I just got some bad news… TD Bank is permanently shuttering their Penny Arcades. For years it’s been a convenient (and fun) way to deposit large amounts of pocket change. You’d pour the coins into the sorter and it calculates the quantity and value of the coins which can then be redeemed by a teller or deposited into your account. It was also free to all TD Bank account holders.
An added benefit of the machines was all the foreign coins I’d find on the interior magnet and in the reject chute. I’ve found coins from all over the world – India, Japan, Mexico, England, the Caribbean islands, and more. I have almost $15 in Canadian quarters, nickels, dimes, and quarters, plus a Loonie. It was always a thrill to use the Penny Arcade because I never knew what extra goodies I’d walk away with.
Unfortunately, a lawsuit in NY brought on by Jeffrey Feinman, who claims he was short-changed. This lead to increased scrutiny by the media. After an internal investigation over the accuracy of their machines (they already had a very structured daily testing & cleaning program in place at each branch) TD Bank decided to shutter the machines for good as they couldn’t satisfactorily prove that their machines were 100% fail-proof.
“Recent accounts regarding the performance of our penny machines have led us to reassess this offering,” Michael Rhodes, head of TD Bank’s consumer bank, said in a statement. “We have determined that it is difficult to ensure a consistently great experience for our customers… we have decided to retire the [coin-counting] fleet and provide alternative coin-counting solutions to our customers.”
TD customers can still deposit coins but will now need to put them into paper coin rolls first. There’s also Coinstar and counters at PNC Bank. Unfortunately, Coinstar is only free if you have your change converted to a gift card. There is no option to have it sent to your checking account. And I don’t have an account at PNC Bank, so that service will not be free for me either.
Like Hydrox Cookies and Sara Lee Chocolate Swirl Pound Cake, another favorite bites the dust… 🙁