TD bank officially retires Penny Arcade

[Yinzi50]

I do use TD as my dump bank for halves, nickel, and penny. Now I can switch them as a buy bank for nickel, dime, and penny boxes.

This will hurt silver recovery for us CRHers. Nowadays most tellers are well informed because of rampant Youtube videos. When old coins come into the banks, tellers can quickly check the rolls, especially the half dollar rolls, and intercept any goodies right there. Previously all coins go into Penny Arcade so silver coins go into the bags then come back inside the boxes.

Most experienced CRHers never dump dimes into Penny Arcade anyway. It is the general mass who don't know the miscounting. We know for a long time that Penny will count dimes as pennies, otherwise they would be named as Dimer Arcade instead of Penny Arcade.

 

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[ThePt78Gamer]

Well that explains why I lost $30 on that machine when I was hunting dimes for a small period of time in mid 2014. Ah well. At least the masses will no longer be ripped off of their dime money count.

 

[DaytonaRacer]

I HATE Jeffrey Feinman!!!


TD Bank to customers: 'Keep the change'
The consumer bank is discontinuing its popular coin-counting arcades after complaints about their accuracy.
Jon Marino | @JonMarino
5 Hours Ago CNBC.com

Now, TD Bank says, you can keep the change.

The bank is getting rid of its coin-counting machines, after being sued in New York by a man who claimed he was short-changed. The man, Jeffrey Feinman, filed suit in April, when local news reports highlighted incorrect TD Bank machines, leading to the firm's decision to take some out of commission.

"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."

Rhodes also acknowledged that usage of the bank's coin counting machines has declined "steadily" over the years. Despite complaints, and the lawsuit against TD Bank, the company said it had tested penny machines daily and provided routine maintenance.

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. PNC Bank, as well as Coinstar, which are at various retailers' locations, are still taking coins.

 

[mark1982]

This sucks! I had 2 TD banks within 10 minutes of my house that took $500 in halves and the tellers at both locations knew me and never gave me a problem. I'm still a little nervous about going back to bag dumping because of what happened to me twice a year or so ago.

 

[CC-Hunter]

Yep, it's official. TD Bank says goodbye to coin counters

This is what we get in our lawsuit-happy country. I really had no problem with Penny. If the count seemed off the tellers were always generous about taking my word for it and making up the difference.

There are now no other banks in my area with coin counters that the public can use, so I am mostly screwed as far as CRH is concerned. No more fun reject chute finds either. I will still look into teller trays for any promising loose halves, but that is about it. I really don't want to re-roll halves and deposit them. At least I can close my account and get back the $100 that I have maintained there for the minimum balance.

 

[DaytonaRacer]

As long as branches regularly cleaned the magnet and maintain the equipment the machines I used rarely were off. It's those locations that didn't keep up with their maintenance that caused the most issues.

 

[BuffaloBoy]

I would imagine that TD Bank would still have to accept rolled coins. Sucks that they will no longer have coin machines though.

 

[DaytonaRacer]

I would imagine that TD Bank would still have to accept rolled coins. Sucks that they will no longer have coin machines though.

Yeah, I amassed a nice collection of foreigns via their magnet. Guess it's time to stock up on coin wrappers.

 

[Liu21]

Hey Guys, the other day at work i saw bags of P.A from TD Bank, but they had CWR coins in them. some of them looked crimped, but they were all after market wraps... Maybe some TD banks started accepting rolled coins?

 

[DaytonaRacer]

Hey Guys, the other day at work i saw bags of P.A from TD Bank, but they had CWR coins in them. some of them looked crimped, but they were all after market wraps... Maybe some TD banks started accepting rolled coins?

Yes, they have. I deposited about $12 in pennies the other day with the cashier.

 

[BuffaloBoy]

They have to accept small customer deposits of rolled coins. As to whether they accept boxes and boxes of crh dumps, that's a different story.

 

[TheMastermind]

I was told today while I was dumping my bags that since Garda will no longer pick up the coin machine bags, they might not be picking up customer bags either.

It's still up in the air, and they will know something definite in a week or two.

I'm going to start looking at other banks to do bag dumps at. Hopefully I can open an account or two strictly for that.

 

[Oquario79]

Hmmm.. that definitely puts a damper on me especially bc I had 4 TD'S with coincounter on a 20 mile radius.. I was really hoping they bring her back.. now I guess I may see about a CU or open up another acct with a different bank to be able to dump..

 

[mountainman 2]

A couple of weeks ago, I deposited about $170 in rolled coin at TD. No problems. I wonder if removing the machines will affect getting the coinstar fee reimbursement from TD.

 

[Oquario79]

A couple of weeks ago, I deposited about $170 in rolled coin at TD. No problems. I wonder if removing the machines will affect getting the coinstar fee reimbursement from TD.

That is a good question.. right now they have limited the coinstar processing fee reimbursement to $50 a month. Thinkin now that may go away...

 

[BuffaloBoy]

I agree, since td is retiring penny arcade I bet TD will do away with the coin star reimbursement within the next few weeks if they haven't done so already. They don't want anything to do with coin counting anymore, and that includes all the costs associated with it.

 

[silveraddict]

Welcome to my world. The only coin counting machine (other than coin star) within 100 miles of me is a cu that charges everyone even members. I have more dump banks than pick up banks. Only a few will take full boxes, and they will only take one a month. Finding paper wrappers is sometimes a chore. I have pick up banks that will order me as many boxes as I want. I only do 3 to 4 boxes a week becouse I can not find a way to dump more. I spend way more time figuring out dumps than pick ups.
I do always have a few banks for cwr and teller tray finds around my dump banks. In the last week I did get real lucky with 2 of them finding 65 silver halves in 16 cwr.
Also, I have no banks around me that will except bags either.
This month is my first 100+ silver halves month of the year and it is only the 21st so I can not complain.
I love this hobby.
HH everyone

 

[CC-Hunter]

TD bank is accepting up to $50 of rolled coin, but I closed my account today so whatever. I saw a memo instructing the branches to send in all rejected coins.

 

[DaytonaRacer]

I picked up some nickel and dime rolls today from TDB and got mostly CWR. Haven't opened them yet but this should get interesting (and maybe not in a good way).

 

[Oquario79]

I picked up some nickel and dime rolls today from TDB and got mostly CWR. Haven't opened them yet but this should get interesting (and maybe not in a good way).

Let's hope u have a good turnout.