TD Bank has agreed to pay $70 million to settle several lawsuits consolidated in federal court in South Carolina accusing it of charging its customers excessive overdraft fees, according to a court filing on Thursday.
The settlement, which requires court approval, calls for the Cherry Hill, New Jersey-based bank to pay $43 million to customers and cancel about $27 million in overdraft fees charged to customers’ accounts. Part of Toronto-based Toronto-Dominion Bank, TD bank operates in the Northeast, Mid-Atlantic, District of Columbia, the Carolinas and Florida.
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