TD Bank announced this week that it will retire its Penny Arcade coin-counting machines after several news reports outed some of the machines as faulty.
“Offering free coin-counting to our customers has been a long-standing service at TD,” Michael Rhodes, TD’s head of consumer banking, said in a statement. “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.”
TD Bank said that its protocol included daily testing of each Penny Arcade machine, but a “Today” show report early in April showed the machines sometimes shortchanged customers. Late last month, a New York business customer filed a proposed class action suit in federal court over the machines.
TD Bank said it would continue to offer other coin-counting solutions for its customers, including offering free coin wrappers and accepting pre-rolled coins from its retail, business and nonprofit customers at no charge. The bank also said it would launch a digital learning experience for children specifically and would roll out a summer reading and savings program later this year.




