Does TD Bank Still Have Coin Counting Machines?
– Does TD Bank Have Coin Machines –
TD Bank Coin Counting Machines: TD Bank, identified as being the most convenient bank in America, does not provide customers with a coin counting machine. The bank was previously famous because it provided the coin-counting service “Penny Arcade,” but was discontinued because of allegations that it was shortchanging customers.
How to 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.
Note: 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 11.9% 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|
Banks Accept Coins Deposits in Coin Wrappers
After reaching out to all the banks, we found that every single one of them will provide coin wrappers for free, regardless of whether or not you are a customer.
Coin wrappers are paper wrappers that come color-coded for different coin denominations.
Each wrapper is used to roll 40 to 50 coins in denominations of 25 cents or less. Wrappers do exist for 50-cent and one-dollar coins.
Be sure to check your quarters to see if they were made in 1964 or earlier. Prior to 1965, U.S. quarters were made of 90 percent silver, which makes them worth significantly more than the $0.25 value.
If you’ve got a lot of coins, it could be a time-consuming task to stuff them into the wrappers. Once you’ve rolled the coins, just bring them to the bank for deposit or exchange. For customers of the bank, it is free.
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 coins. 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 Bank’s decision to begin charging non-customers is kind of a bummer.
The service, which was a 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 that coin-counting machines and the processing of the coin is expensive! However, all you have to do is be a customer!”
While this move to charge has upset non-customers who use the service every year, TD Bank felt it 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 were 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.
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