TD Bank’s $3 Paper Statement Fee Survives Latest Challenge

Toronto-Dominion Bank for a second time was able to fend off a proposed class action alleging its $3 fee for providing paper account statements violates New York consumer protections.

A provision in New York’s consumer law infringes on TD Bank’s First Amendment rights because it restricts how the bank and other lenders can describe such fees, Judge Hector Gonzalez of the US District Court for the Eastern District of New York said in a Feb. 27 ruling.

Section 399-zzz of New York’s General Business Law prohibits banks from charging a “fee” for printed account statements, but it explicitly allows ...