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TD Bank routinely charges multiple non-sufficient fund fees (NSF) on single transactions by account holders, according to a proposed class action lawsuit filed in Ontario Superior Court against the bank.
Lead plaintiff, Tyler Dufault, filed the NSF fee lawsuit on Feb. 2, 2021 on behalf of himself and other Canadians hit with the NSF fees by TD Bank, claiming that TD bank is assessing these duplicative fees in violation of its contract with consumers.
Dufault claims that in December of 2020 he was charged nearly $100 in NSF fees by TB Bank for a mere $.45 shortage in his account. Dufault attempted to make a one-time online payment of $19.49 from his TD Bank account on Dec. 2, 2020; however, he allegedly only had $19.04 in the account at the time.
The next day, TD allegedly rejected the transaction assessed a $48 NSF fee for the $.45 shortage. Several days later, says Dufault, the same transaction was resubmitted for payment by the payee. Again, TD rejected the transaction and assessed another $48 NSF fee.
Dufault says he received no notice from TD about the reprocessing of the payment and that he should have been assessed only one NSF fee at most for the single transaction. Dufault says he is not the only TD customer to be assessed duplicative NSF fees.
“By choosing to charge duplicate NSF Fees, in violation of its contract with Class Members, TD Bank chose to inflate its already colossal profits,” alleges the class action lawsuit, pointing out that the financial institution earned over $2.8 million in NSF fees from Canadians in 2019 alone.
“Millions of Canadians are dependent on TD Bank for their day-to-day banking needs,” alleges the lawsuit. “Even without charging duplicate NSF Fees, TD Bank reaps enormous revenues and profits.”
According to the proposed class action lawsuit, TD’s fee policies hit low-income Canadians the hardest, especially during the pandemic induced recession.
“TD’s practice of double and triple NSF charges is grossly unfair,” a lawyer representing the plaintiff in the proposed class action lawsuit said in a news release. “It directly targets low-income Canadians at a time when many are struggling to make ends meet. This practice must stop, and the illegitimate profits should be returned to the ordinary Canadians who were forced to pay them.”
The proposed class action lawsuit seeks to represent residents of Canada with TD Bank accounts since Jan. 1, 2010, who have been charged more than one NSF fee on a single transaction. The plaintiff is seeking damages on behalf of the proposed Class, including punitive damages in order “to condemn and deter this pandemic profiteering and victimization of vulnerable Canadians.”
Have you been hit with multiple NSF fees on a single transaction by TD Bank? You may be able to join a class action lawsuit investigation. Tell us what happened in the comment section below.
The lead plaintiff, Tyler Dufault, and the proposed Class Members are represented by Celeste Poltak, Adam Tanel, and Charles Hatt of Koskie Minsky LLP.
The TD Bank Duplicative NSF Fee Class Action Lawsuit is Dufault v. The Toronto-Dominion Bank, et al., Case No. CV-21-00656203-00CP, in the Ontario Superior Court of Justice.
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6 thoughts onTD Bank Accused of Charging Duplicate NSF Fees in Class Action Lawsuit
Were can I go when TD defrauded me for my mortage, my mortage renewal paperwork reflects that there are two registered owners but there is only one, TD has admitted to the title error. First presented with a statement of settlement contract, TD never intended to get me my home. When I was put on title TD dropped me as a customer, then when I got a new lender TD refused to release the mortage to my new lender, unless I sighned a waiver that I was not going to sue TD. Were do I get help, not ABDRO CHAMBERS, hired by TD, paid by TD fcac will not ADVOCATE for us. I am not a MORTAGER, I am not a GUARANTOR, I am not on TITLE. MORTAGE RAN FROM 2013 TO 2021, NO SIGNATURES WERE GIVEN NO INTEREST RATE WAS OFFERED. RENEEJAREMEK WALLACEBURG ONTARIO.
Sign.me.up!! 3 pay.ments sometime 6 a month and I didn’t even notice at first cuz they’re a little payments with weird names and I figured it was something to do with the bank because that’s what they originally told me so I’m up please
I get over draft fee every time I get paid sometimes I get like 200 in od fees for them allowing things to go through in wrong order and I get screwed in end. I don’t have a over draft nor will they approve me for one but yet they can still cover payments and let me go even more in the rears with fees. when they are suppose to reject payment not let any go through no overdraft means your bank is not suppose to cover anything to be rejected. How if I didn’t concent to thus can they do this to people it had been happening for way t many years I lost count at 10,000 in lost money from td in over draft fees and posted debit card transactions and intrest and 5 $ fees it’s beyond not fair. I am single mother on income assistance and this is what banks do with our money steal it.
I have been yelling at TD for this for the last few years. I have so much info and banks statements from the last few years of all the nsf from TD and more I have taken pics of everything. TD bank when I use my debit card past a certain time of day and the transaction you pay for is approved one day and money comes out of your acct the day you make transaction. Yet when it post to your acct the next day all the transactions that were post dated put you in negative balance for all those transactions done previous day. Plu nsf fees and whatever else fees I have had this happen almost every time I get my child tax and my welfare. I went as far as depositing my money into the act as I need it and use card cause hiw much money I loose in a month to them. I’m low income mother and they have taken so much of my money an not like it is nit hard enkugh with no home rite now staying with mother and 300 less a month in money I already paid for and nsf up the Yahoo.
A couple of times some years ago I was charged multiple NSF charges when my account was short a small amount (around 30 to 50 cents) for the multiple payments that were going through on a particular day. Instead of letting payments go through one at a time and then bouncing the last one, they totaled them all up – and seeing that I didn’t have the total amount for all the payments in my account – they bounced them all – 9 payments at $48 = $432 – then I also got charged NSF fees from each of the companies my payments were rejected for – so another $20-$30 x 9. Spoke to someone about this and was basically told it’s my responsibility to make sure there is enough in my account at all times for all payments – which I understand – but when my account was only short such a small amount (and I would have understood one payment being returned) – and then taking a total of all the payments for them to justify the returning of all payments, but then charge NSF’s individually – just seems wrong and illegal…..and then it happened again a few months later….livid is an understatement as to how I feel about them…..
I have this exact issue with TD when it comes to my car payment to Carloft both are to blame at different times but I have paid at least one NSF a month just on that bill. Not to mention any other bills TD pushes through early