TD Bank has pulled the plug on its Penny Arcade coin-counting machines, the bank said Thursday.
“Offering free coin-counting to our customers has been a long-standing service at TD,” Michael Rhodes, head of Consumer Bank for TD Bank said in a statement. “However, recent accounts regarding the performance of our penny machines have led us to reassess this offering.”
The move comes following reports the machines may have shortchanged some customers.
“We have determined that it is difficult to ensure a consistently great experience for our customers,” the statement added. “In addition, the usage of our coin-counting machines has declined steadily over the past few years. For these reasons, we have decided to retire the fleet and provide alternative coin-counting solutions to our customers,” the bank said.
The bank did not address any reports that the machines may have shortchanged customers.
In place of the coin counting machines, TD Bank says it will continue to accept pre-rolled coins for deposit from retail, businesses and non-profit customers at no additional charge.
TD Bank has over a thousand locations across the east coast of the United States.