TD Bank Issuing Refunds for Overdraft Charges in Wake of Class Action Suit

June 17, 2013  
overdraft news

Former and current TD Bank customers affected by a March settlement over the way it calculates overdraft charges are finally beginning to receive refunds. The plaintiffs had argued that rather than declining transactions that would overdraw an account, the bank allowed them to go through and then ordered the day's transactions from highest dollar amount to lowest as a way to squeeze as much overdraft revenue from the consumer as possible. TD Bank's settlement is one of 30 similar cases filed by the Miami law firm of Grossman Roth. Bank of America, Citizens Bank, JPMorgan Chase, and PNC Bank have already settled in court "based on the same premise," according to Grossman Roth lawyer Robert Gilbert.
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