The Penny Arcade class action settlement resolves eight class action lawsuits filed against TD Bank asserting the bank failed to redeem the full value of coins deposited into Penny Arcade machines. Terms of the class action settlement require TD Bank to set up a settlement fund worth $7.5 million.
Does TD Bank still have 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.
Why are banks getting rid of coin machines?
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. The reason: The big banks claim that these machines cost more to maintain than the value that is delivered to customers.
Does TD Bank accept coins?
TD Bank had operated more than 1,000 of the machines at banks from Maine to Florida, according to its statement. The bank will keep taking pre-rolled coins, and other options abound for people looking to turn in coins by the bucket rather than by the roll.
Why should I start hoarding nickels?
On Reddit, some Americans have discussed the value of hoarding nickels as a potential investment and a hedge against inflation. Nickel has value outside of coin production, it is used in car batteries, among other products.
Can banks refuse to give you coins?
Is this legal? Yes. A bank can set its own internal policy as to whether it will accept or exchange unrolled coins for currency.
Which banks are paying extra for coins?
A Wisconsin-based bank, Community State Bank, made headlines this week when it announced that it would offer a $5 bonus on $100 worth of coins, up to a $500 bonus.
Is there still a coin shortage?
Coin shortage continues as more people opt for contactless payment options. Financial experts say we're facing another currency crisis. Quarters, nickels, dimes, and pennies are all still in short supply. Financial experts say we're facing another coin shortage.
Do you have to wrap coins for the bank?
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.
Where can I cash out 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...•
Are banks still paying for coins?
What is this? In fact, certain national banks and credit unions are willing to give you extra cash for your coins. Some are even giving out a percentage bonus for customers who bring in any change, such as the Gorham Savings Bank.
Do any banks have coin counters?
Some credit unions and community banks still have coin-counting machines. The majority of large banks such as Bank of America, Chase and Capital One do not have coin-counting machines for their customers anymore, though you can still receive coin wrappers from banks.
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.
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.
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, questions@pennyarcadesettlement.com 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.
