If you're a TD Bank customer in Canada, you could be eligible to receive a payout from a class-action lawsuit settlement in early April.

The bank agreed to pay $15.9 million for the ongoing class action regarding non-sufficient funds (NSF) fees, and the Ontario Superior Court of Justice approved the settlement after a hearing on February 15.

According to a statement from Koskie Minsky — the agency appointed as class counsel — TD allegedly charged multiple NSF fees on a single cheque issued or payment made. But this settlement doesn't mean TD is confessing to doing so.

The approval notice published on March 19 reads, "TD Bank does not admit any wrongdoing or liability and disagrees with the allegations in the lawsuit."

Out of the approved $15.9 million, the amount available for distribution to class members is around $9,740,000.

Canadian TD Bank customers can cash in on $16 million settlement soon https://t.co/baRmCIVsgz

— blogTO (@blogTO) February 20, 2024

What does this mean for you?

If you are a current or former customer of TD in Canada who was charged multiple NSF fees on re-represented pre-authorized debit transactions between February 2, 2019 and November 27, 2023, you may be eligible.

According to Koskie Minsky, you are an eligible class member if:

1. You are or were a personal deposit account holder with TD Bank.
2. Your personal deposit account with TD was charged a non-sufficient funds fee by TD Bank on a re-presented pre-authorized debit transaction from February 2, 2019 to November 27, 2023.
3. Your personal deposit account with TD remains open at the time of distribution.

If you check all the boxes, you will automatically receive a direct deposit of approximately C$88 to your TD personal deposit account. Distribution of funds begins in early April.

More information can be found online.