Many consumers live paycheck to paycheck, especially in the last few years. Unfortunately, the very sector that was partially responsible for the market meltdown continues to make money at consumers’ expense. In March 2013, TD Bank paid $62 million to settle claims that it was charging illegal overdraft fees. According to the lawsuit, the banks were manipulating checking account transactions by ordering deductions from largest to smallest so that larger transactions empty customers’ bank accounts quicker and smaller charges then trigger multiple overdraft fees.
Rather than rectifying the situation, however, a recent lawsuit has alleged that TD, unlike other banks, has continued to perpetrate this scheme against its customers. Our team are actively investigating a potential class action against TD Bank for illegal overdraft charges. If you or someone you know uses TD Bank and incurred an overdraft fee, please contact us to discuss your legal options.