May 20, 2016 9:23 am
Updated: May 20, 2016 9:47 am

TD Bank to retire coin-counting machines amid error reports in the U.S.

TD Bank announced it will shut down its coin counting machines as of Friday.

Canadian Press
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TD Canada Trust customers looking to have their jars of coins sorted and counted will have to look elsewhere as the bank announced it will shut down its coin counting machines as of Friday.

The move to retire the machines comes in the wake of several lawsuits in the U.S. that claimed the machines were short-changing customers.

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“Following the decision by TD Bank America’s Most Convenient Bank to retire their coin counters, we looked at the Canadian program to consider a number of factors, particularly customer demand and usage,” said Daria Hill, a spokesperson for TD, in an email.

“As a result of our review, we have made the business decision to shut down the machines in Canada as of today. We recognize that some customers will need to deposit coin and want to assure them that all branches will continue to accept rolled coin deposits.”

READ MORE: Allen Stanford’s house of cards: How TD banked the 2nd-largest Ponzi scheme in U.S. history

Toronto-Dominion Bank announced Thursday it would retire the Penny Arcade coin-counters, available at branches in the U.S., following reports the machines failed to accurately.

According to a lawsuit filed in New York in April, Jeffrey Feinman said a Penny Arcade machine gave him $25.44 when he deposited $26 of coins, and $30.05 when he dumped $31 of coins into the machines.

In this April 11, 2009 photo, Charles Acosta puts change in a PennyArcade coin counting machine at a TD Bank branch in Fairless Hills, Pa.

(AP Photo/Mel Evans)

Reuters reports the bank had taken the machines out of service in early April for retesting but had intended to eventually bring them back.

“We have determined that it is difficult to ensure a consistently great experience for our customers,” Michael Rhodes, TD’s head of consumer bank, said in a statement to Reuters. “We will continue to assess the Penny experience and intend to appropriately address customer impact.”

Feinman’s class action lawsuit claims TD’s Penny Arcade machines processed 29 billion coins in 2012.

*With a file from Erick Espinosa

© 2016 Shaw Media

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