How to Get Your Money Back from TD Bank’s Penny Arcade
The popular TD Bank coin counters were discovered to be miscounting change about a year ago. Now it's time for you to cash in.
Controversy struck TD Bank after NBC's Today Show revealed that their Penny Arcades were under counting. This led to the removal of the machines in all of the bank's locations.
What followed was a class-action lawsuit across three states. The bank has finally agreed to a settlement over $9 million dollars. Once the settlement gets approval almost $7.5 million dollars will be allocated to customers that have used a Penny Arcade in the past.
If you used a Penny Arcade after April 11th, 2010, you are eligible to collect. The exception to this extends to employees and directors of TD Bank and any attorney or judge that was involved in the case.
If you are a TD Bank customer you're in luck! You can sit back, relax, and let the bank do the work for you. TD Bank will be using their records to determine if you used a Penny Arcade during the time frame, how many coins were counted, and issue a payment right into your bank account.
If you no longer have an account with TD Bank you will receive a check.
If you have never had an account with TD Bank you must submit a claim. You can submit a claim between August 28th and October 27th. During this time you can go to PennyArcadeSettlement.com to print out a claim form or submit it online. There will also be a toll-free phone number to request a form: 855-312-1974.
Non-account holders make up 22% of people that used the Penny Arcade.
If you have an account with TD Bank there is no cap on payment. However, if you do not have an account with TD Bank and do not have records of your use of the Penny Arcade you are capped at $500 with a max payment of $1.30.
How much will you be paid?
If the total counted coins with in the time period equaled $100 you will receive 0.26 cents. $500 will receive $1.30, $1,500 will get $3.90, and $2,000 will receive $5.20.
To determine the payout they multiplied the total amount by .26%.
This percentage is higher than the percentage of error that machines made. An outside company that tested the Penny Arcades found the machines under counted between .117% and .090%.
Looking for information about the settlement?
The claims are being handled by Garden City Group LLC. Once the claim period begins there will be information on their website. You can also contact the company via email at email@example.com, call the toll free number mentioned above, or mail the group at Penny Arcade Settlement, c/o GCG, PO Box 10470 Dublin OH 43017-4070.