TD Bank Permanently Removing Faulty Penny Arcades From Its Branches
Cherry Hill-based TD Bank is retiring its problematic Penny Arcade coin counting machines.
"Recent accounts regarding the performance of our Penny machines have led us to reassess this offering," Head of Consumer Bank Michael Rhodes said Thursday in a statement. "In addition, the usage of our coin-counting machines has declined steadily over the past few years. For these reasons, we have decided to retire the fleet and provide alternative coin-counting solutions to our customers. We will continue to assess the Penny experience and intend to appropriately address customer impact."
A report by NBC's "Today" in April revealed that in their test of the machines, which charged customers an 8 to 10 percent fee, the coins were not counted properly. The bank responded by removing the machines for re-testing and evaluation.
A class-action lawsuit also was filed in federal court seeking to collect damages for customers who have used the machines within the past six years. The report in The Courier Post said the suit estimated over $5 million dollars has been lost by costumers.
TD Bank will not replace the machines in its 1,300 branches but will continue to accept pre-rolled coins from retail, businesses and non-profit customers at no charge and provide free coin wrappers.