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April 07, 2016

Report: Coin-counting machines may be ripping off customers

After NBC 'Today' investigation, TD Bank shuts down Penny Arcades at all branches

TD Bank promotes its coin-counting service with the tagline "Make Every Penny Count," but a recent report found that machines were not always accurately keeping count and erred in favor of the bank.

Jeff Rossen, of NBC's "Today" show, set out to learn whether popular services were delivering on promises by testing TD Bank's Penny Arcade and Outerwall-operated Coinstar.

Rossen's team assembled bags of $300 in assorted coins and ran them through machines at several locations.

While Coinstar delivered accurate results, Penny Arcade consistently ripped off customers, according to "Today." One TD Bank machine was off by $43.10.

Coupled with the fact that most users are charged a fee for the service, consumers are losing out even more on the deal.

The bank informed NBC News that the machines are being pulled and will reinstate the service when it is corrected.

[ Check out the video here. ]