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May 20, 2016

TD Bank does away with coin-counting machines after allegations they shortchanged customers

TD Bank announced it will permanently do away with its coin-counting "Penny Arcade" machines after allegations that its machines were shortchanging customers in favor of the bank, CBS News reports.

The finger-pointing stemmed from a recent investigation by Jeff Rossen of NBC's "Today" show, which looked into the accuracy of several brands of coin-counting machines, including TD Bank's "Penny Arcade" and Coinstar.

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

A proposed class-action suit has since been filed in federal court and contends that thousands of consumers were shortchanged millions of dollars over the years because of the alleged faulty machines.

Following the "Today" show report's findings, TD Bank had temporarily pulled its machines from its bank branches to conduct its own analysis, and now, it seems they are not coming back.

The bank did not say whether its analysis also found errors with the machines but said in a statement that the reason is over concern that it "may not always meet (the bank's) standard."

Read the full CBS News report here.