TD Bank, coined as America’s Most Covenient Bank, does not provide coin-counting machine to customers. Previously, the bank was popular because it did offer the “Penny Arcade” coin-counting service, but it has been suspended due to reports that it was shortchanging users.
If you need to deposit a large number of coins, find out where you can still do so:
How TD Bank Customers Can Deposit Coins
In order to deposit coins, TD Bank customers will have to use coin wrappers. These wrappers are available for free by visiting a TD Bank branch.
Tip: Most banks will give you free coin wrappers.
Customers have to wrap their coins at home before bringing them in for deposit.
This is the standard procedure adopted by most other banks that don’t offer coin-counting machines.
Where You Can Still Find Coin Counters
Although TD Bank doesn’t offer coin-counting machines, other banks may provide them. However, you’ll most likely have to pay a fee (a small percentage of the amount counted) if you’re a non-customer. Some banks won’t even let you use the machines as a non-customer.
Coinstar for gift cards and donations
Coinstar, a third-party company, has coin-counting machines at supermarkets. However, it does come with an expensive 10.9% fee when the coins are converted into cash.
|Food 4 Less|
|The Food Emporium|
Luckily, you can avoid the fee because Coinstar also allows you to exchange your coins for gift cards and charitable donations without any fee.
|Coin exchange option||Fee||How it works|
|Cash voucher||10.9%||Turn in the cash voucher to a cashier|
|eGift Card||None||Gift code is printed on the receipt|
|Charitable donation||None||Donation is automatically made -- with a receipt for tax purposes|
History of TD Bank Penny Arcade Machines
In 2008, Canadian-based TD Bank acquired Commerce Bank and since then has kept most perks, such as being open 7 days a week, allowing dogs and offering dog treats.
The Penny Arcade machine was a coin-counter that allowed anyone (even non-customers) to count their coins. Users were allowed to guess the total value of the coints. If guessed within a certain range of the correct amount, users would collect a small prize when they took the receipt to a TD Bank teller. Meanwhile, users could cash out the coins or have them deposited into a TD account.
In November 2015, TD Bank started charging non-customers to use the machine. An interesting decision by TD, as the service drove over 6 million non-customers a year to TD branches.
Mixed response to the fee changes
If you are like us, you know counting change can be annoying. This is why TD Banks decision to begin charging non-customers is kind of a bummer. The service, which was free-for-all, started to come with a 6% fee for those who don’t have a TD account.
One comment read: “I am a customer of TD and it never made sense to me that non-customers received the same convenience at no cost to them. If they want the service for free then they should bank with them. I am sure their bank doesn’t provide free coin counting. TD is a fantastic bank and not a non-profit and the bottom line is coin-counting machines and the processing of the coin is expensive! All you have to do is be a customer!”
While this move to charge have upset non-customers who use the service every year, TD Bank felt is was the best decision for their current customers.
When asked why the change was made, a spokesperson for the bank indicated that a number of customers and employees were complaining that non-customers who use the machine were negatively impacting the service (Source: American Banker).
Penny Arcade machines removed entirely
TD removed the coin-counting machines from all branches in May 2016 because customers were complaining that they were being shortchanged.
Allegedly, the machines counted coins inaccurately. Customers counted the coins before putting them through the machine and discovered that it was consistently recognizing less money than it should.
Simon Zhen is a research analyst for MyBankTracker. He is an expert on consumer banking products, bank innovations, and financial technology.
Simon has contributed and/or been quoted in major publications and outlets including Consumer Reports, American Banker, Yahoo Finance, U.S. News – World Report, The Huffington Post, Business Insider, Lifehacker, and AOL.com.