LAWSUITS NEWS & LEGAL INFORMATION
TD Bank Facing Excessive Overdraft Charges Class Action Lawsuit
Santa Clara, CA: TD Bank is facing a potential class action lawsuit alleging it “unlawfully” applies overdraft fees that penalize customers who don’t replenish their overdrawn bank accounts within 10 days.
Filed on behalf of Shaina Dorsey and all those similarly situated, the lawsuit contends that the sustained overdraft charge of $20 is imposed on customers’ accounts after an initial charge of $35 for the overdraft itself, and exceeds the limit permitted by the National Bank Act.
"Unlike an initial overdraft fee, the Sustained Fee for Overdrawn Accounts is an additional charge to a customer for which the bank has provided nothing new in the way of services," the lawsuit states. "The charge is based solely on the alleged indebtedness to the bank remaining unpaid by the customer for a period of time."
According to the complaint, Dorsey's checking account went into "overdraft" status in August 15, 2016 and remained that way until September 8, 2016. The $20 fee on August 26, 2016 was in addition to six other fees totaling $210 "for transactions that created her 'overdraft' status in the first place."
The class action suit claims that the fees are technically interest charged at an illegal rate and, when factoring for the legally permitted rates, are tens of times greater than what could be imposed.
The lawsuit seeks plaintiffs who use TD Bank and were charged with the extended overdraft charges. Plaintiffs are represented by Stephen P. DeNittis of DeNittis of DeNittis Osefchen P.C.
Published on Jan-11-17
Filed on behalf of Shaina Dorsey and all those similarly situated, the lawsuit contends that the sustained overdraft charge of $20 is imposed on customers’ accounts after an initial charge of $35 for the overdraft itself, and exceeds the limit permitted by the National Bank Act.
"Unlike an initial overdraft fee, the Sustained Fee for Overdrawn Accounts is an additional charge to a customer for which the bank has provided nothing new in the way of services," the lawsuit states. "The charge is based solely on the alleged indebtedness to the bank remaining unpaid by the customer for a period of time."
According to the complaint, Dorsey's checking account went into "overdraft" status in August 15, 2016 and remained that way until September 8, 2016. The $20 fee on August 26, 2016 was in addition to six other fees totaling $210 "for transactions that created her 'overdraft' status in the first place."
The class action suit claims that the fees are technically interest charged at an illegal rate and, when factoring for the legally permitted rates, are tens of times greater than what could be imposed.
The lawsuit seeks plaintiffs who use TD Bank and were charged with the extended overdraft charges. Plaintiffs are represented by Stephen P. DeNittis of DeNittis of DeNittis Osefchen P.C.
Excessive Overdraft Charges Legal Help
If you or a loved one has suffered similar damages or injuries, please fill in our form and your complaint will be sent to a business frauds lawyer who may evaluate your claim at no cost or obligation.Published on Jan-11-17
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READER COMMENTS
Dr Shermaine Surratt
on
causing financial hardships. I still have the voicemail tha Jacky T was left for me on 6/5/2013 from TD Bank Officer referring to it AS THAT ACCOUNT. If I hadn't paid those excessive fees Bank Teller Wendy TD Bank would've tried to ruin my good name and credit rating while closing my account without proving that I didn't deposit my monies therefore another excessive charge. Wendy was nice one day and friendly the next time she was a Tilla of the Hawn...
The tellers and bank officers at most are are nasty and lack professionalism while stealing customers hard earned money in excessive fees that if properly credited wouldn't harmed my balance.
I didn't deserve my excessive fees . I was made to pay those fees in 6/2/2013 also took away my debit credit privileges such as deposits from other aspects of my life,
My credit was qualified for a line of credit but I was denied I kept that letter of denial bias because of my Religious Affiliation and my beliefs I believe my checking account was handled with such errors and I was denied bank credit.
Every other customer I knew their credit wasn't that good but was afforded 5,000.00 to 20,000.00 line of credit, loans and lines of credit. This bias by TD Bank was evident and refused to open a non profit business bank account also.
TD Bank is very unpleasant and my experience and my opinion I wouldn't as a Minority Business Owner give TD Bank an opportunity to be unprofessional with me or my family.
Respectfully
Clara Ross
on
Vanessa Staszak
on
Mike Smith
on
At times, the check I deposit is from my account at a different bank; and that bank shows the money has been transferred on day one, but the other bank says the money does not reach my account until day 3 or 4. So where is the money for the days it is being transferred and I am being charged huge overdraft fees?
These banks are total crooks and they should be sued for ever crooked transaction they engage in.
Susan Eileen Coker
on
Please contact me with updates on my part of the settlement.
Thank you,
Susan Coker
rozalen jenkins
on
Penny B.
on
Its rediculous how they manipulate your account for their benefit. I'm starting to miss using a ledger, it was simpler without all the digital crap giving the banks the upper hand to manipulate balances in their favor.