By Bill Wichert (September 27, 2021, 5:52 p.m. EDT) – TD Bank has failed to clear collective complaints that it opened accounts on behalf of clients without their permission and seized funds and fees, with a New Jersey federal judge on Monday releasing a new ruling that such conduct may be illegal under electronic funds transfer law.
In what U.S. District Judge Noel L. Hillman said appeared to be a first impression issue within the Third Circuit, he found that the account numbers associated with such allegedly unauthorized account openings were qualified, under EFTA, as an “alternative means of access” which could be used to initiate an electronic transfer of funds ….
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