TD Bank Eliminating Penny Arcades

In April, TD Bank suspended its coin-counting service after news reports revealing inaccuracies with some machines.

Michael Rhodes, Head of Consumer Bank at TD Bank, said

Offering free coin-counting to our customers has been a long-standing service at TD ... However, recent accounts regarding the performance of our penny machines have led us to reassess this offering."

Last month a suit was filed in federal court, claiming customers were ripped off, as the Penny Arcades "continuously undercounted coins placed in them by consumers for years and resulted in the loss of millions of dollars for consumers."

A reporter from "The Today Show" placed $300 in five machines, chosen at random. Each of these tests resulted in the Penny Arcade counting less than $300, with one machine counting only a total of $256.90.

I've used TD Bank for years, and the Penny Arcade was definitely a reason I stayed. I have the typical jar of change sitting on top of my dresser, and it was something of a pre-vacation tradition to take the jar to the bank and cash in my change so I could have some folding money to bring with me. Now, without this service, I'm not sure I'll keep my account with TD.

Will this make you change banks?