If your bank has ever penalized you for writing a bad cheque, there is a chance you will be getting that money back, and more.
A Superior Court Judge (Michel Yergeau) has approved a class-action lawsuit to proceed, seeking compensation for anyone who was charged a fee for an NSF (Non-sufficient funds) cheque.
The lawsuit claims the NSF fee, which ranges from $40 to $65 contravenes the Quebec Consumer Protection Act, is exorbitant and illegal because bank customers have no opportunity to avoid the charge.
The lawsuit seeks reimbursement for the fees collected and $300 in punitive damages for each customer.
More Information is available here:
List of financial institutions involved in the class action:
Bank of Montreal
Canadian Imperial Bank of Commerce
Laurentian Bank of Canada
National bank of Canada
Manulife Bank of Canada
Bank of Nova Scotia
Royal Bank of Canada
HSBC Bank of Canada
Tangerine Bank
Toronto-Dominion Bank