TD Bank Penny Arcade Settlement (actual payouts)

Discussion in 'Coin Chat' started by JobIII, Apr 23, 2018.

  1. JobIII

    JobIII Active Member

    Hey All,

    I am working on writing a small article on this topic. I'd love to hear if anyone has received payouts. I would love to get feedback from any whales (i.e. receiving a settlement check above $1000). Really any feedback on penny arcade, TD Bank's response, or this settlement situation in general is welcomed.

    At the very least it'll be fun to see who really used this bank for Coin Roll Hunting.

    Payout summary: $0.26 per $100 deposited

    Thanks in advance,
    JobIII
     
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  3. CoinBlazer

    CoinBlazer Professional Teenager

    I'm really not sure what you are talking about
     
  4. JobIII

    JobIII Active Member

    TD Bank had coin counters in their stores. The machines were called, "penny" it was a way to market saving to young people. The machines were great for returning coins in any denomination and volume.

    Flash forward, a news article is published stating the machines are not accurate. TD bank responds by shutting the machines down, and later a class action law suit followed.

    I want to hear from people who received checks and a little bit about their depositing history. I know a couple that deposited over 50K before the machines were taken offline.
     
  5. CoinBlazer

    CoinBlazer Professional Teenager

    I don't use TD so I don't have a comment but were the counters under or over counting?
     
  6. Sullysullinburg

    Sullysullinburg Well-Known Member

    Wait what there was payouts from that? Anyone know if there is still a way to get in on it?
     
  7. ace71499

    ace71499 Young Numismatic

    I actually received mine just today. Thought about making a thread about it, but decided not to... Glad you did.
    I received $4.85
    and my two sisters received 1.80 and .11 dollars.
    I used this when i first started CRHing and didn't really keep track of how much i was supposed to get out of the machine.
    Truly i think a lot of my coins were stuck far up the reject tube, and further into my CRHing career, i always brought a pen or something to fish everything out of the tube. I think i most likely broke even, by taking other peoples coins they forgot.
    Glad to see they actually paid out though.
     
  8. Blissskr

    Blissskr Well-Known Member

    I got a check for $11.96 the other day. I thought it was junk mail at first it was like a cheap white post card thing that was also the check. I should have gotten more as half the time I dumped on them I didn't deposit the money in my account I just exchanged the voucher for cash and they never accessed my account at all. I also complained to them many times that the machine was taking me for a ride and actually closed my TD Bank account over it. I was using them as a dump bank and I was losing way too much money in the process. I forget the exact amounts now but I think it was around $30 per $1000 in halves that would just disappear during my dumps.
     
  9. JobIII

    JobIII Active Member

    In order to be eligible, you must have had a TD Bank account and used their coin counter.
     
  10. JobIII

    JobIII Active Member

    This is really interesting. I was always in the positive, and when it wasn't accurate, TD Bank credited my deposit at the teller window.
     
  11. baseball21

    baseball21 Well-Known Member

    The biggest payout I've seen posted by anyone is in the current CU thread which was just shy of 1k
     
  12. Sullysullinburg

    Sullysullinburg Well-Known Member

    Check and check. Is there a link or something?
     
  13. jafo50

    jafo50 Active Member

    $3.58 for me.....
     
  14. JobIII

    JobIII Active Member

    Here is a link to the settlement that gives general info:
    http://www.pennyarcadesettlement.com/

    You may need to reach out to a TD Bank branch if you're not seeing funds in your account right now.
     
  15. JobIII

    JobIII Active Member

    I'm not on CoinUniverse. Mind sending a screen shot?
     
  16. cladking

    cladking Coin Collector

    I'd rather see jail sentences really.
     
  17. ziggy9

    ziggy9 *NEC SPERNO NEC TIMEO*

    whom would you recommend for incarceration due to faulty mechanical equipment?
     
  18. cladking

    cladking Coin Collector

    By definition "faulty" means random but these errors are never random. They invariably favor the house and this requires intention.

    These guys knew that they were getting more from the deposits than they were paying out. Did they think customers were shoving currency in all the cracks?

    Stores invariably overcharge, misrepresent, and substitute air or water for product. You'll never get more than you expect and if you don't watch them closely they can rip you off for years before you find out.
     
  19. JobIII

    JobIII Active Member

    o_O

    So personally my deposits were always positive. I would come in with pre-counted or weighed zinc pennies. And after cleaning out the reject tube, the magnet areas. I could be up over $100. That would be the case at the 2 banks I went to every weekend for 3 years.

    I do think people did get ripped off, if they were either not aware of these problems in the machine, or the total amount they were depositing.

    Was this a huge oversight by the bank and in a way the patrons...Yes

    Does $0.36 per $100 deposited completely repay each bank patron accurately...No
     
  20. ziggy9

    ziggy9 *NEC SPERNO NEC TIMEO*

    As the Sealer Of Weights And Measures for a large municipality I can tell you that more often than not when we find a measuring device to be inaccurate is is to the benefit of the consumer.
     

  21. I got 36 cents !!!!
     
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