STRATEGIC PARTNERS
May 23, 2016
TD Bank has announced that it will retire its coin counting kiosk, the Penny Arcade. The decision comes as the result of a TV news story in February that said the bank's kiosks did not count coins accurately, according to a report by ABC 6. A number of consumers have sued TD Bank for allegedly shortchanging them.
The reporters took $100 in coins to Penny Arcade, PNC Change Depot and Coinstar kiosks. Only one machine counted accurately. One Penny Arcade kiosk shorted the reporters by $2.33; another was 21 cents off.
"Offering free coin-counting to our customers has been a longstanding service at TD," said Michael Rhodes, head of consumer bank, TD Bank. "However, recent accounts regarding the performance of our Penny machines have led us to reassess this offering. We have determined that it is difficult to ensure a consistently great experience for our customers. 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."
The bank will continue to accept prerolled coins for deposit.
