained fees take food out of my kids mouths. How come the money comes out of the balance immediately when you look online but they post differently and at different times to incur fees? I am beyond baffled.

Posted by

on
Td bank is robbing me

Posted by

on
This is crazy. for months this greedy bank has made off with
thousands of my money. this is just about money plain and system
and I hope they are brought to account for the way they lie and
manipulate the order debits come in for overdraft fee's. Bank of America and Chase bank gave up this practice after paying out $100 million. switching to BofA for a peace of mind at least you know where you stand.

Posted by

on
I looked at my TD acct today and noticed that there were overdraft fees for transactions made when I know for a fact there were funds in my account. I called them and they gave me story about how it depends on when the merchant submits for payment. I don't use my debit card to do credit transactions, I use it to do debt transactions. I made purchases on May 20th when there was definitely enough funds in my account for them and they did not post them until the 22nd. They also stated that they were unable to remove them from my account. They have taken literally take half my paycheck because of this. And they honestly do not care one bit. I need help. This has got to stop. They keep doing this to people and they don't care. And they do it to the ones who struggle and live paycheck to paycheck. I am a single mother and the only one who has an income coming in to pay the bills. Which are clearly not getting paid this week because of TD Bank and that also puts me in a very bad spot

Posted by

on
I just looked at my account from TD Mobile and They have charged me so many overdraft fee charges when I know for a fact that I had money in my account at the time of those transaction. I called them because 2 of those transaction are showing up on a totally different day, when the transaction was done 2 days before. I also seen those transaction show up 2 days before when there was money in my account but they posted them at a later date and they are now charging me an overdraft charge for each of them. This has got to stop. They have to be held accountable. I cant afford all these charges when they shouldn't be there. I live pay check to pay check, Im the only person in my household with an income coming in to pay the bills. They have seriously put me in a very bad position

Posted by

on
I just went into the bank today because they charged me $2380 for overdraft and claims to have set up an overdraft account that does not exist and I never signed up for it. They are only trying to refund me $140.00 of the total. Please help!!!

Posted by

on
This bank has been the absolute worst bank I have ever dealt with in my life. When I first opened my account, the bank was still Commerce. After the acquisition is when things started to change. Due to misinformation, I was charged several hundred dollars in Overdraft fees. Their representatives are incompetent and give you the wrong information so that they can steal money from working class people. I have never had these issues with any other bank. I have officially closed my account and will not ever bank with them. I will also warn family and friends. It seems like several people have had the same issues. The way this bank operates should be ILLEGAL. These practices are referred to as "ordering", A/K/A illegal criminal activity.

Posted by

on
Know it all too well I'm a victim too.

Posted by

on
I had around 14k in total in UA debit charges, every single reg e claim i filed was corrected my the merchant. mid way thru filing these claims a claims rep for TD BANK called me and said i should of caught this earlier and since i must of charged something in the first place , i would not have my reg e claims processed . I have called the merchant phone number td bank provided and there is ZERO record of my funds ever being processed through said merchant. td bank is like a bully and i do need assistance. total outstanding in loss is $7,800.00- $10,000.00
i am in south jersey area..
ty

Posted by

on
I have an account with TD bank New York for many years. They changed the policy of overdrawn and started charging so many overdrawn fee every single time if a check or transaction overdraw from my account even i tried to deposit money to account before end of the business day. NO other bank i have experienced the same way like TD BANK does, I called the TD bank customers service , they said "now other banks are also doing the same to charge overdrawn fee, WHICH IS a BIG LIE " NO other banks does the same thing like TD BANK. TD BANK is the "Worst" and "Greediest" bank who continue to use every single way to suck dry their customers with FEE and FEE and FEE and FEE and FEE endless FEE. I am just so sick of them .

Posted by

on
I have an account with TD bank New York for many years. They changed the policy of overdrawn and started charging so many overdrawn fee every single time if a check or transaction overdraw from my account even i tried to deposit money to account before end of the business day. TD BANK is the "Worst" and "Greediest" bank who continue to use every single way to suck dry their customers with FEE and FEE and FEE and FEE and FEE endless FEE. I am just so sick of them .

Posted by

on
I had small business in Toronto I deal with TD Canada, they overcharged me every single overdraft transactions, and other fees, due to draft return one-time OLG shut down lotto machine which is serious impact of my business, even though I had money for that, soi am looking for some lawyer who can help me

Posted by

on
I have paid over $48,000 in overdraw fees because of the way TD processes transactions. $1750 this month alone. They make it so that you can never get out of the overdraw cycle.

Posted by

on
How do I get in on this? I signed up for my account online and agreed to their 'Overdraft Protection' program which was actually just a scam that would allow them to authorize payments from my account when I had insufficient funds, thus triggering a cycle of overdrafts. The last day I stepped foot in a TD bank, I saw in my account that I was about to go into overdraft, so walked over to the bank to put the last bit of money I had to cover. By the time I walked the TWO BLOCKS to TD, they'd hit me with $90 worth of fees. I went to four different branches to see I I could find one ethical person who would help, but to no avail, AND they would allow me to close the account, so I can't even fathom what they're saying I owe now. I just walked away. The problem is that, to add insult to injury, they've put out an APB so I'm blackballed from getting an account anywhere. Just writing all this down is bringing back the anger I have about the entire situation. TD Bank is a predatory institution and should be forced back to Canada for being scum.

Posted by

on
if I make a purchase when I'm in the positive balance it sat in pending for a week before the merchant came and took the money but when I made the purchase they took the money now 5 days after the purchase I did drop into the negative and I'm getting charge overdraft fees because when the transaction finalized in the computer I was negative seems messed up being held responsible because the merchant took a week to pick up there money and I called and it was basically oh well that's how we process transactions

Posted by

on
I went over my checking account balance by $5.00 with a store purchase. Rather than decline the purchase TD bank let it go through so that they could charge me an overdraft fee. I went home and immediately transferred money from my savings account into my checking account as to avoid fees. TD Bank in their infinite wisdom deducted other purchases from that day after the overdraft purchase, thus giving me two negative balances and two overdraft fees. That is against the law and has been the subject of a class action suit filed against them and also against other banks. Why is this allowed to go on.

Posted by

on
They are constantly stealing my $ they conveniently hold onto withdraws until they are able to hit you with an overdraft and then they will slam it to you in each withdraw. I am not signed up for ODP but they seem to do this to me every time. When I pay a bill there's enough money there. Somehow they have my bill pay in pending on a Friday and same bill still pending on a Tuesday ( no holiday) and now because they have decided it works for them I'm now being charged $140.00 for a pending amount of $35.00 that should have been taken out in Friday. It wasn't convenient for them at that time because they couldn't make money. Now they've charged me with 4 overdraft fees. WTF!!!

Posted by

on
Another scam that they charge fees for overdraft is on the weekend they allow checks to clear my account but will not allow my money that is transferred in to get in the account until Monday.
Money out and none allowed in on the weekend crazy.

Posted by

on
td bank charge overdart fee and stole my money from my checking account at one time I had 943.000 nine hundred fourty three thousand dollars in my account. please help me get back my money.

Posted by

on
i had a td bank accounts and they have closed all my accounts and charged my 1800 in overdraft fees closed my account stole the money from my daughters savings account , i cant access anything on line baout my account they deleted me, i called written emailed they dont care they will not help me please help...

Posted by

on
Thieves

Posted by

on
Hit with overdraft fees of 700.00 over a period of 1 week while no one notified my daughter that her account was in negative. She was talked into choosing the overdraft protection plan which screwed her over. They took her whole paycheck that she was going to spend on books for school. Got hit with $35.00 charges for a dollar and couple of cents in transactions. We were told she should treat this as a lesson. Tomorrow we are closing account with them. Have fun screwing other teenagers, that's how you make money I guess.

Posted by

on
My story is like all of the previous stories. TD Bank is a scam and after I was hit with over $280 in fees while they held a tax refund check issued by the US Government of mine for over a week stating "fraud" I was so fed up with this bank that I withdrew my money and shut my account down. If there is a class action suit add me to it this bank is ridiculous.

Posted by

on
My husband and I are also fed up with these ridiculous overdraft fees.... We go through the same stuff as many of you guys do, with having the money in the account, but than getting hit cause things are still pending... My husband is actually on the phone with someone right now cause we have something pending that we didn't even purchase. I would love to be apart of the lawsuit too to try and get our money back that they take from us regarding overdraft fees and annual fees etc....

Posted by

on
I am a customer at TD bank I have been continuously hit by overdraft fee ever since I opened a checking account with TD bank recently my account was overdrawn 14 times for having pending transactions of both debt and credit. I was charged to the tune of $490 in less than 2 weeks. I tried to resolve this problem but the bank manager stated that I was charge for having insufficient funds on pending transaction where the bank did not pay my debtors. I believe this is completely illegal and constitute a violation consumer protection right. I would like to seek legal advise and possibly participate in the class action lawsuit. I have paid a lot more on unnecessary overdraft fees over the course of having this account for the last one year.
You can contact me at my email.
Thanks
Ian

Posted by

on
Through minor pending transactions that would go through late with my husbands direct deposit going through the next day we've been hit with 7 overdraft charges for a staggering $275 dollars the next day because the account went of a couple of dollars. When I called to express my disgust I was waived only half and robbed the rest. My husband works hard to support me and our two small children and so far this year we've been hit with over $700 in late fees which is mind boggling to say the least. Recently our account was fraudulently used during my nursing graduation, I pleaded that they return my funds but they heartlessly said we need to run a 10 day imvestigation. I asked them will you charge me overdraft fees can something please at least be done about that and they told me sorry that's automatic there's nothing we can do $175 more was stole from me from the bank during this painful ordeal while I am the victim. I called everyday telling them this is immoral was told by many that they were sorry they couldn't help hoping k would give up but I didn't they caused me stress so I called everyday telling them each time this was abuse until one supervisor tired out and returned $135 in overdraft fees all but ONE she said; as if she was doing ME an favor. I feel like we are being treated like stupid American and they are scamming hard working Americans banking on their struggles and turning a huge profit.

Posted by

on
hi was hoping to see some kind of lawsuit againt td bank its just a plain robbry how those td bank employer rob you on the penny machine like i had a store and take sevral bucket of change to the bank the worker would gladly rush to help you and in that sense open up the machine prentending to fix problem and then they would turn off the count and tell you to to pour in the change and all those money will not be regester they have so much checks up there sleve like we have to turn the machine off in order to reset it and yo lose all th

ose count i lose no less than $20 000 store keeper

Posted by

on
I have been scammed by TD bank myself in several occasions. This bank is terrible and the fees structure they use is criminal. I want to be part of this lawsuit also.

Posted by

on
I have again been charged 175.00 by TD they credited my deposit of $500.00 after the withdraws, I would like to be part of the lawsuit

Posted by

on
I would like to be a part of the class action lawsuit. I have been a customer for many years, they continue to rob you and charge you overdrafts fees. Their new policy now goes by "Time" Order which I was unaware that Cash would not take priority. I woke up Monday morning and had several pending transactions (payments) account showed negative ($132) for the current day starting balance was over $600 dollars. I went to the bank and deposited 1200 cash plus checks. I assumed the cash would go in and clear up the negative that was "Pending". Its now Tuesday and I have been hit with an overdraft fee. I called TD BANK the rude Rep told me Cash is now timed and it goes by time, so since the cash went in after the "pending" transfer hit, the cash would not cover it. So I had well over 1000.00 to cover the negative 132.00 all same day and still get hit with an overdraft fee. Also I was told now I have no shot at clearing my account being in the negative as before within the same day, I will be hit with a overdraft fee every time. This is absolutely ridiculous, TD BANK needs to go back to the old policy where you had end of business day to deposit cash into your account. They are thefts !!! I want someone to look into this practice.

Posted by

on
I signed up with TD bank,in hallandale,bch florida.I only get a SS check.every month.now I am told they have charged me $50.00.because of a debt transaction and went ahead and changed the amount of the transaction,so they could charge me overdraft fees.this is fraud.they must be prosecuted for this.

Posted by

on
Td Bank consistently charges me overdraft fees when I have money in the accounts.

Posted by

on
I am so glad I am researching TD Bank because I thought I was the only one having this problem. Every month I am getting hit with over draft fees that add up to a car payment. I can't believe how this bank works and how they steal from their customers. I am not a stupid person so I know how to balance my debit card and they seem to always change my transaction dates days after the funds were already taken out therefore adding overdraft fees and not just ONE.......two or three !! WORSE BANK EVER !

Posted by

on
I was part of the last class action suit against this bank for the same reason, and still they robbed me almost $500 in overdraft fees over a few days and were really able to capitalize due to the Christmas holiday and small debit purchases to go through according to their schedule. When I called up, they said asked: "wouldn't you want your larger bills, checks, etc to go through before any debit charges?" And I told them no, actually, besides, I could have a $25 bill and a $200 shopping trip, but my bill would not be anymore of a priority. I am switching banks at this point, as I think all transactions should be done ethically and in real time, like all the other banks.

Posted by

on
I found this page as I was seeking ways to go to court against this Bank. The software developers just don't know basic Math or intentionally makes this up. The software compares your pending to your balance and charges you if your balance is lower. You do not get charged in the order your expenses were done which is very odd.

Posted by

on
What a joke this bank is, they just stole $175 from me in overdraft. When I checked last night my balance was $26 as it was this morning as well. When I checked my account this afternoon all of the sudden I was -$153. I called them up just to be informed that some pending transactions hit last night and they will charge me five times the overdraft fee of $35. How is that possible going from this morning's balance of $26 to -$153. Oh and the best part is, there is nothing that they can do about it!!! Horrible bank, avoid it at all cause. They literally will steal your money!!!! How do you get charged 5 times overdraft fee in less than 24 hours!!!!!!!

Posted by

on
My complaint is about TD Bank. I was charged a double overdraft fee. On 10/2/2014 a $650 check was put through before a $40 debit, which caused an overdraft on each. If they had put the $40 through first, there would only have been one overdraft. Also, my direct-deposited paycheck was showing on my account but it was pending. If you took my paycheck into account, there wouldn't have been an overdraft at all. The overdraft was approximately $60 and they charged me $70.

Posted by

on
They charged me for three overdrafts when it should have been just one, as well as charging double and triple the regular overdraft fee.

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