A billion-dollar bank is facing a new class action lawsuit, accused of breaching its own customer agreement by failing to reimburse fees it promised to return.
According to the complaint filed in federal court, TD Bank has since October 11, 2022 advertised to customers that all personal deposit accounts include an “Overdraft Grace” feature — a program the bank describes as giving customers “additional time to bring your available Account balance to $0 or greater than $0 following an overdraft to receive an automatic refund of applicable overdraft fee(s).”
But the lawsuit alleges that despite this uniform promise, the bank routinely failed to honor it.
Between October 2022 and now, TD Bank allegedly assessed $35 overdraft fees to numerous account holders and then refused to refund those charges even when customers deposited enough money to bring their balances to at least $0 by 11:00 p.m. Eastern Time on the next business day — the precise condition TD Bank set for automatic refunds.
The class action, filed by plaintiff Trisal on behalf of affected customers, accuses TD Bank of breach of contract and unjust enrichment, asserting that the bank’s failure to follow its own stated policy caused widespread financial harm to its customers.
Plaintiffs are seeking damages, restitution, and injunctive relief to compel TD Bank to adhere to the terms of its Overdraft Grace promise.
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