TD Bank’s (formally known as Toronto-Dominion Bank, TSE:TD, Mkt cap 106.56B, P/E 13.33, Div/yield 0.55/3.84, EPS 4.30, Shares 1.85B) TD Bank NA has confirmed it is to take its much-maligned Penny Arcade coin-counting machines out of service for good, Reuters reports.
Lawsuits are pending against TD Bank on behalf of customers who had used the machines, which contributed to the bank taking them out of service in early April for retesting.
The machines were expected to be brought back once performance requirements were met, but the bank has now decided against reintroducing them.
“We have determined that it is difficult to ensure a consistently great experience for our customers,” Michael Rhodes, TD Bank’s Head of Consumer Bank, said in a statement. “We will continue to assess the Penny experience and intend to appropriately address customer impact.”
In one of the pending lawsuits, filed in New York state court in Manhattan last month, New Yorker Jeffrey Feinman said the machines once gave him a receipt for US$25.44 when he deposited US$26 worth of coins, and US$30.05 when he deposited US$31.
In the case’s legal documents, it is claimed the Penny Arcades counted 29 billion coins in 2012. The service was free for account holders and charged an 8% fee for everyone else.
Florida attorney Michael Criden, who filed a class action over the issue last month in U.S. District Court in Miami, said he expected TD Bank to “right this wrong,” claiming that it has not only impacted commercial customers, but also “those children that brought in their ‘lemonade stand’ money to deposit in their savings accounts.”
TD Bank were not prepared to comment on the pending litigation when requested by Reuters.
The TD Bank AKA the Toronto-Dominion Bank operates as a bank in North America. The Bank conducts its business through segments, such as Canadian Retail, U.S. Retail, Wholesale Banking and Corporate. Canadian Retail provides a range of financial products and services to customers in the Canadian personal and commercial banking businesses, including credit cards, auto finance, wealth and insurance businesses. U.S. Retail consists of the Bank’s retail and commercial banking operations operating under the brand TD Bank, America’s Most Convenient Bank, and wealth management services in the United States. Wholesale Banking provides a range of capital markets, investment banking, and corporate banking products and services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and meeting the daily trading, funding and investment needs of its clients. The Bank is also an online financial services firm.
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