MORRISTOWN, NJ - Coin counters at over 1,300 TD Bank locations will not be returning. Back in April, TD Bank suspended the coin counting machines after several inaccuracies were reported. The company shut down the coin counting service in order to make sure that the machines were working well and counting properly. However, after the assessment, TD Bank decided to suspend all coin counters indefinitely.
"Offering free coin-counting to our customers has been a long-standing service at TD," said Michael Rhodes, Head of Consumer Bank, TD Bank. "However, recent accounts regarding the performance of our Penny machines have led us to reassess this offering. We have determined that it is difficult to ensure a consistently great experience for our customers. 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. We will continue to assess the Penny experience and intend to appropriately address customer impact."
For the next eight days, Morristown residents who bring their coins to the Coinstar at Walmart in Cedar Knolls will be able to recoup the fee associated with Coinstar, stated Clyde Fraser of TD Bank. The reimbursement will be deposited directly into a customer's TD Bank account. Customers will need to show their receipt from the Coinstar machine and will be limited to a maximum reimbursement of $50.
Beginning in June, customers can stop into any branch for free coin wrappers and then bring pre-rolled coins into the branch for deposit.