Bank customers shortchanged by ‘free’ coin-counting machines

|
Bank customers shortchanged by ‘free’ coin-counting machines
Image Credit: Flickr/athriftymrs.com
Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
Advertisement

If you’ve been thinking about cashing in a pile of coins you’ve collected, there’s something you should know about those coin-counting machines.

Recent TV news investigations have found that they’re not always 100% accurate.

Read more: Pump and dump scams make a comeback

Can you trust coin-counting machines?

NBC News brought several bags of change — $300 each – to various Coinstar machines and Penny Arcade machines at TD Bank locations.

The good news: Coinstar machines, which normally charge a fee, were accurate.

However, the TD Bank Penny Arcade machines, which customers were allowed to use for free, were not accurate. And one of the machines was off by more than an astonishing $43!

The fallout continues…

TD Bank took the machines out of service for testing as a result of the investigation.

And now, after reports of a class-action lawsuit over the matter, TD Bank says it will remove the machines from its branches, CNN reported.

The bank previously said it tested the machines daily.

How to keep every penny to yourself

Coinstar, which performed well in the test, charges a 10.9% processing fee if you want cash for your change. But you can avoid the fee by cashing in your coins for a gift card.

Of course, you could always do things the old-fashioned way and roll your coins yourself!

Read more: How to make $20,000 doing small jobs from home

Advertisement
Michael Timmermann paid off his mortgage in two years. Now, he shares his money-saving tips on his blog, MichaelSaves.com.
View More Articles
  • Show Comments Hide Comments