TD Bank To Pay $122 Million for Deceptive Overdrafts, CFPB Says

TD Bank N.A. has agreed to pay $122 million to settle allegations by the CFPB that it engaged in deceptive debit card overdraft practices impacting more than 1.4 million customers.

The Consumer Financial Protection Bureau said the bank overcharged consumers for ATM and one-time debit card transactions without getting their consent and violated fair credit reporting and electronic funds transfer laws, according to a consent order issued Thursday.

The bureau said TD Bank deceived customers about its “Debit Card Advance” overdraft service by marketing it as a free benefit that was a built-in feature of new consumer checking accounts.

Consumers ...