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TD Bank retires Penny Arcades after audit reveals inconsistencies

You might still get your pennies from heaven — but you can’t get them counted at TD Bank’s Penny Arcade anymore.

The bank announced Thursday that it is retiring its entire fleet of Penny Arcade coin-counting machines after it was accused in a TV news report and in a lawsuit of ripping off customers.

The bank had suspended the use of the machines in early April after NBC’s Today show reported widespread counting errors.

A New York customer, Jeffrey Feinman, then filed a class action lawsuit against the bank in Manhattan Supreme Court, saying the machines had cheated him twice.

N.Y. accused TD Bank coin counter of keeping change in suit

Bank officials had promised to put the coin counters back into service. But Thursday, officials said they had to “reassess” that position after doing an audit of 1,000 machines, from Maine to Florida.

APRIL 11, 2009 PHOTO

The bank had suspended the use of its machines in early April after NBC’s “Today” show reported widespread counting errors.

(Mel Evans/AP)

“We have determined that it is difficult to ensure a consistently great experience for our customers,” said a TD executive vice-president, Michael Rhodes. “In addition, the usages 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.”

TD will continue to accept pre-rolled coins for deposit from retail, businesses and non-profit customers without an additional charge, and provide free coin wrappers, the company said.

TD, one of the 10 largest banks in the U.S. with more than 8 million customers, processes billions of coins each year, the company said.

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