Request Legal Help Now - Free
LAWSUITS NEWS & LEGAL INFORMATION

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.



Class Action Legal Help

If you or a loved one has suffered similar damages or injuries, please fill in our form and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
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
READ MORE Excecessive Overdraft Fee Settlements and Legal News
READ MORE Business Settlements and Legal News
READ MORE Consumer Banking Settlements and Legal News
READ MORE Consumer Fraud Settlements and Legal News
READ MORE Financial Settlements and Legal News

READER COMMENTS

Posted by
Nasir Uddin
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
Audrey smith
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
Aaron Verdery
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
jeanene verra
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
Lauren Kennedy
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
Dawn M Baldi
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
Rich
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
calvin gregory
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
lisa kramer
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
victim
on
Thieves

Posted by
Joana
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
Corin
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
Virginia
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
Ian Fernandopulle
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
Esmeralda of Flushing NY
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
keith edwards
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
Brian
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
Kara Fries
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
Philadelphia
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
Janis goldberg
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
Shaquanna Gary
on
Td Bank consistently charges me overdraft fees when I have money in the accounts.

Posted by
Christine
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
Annette Cappuccio
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
wohi kian
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
Laura
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
New Jersey
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
Vermont
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.

ADD YOUR COMMENT ON THIS ISSUE

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.
*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.
Request Legal Help Now! - Free