A proposed class action lawsuit out of New York challenges TD Bank’s alleged practice of charging customers a monthly fee to receive paper account billing statements.
Citing New York’s General Business Law, the 15-page case claims the bank’s practice of imposing fees on customers who elect to receive their account statements in paper form by U.S. mail instead of electronically constitutes a “deceptive act.” Given a customer’s paper bank account statement includes fees charged by the bank, the document constitutes what’s considered a “paper billing statement” under the New York General Business Law and therefore must be provided to customers at no additional cost, the complaint says.
The lawsuit stresses that charging such fees for paper account statements unfairly impacts low-income customers who may lack meaningful Internet access in their homes, as well as senior citizens and those with privacy concerns who may be uncomfortable using the Internet. Moreover, the case adds, TD Bank’s policy imposes an additional burden on customers who prefer to keep paper records of their account transactions for future reference, as they are forced to “bear the cost” of printing out account statements on their home printer.
“For all of these reasons,” the complaint argues, “it is important that consumers are able to receive statements in the form that is most convenient to them and that ensures consumers’ access to these critical records.”
The lawsuit alleges that TD Bank’s paper records fee infringes on each customer’s right to access important account information “in a manner that works for them.”
The case looks to certify a proposed class of New York residents who were charged a fee by TD Bank to receive paper account statements within the last three years.
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