Personal Finance

TD retiring coin counters

  • Last Updated:
  • Aug 25th, 2016 11:40 am
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[OP]
Deal Fanatic
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Dec 25, 2003
9673 posts
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Vancouver

TD retiring coin counters

[QUOTE]TD Canada Trust customers looking to have their jars of coins sorted and counted will have to look elsewhere as the bank announced it will shut down its coin counting machines as of Friday.

The move to retire the machines comes in the wake of several lawsuits in the U.S. that claimed the machines were short-changing customers.

“Following the decision by TD Bank America’s Most Convenient Bank to retire their coin counters, we looked at the Canadian program to consider a number of factors, particularly customer demand and usage,” said Daria Hill, a spokesperson for TD, in an email.

“As a result of our review, we have made the business decision to shut down the machines in Canada as of today. We recognize that some customers will need to deposit coin and want to assure them that all branches will continue to accept rolled coin deposits.”[/QUOTE]

http://globalnews.ca/news/2713623/td-ba ... r-reports/

Yeah they definitely short-changed you periodically so I'm not surprised. Any alternatives out there?

EDIT:
BMO is 8% for non-customers, free up to $250 for customers (8% for amounts >$250)
Coinstar is 11.9%
48 replies
Deal Guru
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Mar 23, 2008
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Edmonton
BMO still has their, as far as I know...

C
Deal Fanatic
Nov 24, 2013
6214 posts
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Kingston, ON
Too bad. They always were accurate when I used them.

R&M must have sucked though. The tray that you lay the coins on before feeding them in always had all kinds of garbage and crap under it.
Member
Aug 10, 2015
344 posts
268 upvotes
Toronto
WTF! anyone know where to get coins exchanged? don't want to roll them up and don't want to pay a high % fee too
Deal Addict
Feb 9, 2013
1807 posts
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Mississauga
The tellers accept coin deposits. They will single handedly count all your counts and deposit in your account.
Deal Addict
Feb 10, 2013
4169 posts
802 upvotes
Richmond
won't take them long to put a coin counter back up. If you accept rolled coins, you have to open each roll up to verify the coins. Too easy to defraud the bank ifeyou take rolled coins and holds up the Lind if you count the coins manually
Banned
Feb 7, 2005
4498 posts
1183 upvotes
Guess my jar of change is going in Thursday .
Deal Addict
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Feb 10, 2010
1426 posts
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Toronto
So they raised the fees twice a year and now they are taking away this handy coin counters. *Sigh
Deal Fanatic
Nov 24, 2013
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Kingston, ON
pfbmgd wrote: Guess my jar of change is going in Thursday .
One of the branches I go to already had theirs out of service last week, so YMMV.
Deal Expert
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Nov 15, 2004
19596 posts
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Toronto
I've been saving a big bag of change just to take it into a branch and get it changed to bills. Hopefully they haven't shut down the machine in my area yet.
Deal Fanatic
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Nov 23, 2005
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jdu0ng wrote: The tellers accept coin deposits. They will single handedly count all your counts and deposit in your account.
Why misinform fellow members?!?! While some branches may count a bit of change, if you show up with a bunch of change to the counter, they will ask you to roll it up and come back.
Deal Addict
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Dec 3, 2006
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GTA
Here's definition of legal tender - Any retailer or banks or individuals can refuse the payment in coins if not deemed legal tender:

A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:

(a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;

(b) twenty-five dollars if the denomination is one dollar;

(c) ten dollars if the denomination is ten cents or greater but less than one dollar;

(d) five dollars if the denomination is five cents; and

(e) twenty-five cents if the denomination is one cent.

http://laws-lois.justice.gc.ca/eng/acts ... age-1.html
Deal Addict
Oct 27, 2012
2372 posts
3736 upvotes
Toronto
Didn't they just install these machines like a year or two ago? And now they're ripping them out? Genius idea!

I noticed almost 3 weeks ago a few branches in Mississauga had "Out of Service" signs on these machines - didn't know that meant they're gone for good.
Deal Fanatic
Nov 24, 2013
6214 posts
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Kingston, ON
ozzie16 wrote: Didn't they just install these machines like a year or two ago? And now they're ripping them out? Genius idea!

I noticed almost 3 weeks ago a few branches in Mississauga had "Out of Service" signs on these machines - didn't know that meant they're gone for good.
Sounds like we have the lawsuit-happy US to blame.
Deal Addict
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Dec 14, 2007
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I have some ideas for an ad campaign for TD to let their customers know about the demise of coin counters:

:D :D :D :D :D

---

Change is in the air. Our machines will only take paper currency.

Take note! Machines are no longer taking coins.

Sorry, we no longer do heavy metal, but we love progressive alternative notes.

We promise that we will never (take) change again.

Our competitors said we were crazy to accept coins at our machines. Turns out we didn't count on how loonie that was!

Sorry we don't take cents any more, it just didn't make sense.

We're tying up loose ends. To start with, we're no longer taking loose change.

We no longer want our hands in your pockets. Please keep your pocket change.

Our coin counters have retired, but our teller counters will always be required!

Our customers no longer have to bill us for shortchanging them.

We're rolling back our commitment to change. Would you please roll up your loose change?

We never round off, so we can't accept circular currency.
Deal Guru
Feb 9, 2009
11139 posts
9590 upvotes
jdu0ng wrote: The tellers accept coin deposits. They will single handedly count all your counts and deposit in your account.
No they "single handily" wont.. maybe a few coins but if you bring a bag full, they give you rollers and your on your own.
Deal Guru
Feb 9, 2009
11139 posts
9590 upvotes
Mike15 wrote: Sounds like we have the lawsuit-happy US to blame.
The funny thing is the guy suing was shortchanged a few bucks... Americans will do anything to make a few bucks...
Deal Guru
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Mar 23, 2008
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Edmonton
Sanyo wrote: The funny thing is the guy suing was shortchanged a few bucks... Americans will do anything to make a few bucks...
But it accomplished something, no? The inaccurate machines are shut down.

Or are you happy with the bank making an extra few percent off the transactions?

C
Deal Addict
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Mar 3, 2005
1030 posts
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Mississauga
the lawyers who took the class action will make more than the representative plaintiff.

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