Burns v. TD Bank

A settlement has been reached in a class action lawsuit pending in the United States District Court for the District of New Jersey titled Burns v. TD Bank, N.A., Case No. 1:21-cv-18194-KMW-AMD (D.N.J.) (the “Action”). In the Action, Plaintiffs were challenging TD Bank’s practice of assessing Overdraft Fees on transactions that were authorized at a time when the Account’s Available Balance was positive but later paid by TD Bank when the Account’s Available Balance was insufficient to cover the transaction (“APSN Fee”). The lawsuit contends, among other things, that TD Bank’s assessment of such fees in these circumstances was not authorized by the terms of the Personal Deposit Account Agreement. TD Bank disputes that contention and denies that it engaged in any wrongdoing. The Court has not decided which side is right. The Court has tentatively approved the proposed Settlement Agreement to which the parties have agreed (the “Settlement”).

These rights and options—and the deadlines to exercise them—are explained further in the notice and on the Frequently Asked Questions (FAQs) page of this website. For complete details, please see the Settlement Agreement, which is available here.