If You Incurred One or More Overdraft Fees in Connection with Your TD Bank Personal or Business Account, Your Carolina First Bank Account, and/or Your Mercantile Bank Account, You May Be Entitled to Benefits from this Proposed Class Action Settlement.
A $70 million settlement has been reached in a lawsuit against TD Bank, N.A. (“TD Bank”) called In re: TD Bank, N.A. Debit Card Overdraft Fee Litigation, Civil Action No. 6:15-mn-02613-BHH (D.S.C.), claiming that TD Bank, Carolina First Bank, and Mercantile Bank, a brand name of Carolina First Bank used in Florida, assessed Overdraft Fees in a manner inconsistent with customer account agreements and applicable laws (the “Action”). TD Bank acquired The South Financial Group, the holding company for Carolina First and Mercantile (together, “Carolina First”), in 2010.
The Action challenges several bank practices:
TD Bank’s practice of assessing Overdraft Fees on Personal and Business Accounts based on the Account’s Available Balance rather than its Ledger Balance;
TD Bank’s assessment of Overdraft Fees for ATM or One-Time Debit Card Transactions on Personal Accounts;
TD Bank’s assessment of Sustained Overdraft Fees on Personal and Business Accounts;
TD Bank’s assessment of Overdraft Fees for Uber or Lyft ride-sharing transactions on Personal Accounts while an account holder was not enrolled in TD Debit Card Advance; and
Carolina First’s practices of (1) High-to-Low Posting, and (2) assessing Overdraft Fees based on the Account’s Available Balance rather than its Ledger Balance.
TD Bank denies liability for each of the claims, and maintains that the challenged overdraft practices complied with customer agreements and applicable laws. The Court has not decided which side is right.
Current and former holders of TD Bank Personal and/or Business Accounts and former holders of Carolina First Accounts who incurred Overdraft Fees may be eligible for a payment by check or account credit (“Settlement Payment Amount”). In addition, members of the Settlement Classes whose accounts were closed with amounts owed to TD Bank may be eligible for reductions in their outstanding balances (“Overdraft Forgiveness Amount”).
Read this website carefully. This website advises you of the benefits that may be available to you under the proposed Settlement and your rights and options as a Settlement Class Member.
These rights and options –and the deadlines to exercise them– are explained further in the FAQs page of this website.