The TD Bank class-action Settlement has been the talk of the nation, as thousands of customers await their remuneration.
What started as a dispute over undisclosed fees has now become one of Canada’s largest class-action settlements in banking history.
Now, many claimants are wanting to know where they stand in the claims process.
With process dates nearing, it has now gained extra importance to be aware of claim processing status.
This article tells everything about the settlement, the process of making claims, and checking the status of where your claim stands.
Understanding the TD Bank Settlement: Background and Context
The class action complaint against the Toronto-Dominion Bank been filed after allegations to the extent that improper fees had been described by the financial institution to customers without due protections attached to them.
Mostly, these fees were attributed to non-sufficient funds (NSF), overdrafts, and foreign exchange markups and many of the customers alleged that these fees were not clearly disclosed.
Several years in the making, the suit alleged that TD Bank had in fact contravened consumer protection legislation by not clearly informing about such charges.
So after a long court proceeding, TD Bank settled the claims without admission of liabilities.
The settlement amount goes into millions of dollars set to pay affected customer accounts that fell within the date range used in the lawsuit.
This has been approved in a court of law following a careful review to ensure that it was fair, reasonable, and in the best interests of class members as a whole.
Who Qualifies for Compensation?
Several important factors determine whether you are entitled to seek compensation under the TD Bank Class Action Settlement.
Eligible class members would generally include any individuals who held either personal or business accounts with TD Bank during the class period laid out in the settlement agreement.
The exact dates are dependent on the different fees being addressed in the settlement.
For claims concerning NSF and overdraft fees, customers who incurred such fees between about 2012 and the date of the settlement may qualify.
As for the foreign exchange markup claim, the qualifying period might slightly differ.
Another thing is, in many cases, automatic qualification may have applied to the customers; hence they got included in the settlement class without any initial action on their part.
The only thing they had to do to collect compensation was submit a claim form on or before the published deadline.
Individuals who failed to file claims in the initial opportunity might still explore some avenues through late claims processing, but compensations for late filers are by no means guaranteed.
The Claims Process Explained:
This TD Bank class action settlement claims process is simple without sacrificing the verification steps where it is necessary.
By mail, by email, and by advertising, potential class members have been notified of the settlement.
Such notifications had relevant information regarding the eligibility criteria and instructions for making a claim.
Eligible consumers were expected to fill in either the online claim form on the official settlement website or print and then mail a paper claim form to file their claims.
The form required some basic personal identification and account details while it occasionally required additional support documentation.
To many of its customers, TD Bank possesses sufficient records for verification of eligibility without need for more documentation.
Once filed, the claims entered the review process, during which the appointed claims administrator conducts a review of the claims.
Each one will be reviewed for completeness and verification against bank records to determine validity and calculate the amount of compensation by this independent third party.
Current Status of Claims Processing
Processing of claims for Class Action Settlement by TD Bank is in the final stages as at April 2025.
The claims administrator has processed most submissions and started making payments to verified claimants.
Some clients are still waiting for either a determination or payment due to the high number of claims received.
The settlement administrator has a defined process concerning which they follow in the processing of claims, noting that claims tend to get prioritized based on when they were submitted within the filing period.
Claims containing all necessary information and not requiring any extra verification have generally been processed faster than claims needing more documentation or clarification.
It may be worth noting that claims processing has fallen behind the projected schedule.
The delays were caused by greater-than-expected numbers of claims being filed and the difficulty of relating to types of claims, and this was especially the case when multiple accounts or extended documentation were involved.
Your settlement status at TD Bank is easy to check and can be done in various ways.
The best way is to check on the claim status portal of the settlement official website.
Here you would need to enter your claim ID number (given at the time of submitting your claim) along with other identification information, like an email address or the last four digits of your social security number.
For those who prefer to speak directly with someone, the settlement administrator maintains a direct phone line for such status inquiries.
Callers should have their IDs and claim ID number handy, as this will speed verification and service.
The representatives will provide insight into your claim’s position in the review process and any next steps you may need to take.
Emailing is also an option for checking claim status, but there may be longer wait times for a response due to the high volume.
If you do decide to email the administrator to check on the status of your claim, include your claim ID, your full name, and the last four digits of your social security number so that your email can be processed more quickly.
What Different Status Updates Mean
However, you might be busted with the variety of phrases, which help you, probably, figure out how far along your claim is in the entire timeline for processing.
It also helps set expectations in terms of when you could receive your money by understanding the given status.
Claim Received means the system received your submission, but it has not been reviewed substantively.
This is probably the first status you see right after submitting your claim.
Under Review indicates that your claim is being reviewed by the claims administrator.
During this phase, verification of bank records is underway that supports your claims, and the associated damage costs are calculated based on the fees identified.
More Information Required means the administrator is requesting further documents or explanations to process the claim .
If you see such a designation, however, immediately reply to communication from the administrator so as not to run the risk of delay or possible denial of your claim.
“Approved” means that your claim has been investigated and accepted, and you receive compensation as dictated by the settlement.
At this point, payment is being issued, but it has not yet been received.
“Payment Issued” means your benefits were sent either by direct deposit or mail, depending on the payment mode selected when the claim was filed.
“Denied” means that your claim did not meet the eligibility criteria or could not be verified with the available information.
If your claim is denied, normally you will have the right to appeal the decision within a certain time frame.
Expected Compensation Amounts
Compensation amounts under the TD Bank Class Action Settlement highly differ from claimant to claimant.
The amount considered varies with factors such as kinds of fees charged, frequency of charges, and the total amount charged for those fees during the class period.
For claimants under NSF and overdraft fees, the payment maybe a small percentage of total fees, normally ranging from 15% to 25% of the charges on a claims basis.
For instance, if the total fees paid by you during the eligible fee period are 1000 dollars, you may get compensation ranging from 150 to 250 dollars.
Foreign exchange markup claims usually bring smaller percentage returns, often about 10-15% of incurred markup charges.
These are especially difficult claims to quantify since they must compare the charged rate with the actual interbank rate at the time of transaction.
The actual final amounts will be adjusted proportionally if all settlement claims exceed the settlement fund.
In that event, each claimant would receive a pro-rata amount depending on that claimant’s individual ratio of calculated compensation against total settlement fund amounts available.
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Timeline for Receiving Payments
Now that those claims are almost done processing, several of the approved claimants are wandering when they would receive their payments.
As per settlement administrator, funding distribution had already begun for the claims approved in the earlier phases of review.
Payments for Initial batch approved claims may have already been made.
These pre-payments normally went to those claimants who had their submissions complete without the need of any additional verification and processed during the initial rounds of review.
Claims under subsequent batches for payment are scheduled to be made during the weeks ahead, and the administrator intends to process payments on a rolling basis and according to not wait until all claims have been processed.
The last payment batch of claims that required further examination or that were late-filing will be made by the end of the second quarter, 2025.
Changes to this timeline, however, are still open for unforeseen hitches in the distribution process.
Foreseen Future
The TD Bank Class Action Settlement is in its final distribution phase, with almost all claims eligible to be resolved very soon.
The entire claims process is complicated and time-consuming but demonstrates the principle of accountability in the financial services industry and compensatory relief to customers affected by the disputed practice.
This also reminds one of how much value of class action mechanism could have in addressing very widespread consumer issues which might have been impractical for much smaller class action suits.
While aggregating such claims, the class action format offers that efficiency to the legal system while still yielding individual compensation to affected parties.
This settlement may trigger greater transparency in fees and disclosures both at TD Bank and the banking industry at large.
Many financial institutions, however, are already assessing and changing their fee disclosures and have been doing so for some time on account of similar litigation throughout the entire industry.
Waiting for the outcome of your claim will be better if you stay tuned through official lines and keep accurate records of your communications with the settlement administrator as this would achieve the most seamless experience possible for you amid the last legs of this important settlement process.
FAQS:
What is the TD Bank class action lawsuit about?
The class action deals with non-sufficient funds (NSF) fees charged multiple times on re-presented pre-authorized debit transactions by TD Bank from February 2, 2019, to November 27, 2023.
Who qualifies for the TD Bank settlement?
You would qualify if you held a personal deposit account with TD Bank in Canada and were charged an NSF fee on a re-presented pre-authorized debit detection in the relevant period.
How much is the TD Bank settlement?
The settlement amount totals CAD 15.9 million. The exact amount of compensation per customer will differ depending on how many eligible claims are processed.
Do I have to submit a claim to be compensated for the TD Bank class action lawsuit?
The compensation may be directly deposited into the account of a current customer of the TD Bank. If you are a past customer, a claim may be required.
