A settlement has been proposed for several class action lawsuits that challenge the accuracy of Penny Arcade coin-counting machines at TD Bank NA stores. If you used a Penny Arcade machine at a TD Bank store between April 11, 2010 and July 12, 2017, you may be entitled to a cash payment from the class action settlement.
What bank has the Penny Arcade?
TD BankThe service is free for TD Bank customers. In some cases, however, people using TD Bank's Penny Arcade have been getting shortchanged. The "Today" investigation found that, in one instance, a machine churned out a receipt worth just $256.90—nearly 15% less than the $300 deposited.
Does TD Bank have Penny Arcade?
TD Bank retired its fleet of Penny Arcade machines in 2016— a month after an investigation found they were shortchanging customers. Toronto-based TD, which has its U.S. headquarters in Cherry Hill, N.J., inherited the machines from its acquisition of Commerce Bancorp in 2007.
Does TD Bank still have coin machines?
Which Banks Have Coin Counters? Chase, Bank of America, Citibank, Capital One, PNC Bank, TD Bank, BB&T, and other major national banks no longer provide coin-counting machines to customers or to non-customers.
Why did TD get rid of Penny Arcade?
TD may pay $7.5 million to Penny Arcade users A report on NBC's "Today" show found incorrect results when $300 in coins were placed in five machines chosen at random. TD stopped using the machines in the wake of the report and pulled them from its branches in May 2016.
Why did TD Bank remove Penny Arcade?
Penny Arcade machines were removed entirely. TD removed the coin-counting machines from all branches in May 2016 because customers were complaining that they were being shortchanged.
Do banks count coins for free?
Take your coins to a community bank or credit union Many big banks have phased out their coin-counting services in recent years, but the regional banks or credit unions that do offer coin exchange likely do so at no cost to customers. There may be a small fee for noncustomers to use the bank's coin-counting services.
Where can I cash in coins for free?
20 Places To Cash Coins For Free (Or Cheap)QuikTrip. As a convenience store and gas station, QuikTrip wants to help you cash your coins for free. ... Bank Of America. Another place where you can cash your coins for free is at Bank of America. ... Wells Fargo. ... US Bank. ... CVS. ... Kroger. ... Meijer. ... Walmart.More items...•
What to do with lots of coins?
Here are 10 ways to make those coins work for you.Roll It Up. ... Open a Savings Account. ... Save for Holiday Gifts. ... Create a Vacation Fund. ... Teach Your Kids About Saving. ... Start a College Fund. ... Put It Toward Your Latte Fix. ... Donate to Charity.More items...
Where can I change my coins for cash for free Walmart?
Turn coins into cash, a charity donation, or a no-fee eGift card from top brands at a Coinstar kiosk in Walmart. In-store only.
How can I turn coins into cash?
Start With Your Bank or Credit Union Many banks and most credit unions offer a free conversion of coins to cash for account holders. They'll simply dump your change into a sorting machine and give you cash after the change has run through it. Some banks offer this service with a small fee.
How do I turn coins into cash?
There are three primary options to change coins to cash: Take your coins to the bank. Roll the coins yourself. Use a coin change service.
Can I deposit coins at the bank?
Consumers can turn in their coins for cash at banks, which will give them their full value. Banks do not charge a fee to their customers when they deposit coins, but many require that the coins be rolled in wrappers. Some banks like Wells Fargo will exchange rolled coins for noncustomers without a fee.
What company tested the penny arcade machines?
According to court filings, TD Bank hired Deloitte Transactions & Business Analytics to test its Penny Arcade machines. The bank tested more than 1,000 machines representing 90 percent of all units, and the machines net undercounted by 0.117 percent and 0.09 percent, respectively, in two separate trials. Net undercount rates include overcounts, in which the machines count more coins than are actually deposited.
Why did the bank yanked the machines out of its branches?
The bank yanked the machines out of its branches after the report was published and agreed to no longer use them as part of the settlement.
Did TD Bank undercount coins?
An April 2016 Today Show report found TD Bank's machines repeatedly undercounted coins. A law suit has been settled but customers are seeing tiny sums like $2 for the undercounts and are complaining about the math.
Who handles the Penny Arcade settlement?
Under the terms of the settlement, the claims process is being handled by Garden City Group LLC. That company will also provide information on the website, and answer questions via the toll-free number, [email protected] or mail at Penny Arcade Settlement, c/o GCG, PO Box 10470 Dublin OH 43017-4070.
How much did TD Bank pay to settle the lawsuit?
Under the agreement, TD Bank would pay no more than $9,435,000 to end the suit. Of that, $7.5 million would go into a settlement fund. Up to $100,000 in legal fees could come out of that fund, but the rest will be shared among class-action members.
How much is the coin count capped at?
No more details are given about what counts as sufficient documentation, but without it, the total coin-counting transactions for that individual will be capped at $500.
How to determine preliminary settlement?
The preliminary settlement dictates that the claim payment will be determined by multiplying the total amount obtained from the coin-counting machines by .26 percent.
When will Garden City mail out postcards?
Starting on Aug. 28, under the agreement, Garden City Group will mail out postcards and send emails to current or former TD Bank account holders who have used the machines.
Does Simandle have to rule on settlement?
But Simandle doesn’t have to rule on finalizing the settlement at the hearing. He may issue a decision at a later date, according to the drafted notices that will go to class-members who have TD Bank accounts.
