June 14, 2019 / 9:27 PM / a year ago

TD Bank agrees to settle overdraft fee lawsuits for $70 million

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.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2WH5TTW

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