TD Bank settles overdraft fee litigation for $62 million

Agreement is the latest in case against more than 30 lenders

Last week, Toronto Dominion Bank became the latest financial institution to settle with customers who accused it of charging them excessive overdraft fees.

On May 8, the Canadian bank’s TD Bank unit agreed to pay $62 million to settle U.S. lawsuits in which customers accused it of routinely processing transactions from largest to smallest instead of chronologically, which caused overdraft fees of between $25 and $35 per transaction to quickly accumulate because their balances would deplete faster.

Ashley Post

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