Cardholders v TD Visa
TD Visa Pays Rebates After Class Action Settlement
If you're a TD Visa cardholder you could be on the receiving end of a rebate soon.
TD Visa has recently been mailing out notices of rebate to its clients who opened accounts before Sept. 1, 2001, and to businesses that opened accounts before June 1, 2003.
The rebates, which are credited to cardholders' accounts, are part of a $55-million class action settlement approved by the Ontario Superior Court of Justice on July 9, 2009, that requires TD to pay $11 million to members of the class action. The average rebate amount per person will be around $8.
The suit stems from allegations that TD charged cardholders "undisclosed, inadequately disclosed or unauthorized fees or charges in respect of debits and credits incurred on their TD Visa accounts in a foreign currency," according to literature from the company that accompanies the rebate notice.
According to Windsor, Ont.-based lawyer, Harvey Strosberg, who represented the class action, the company charged cardholders a one per cent foreign currency fee without properly informing them of the charge.
All eligible TD Visa cardholders were automatically entered in the class action unless they chose to opt out last year.
For more information call toll free 1-800-983-8472.
More information about the class action can also be found at www.tdvisaclassaction.com
