TD Bank To Pay $122M In CFPB Overdraft Settlement

Law360 (August 20, 2020, 7:12 PM EDT) -- TD Bank must pay $122 million to settle Consumer Financial Protection Bureau allegations that it charged customers illegal fees by not obtaining appropriate consent for a debit card overdraft service it offers, and in some cases engaged in "deceptive and abusive" tactics during the enrollment process, the regulator announced Thursday. 

The New Jersey-based bank presented the service known as TD Debit Card Advance to new customers as being a "free" feature that "comes with" new checking accounts, when in fact the opposite was true, the CFPB said in an announcement.

"TD Bank charges customers $35 for each overdraft transaction paid through DCA...

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