TD Bank to Pay $11.9M Over Out of Network Balance Inquiry Fees

TD Bank $11.9 Million Settlement

TD Bank $11.9 Million Settlement

A lawsuit filed against TD Bank accuses the company of breaching its contract with accountholders by improperly assessing and collecting Out of Network (OON) ATM Balance Inquiry Fees when accountholders used an out of network ATM to conduct a balance inquiry together with another transaction such as a cash withdrawal.

TD Bank charged accountholders when using a non-TD Bank ATM to check an account balance in the same session that accountholders made a withdrawal or transfer. So customers were charged two fees from TD Bank within the same session. 

TD Bank maintains it did nothing wrong but has agreed to settle the lawsuit to avoid the cost, delay, and uncertainty of litigation. The Court has not decided which side is right.

Mailers have gone out to eligible class members. If you haven’t received one, you might still be eligible for a payout which will be sent once the settlement has been approved. Some important dates include:

  • May 26, 2023 Deadline to Exclude Yourself from the Settlement
  • May 26, 2023 Deadline to Object to the Settlement
  • July 19, 2023, at 10:00 a.m. EST Final Approval Hearing

Who’s Eligible?

If you received notice of the Settlement from a postcard or email addressed to you, then you are in the Settlement Class. If you did not receive a postcard or email notice, then the persons included in the Settlement Class are described below. If you believe you are in the Settlement Class, but for some reason did not receive a postcard or email, please contact the Settlement Administrator at or call 1-855-739-1490 (Toll-Free).

With some exceptions explained below, you are a member of the Settlement Class if you are a current or former TD Bank customer who was charged an OON Balance Inquiry Fee during “the Class Period.” The Class Period means:

  1. For Settlement Class Members whose accounts were opened in Connecticut, Massachusetts, Maine, New Jersey, New York, Rhode Island, and Vermont: the period from May 7, 2014 to December 31, 2019;
  2. For Settlement Class Members whose accounts were opened in Virginia: the period from May 7, 2015 to December 31, 2019;
  3. For Settlement Class Members whose accounts were opened in Pennsylvania: the period from May 7, 2016 to December 31, 2019;
  4. For Settlement Class Members whose accounts were opened in the District of Columbia, Delaware, Maryland, North Carolina, New Hampshire, and South Carolina: the period from May 7, 2017 to December 31, 2019.

Excluded from the Settlement Class are (1) TD Bank, its parents, subsidiaries, affiliates, officers and directors; (2) all Settlement Class members who exclude themselves from the Settlement; and (3) all judges assigned to this litigation and their immediate family members.

Related: See All Settlement Rebates Here

Settlement Payout

TD Bank has agreed to establish a cash Settlement fund of $11.9 million dollars from which Settlement Class Members will receive payments. The minimum award will be $2, with a possible additional amount for each Participating Settlement Class Member who incurred more than one OON Balance Inquiry Fee. The additional amount cannot be determined at this time; it will depend on the number of Participating Settlement Class Members and the amount of additional OON Balance Inquiry Fees each Participating Settlement Class Member incurred.

Pursuant to the Court’s approval, the Settlement Fund will also be used to pay attorneys’ fees awarded to Class Counsel, reimbursement of Class Counsel’s litigation expenses and costs, Administrative Costs of the Settlement Administrator, and a Service Award of up to $7,500 for each Class Representative. Any Residual Funds that are not feasible and practical to distribute to individual Participating Settlement Class Members will be provided to one or more charitable organization (“cy pres” recipients). The parties will recommend an organization or organizations with their Motion for Final Approval.

If you are in the Settlement Class and are entitled to receive a payment, you do not need to do anything to receive a Settlement payment. If the Court approves the Settlement and it becomes final and effective, you will automatically be sent a payment or account credit. Once the Court approves the Settlement, payment will be made by check or a credit/direct deposit. Current TD Bank accountholders will receive a credit to (or deposit in) their accounts. Participating Settlement Class Members without an active TD Bank deposit account will receive checks mailed to and made payable to the name and address on record with TD Bank and/or the address returned by the United States Postal Service’s National Change of Address database. If any of that information has changed, then you can write to the Settlement Administrator to provide mailing address updates before the Final Approval Hearing.

Related: Read all news about lawsuits and settlements

TD Bank Settlement Details

Case is Galgano d/b/a Shear Envy Hair Studio, et al. v. TD Bank, N.A., Case No. 1:20-cv-05623 (D.N.J.).

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One thought on “TD Bank to Pay $11.9M Over Out of Network Balance Inquiry Fees

  1. I have been bothered by this same outrage of charges from T D BANK.
    Many times when I was near a TD bank I needed to check my balance
    and was annoyed when I saw the CHARGE for the action.
    GOOD for this Class Action !!!

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