Second TD Bank Class Action Filed over Coin-Counting Machines

TD Bank has been hit with a second proposed class action lawsuit alleging its Penny Arcade coin counting machines have been short-changing customers.

Plaintiff Regina C. Filannino-Restifo claims that the coin-counting machines TD Bank offers for use by both bank customers and the general public have been undercounting the amount of coins deposited, resulting in losses for consumers. Filannino-Restifo says she used TD Bank’s Penny Arcade machines continuously, causing her to lose an unspecified amount of money.

According to this TD Bank class action lawsuit, Penny Arcades are machines customers can use to exchange their loose change for larger denominations, or to deposit the coins into their TD Bank account. TD Bank installs these machines at their physical branch locations.

Customers use the Penny Arcades by dumping coins into the machine’s hopper. The machine mechanically sorts and counts the coins, then prints a receipt for the customer showing the total value of coins deposited. The customer can take the receipt to a bank teller for deposit or to exchange it for cash.

The service is free for TD Bank regular customers. For the general public, the bank charges a fee of eight percent of the value of the transaction. Filannino-Restifo alleges many Penny Arcade users open TD Bank accounts just to avoid the service charge.

The plaintiff cites a report on the Today show in which Penny Arcade machines at five randomly selected TD Bank branches all undercounted what was actually $300 worth of coins. She alleges one machine counted a total of $256.90, undercounting the coins by about $43, or 15 percent of the actual coin value.

Filannino-Restifo claims that TD Bank’s use of these machines violates New York General Business Law and New Jersey’s Consumer Fraud Act, and that they unjustly enrich TD Bank at consumer’s loss.

A similar TD Bank class action lawsuit was filed just weeks ago in Florida, proposing to represent a nationwide Class and a Florida-based subclass.

TD Bank says its Penny Arcade machines counted over 29 billion coins in 2012, according to Filannino-Restifo. She says the bank claims it tests the machines three times per day to make sure they count accurately.

The proposed plaintiff Class would encompass all persons or entities who used TD Bank’s Penny Arcade machines within six years immediately prior to the filing of this class action lawsuit, plus a subclass of those Class Members who used the machines in New York.

Filannino-Restifo is asking the court for an order certifying the nationwide Class and the New York subclass, appointing her as class representative, and appointing her attorneys as class counsel. On behalf of herself and the proposed Class, she seeks an award of damages and restitution of TD Bank’s Penny Arcade revenues, plus attorneys’ fees and costs of litigation.

Plaintiff’s counsel are Stephen P. DeNittis of DeNittis Osefchen PC, and Jeffrey Smith and Kevin G. Cooper of Wolf Haldenstein Adler Freeman & Herz LLP.

The TD Bank Penny Arcade Class Action Lawsuit is Filannino-Restifo v. TD Bank N.A., Case No. 1:16-CV-02374, in the U.S. District Court for the District of New Jersey.

UPDATE: The TD Bank Penny Arcade class action settlement is now open. Click here to file a claim.