Consumers seeking a TD Bank Class Action lawsuit Sign up now can track one down on the internet. As millions of mortgage foreclosures are currently pending before the courts, class action lawsuits on behalf of homeowners who have suffered loss and damage because of illegal foreclosure practices are sure to grow in numbers. These lawsuits are usually accompanied by substantial monetary awards which allow homeowners to make up for their losses and purchase homes. The more money awarded to homeowners, the more the banks will fight to regain the loss and damages sustained. For homeowners, the best way to put an end to this vicious circle is to hire a class action lawsuit lawyer to take the bank to court.
TD Bank Class Action Lawsuit
Last year, TD Bank settled with the Federal Deposit Insurance Corporation (FDIC) for $70 million over the overdrafts issue which was the subject of a class action lawsuit. In July, TD Bank paid the settling figure to settle court proceedings which claimed the bank arbitrarily charged excessive overdrafts on borrowers’ accounts. Some of the consumers pursued the case on their own while others hired attorneys from a TD Bank Class Action Lawsuit Lawyer. This article will discuss the details of what happened.
According to class action lawsuit lawyers, some consumers had a total of ten overdrafts on their account at one time.
When the banks refused to close the account due to non-payment of overdrafts, a class action lawsuit was filed against the bank. The bank was also accused of charging these consumers with excessive fees for allowing them to maintain an unsecured credit card balance. After a few months of court hearings, the court found in favor of the consumers and ordered the bank to cease these activities.
If you’re wondering how the class action lawsuit came about, here’s how it went… One of the class action lawsuit lawyers noticed that there were inconsistencies in the manner that certain TD Bank employees dealt with customers who applied for an overdraft. For instance, some customers were instructed to give an initial deposit of several hundred dollars to the company in order to receive approval for an overdraft.
Some other customers were sent a letter saying that they had reached an approval threshold and would be able to take out an overdraft… Yet when these customers tried to withdraw money from their bank account, the FDIC informed the customer that he or she could not proceed until the three hundred dollar initial deposit was withdrawn from the customer’s account.
The class action lawsuit further alleged that the banks failed to provide any evidence that their overdraft policies were intended to harm the prospective customers of TD Bank.
As if this was not bad enough, the FDIC did not require that these institutions provide the required proof that such policies were intended to cause such harm. These banks were found to have charged fees to these customers in the seven months leading up to when the FDIC advised these consumers that they could not proceed with an overdraft. As if that was not bad enough, the FDIC also found that these institutions did not have adequate safeguards in place to prevent such activities from happening again.
These practices were deemed unlawful by the courts, which is why the FDIC has filed a class action lawsuit against TD Bank and the seven months of wrongful charges by these institutions.
If you are a consumer who recently faced an emergency in your life, it would probably be in your best interest to seek the counsel of a consumer attorney who specializes in class action lawsuits. He or she will be able to assess your situation and advise you of the best course of action in light of your particular circumstances. If you currently own an unsecured credit card, contact your card issuer immediately and contact a debt relief attorney as soon as possible. You do not have to continue to suffer the excessive interest rates and penalties. Now is the time to seek relief.