TD Bank Customers Score Class Cert. In Overdraft Fee Case

Law360, New York (April 4, 2012, 8:26 PM EDT) -- A Florida federal judge granted class certification Tuesday to TD Bank NA customers alleging the bank manipulated the order of debit card transactions to maximize overdraft fees, in violation of its contracts and state consumer protection laws.

The suit began in 2010, when the named plaintiffs claimed the bank had collected hundreds of millions of dollars in excessive overdraft fees by ordering debit card transactions from largest to smallest, so bigger transactions would empty customer accounts and smaller transactions would then trigger multiple overdraft charges. They...
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