Lawsuit: Bank’s coin counters shortchanged customers

CAMDEN, N.J. — A proposed class-action lawsuit against TD Bank seeks damages for customers it claims were shortchanged by coin-counting machines.

The suit, filed in federal court, alleges TD Bank's Penny Arcade machines "have continuously undercounted coins placed in them by consumers for years and resulted in the loss of millions of dollars for consumers."

A TD Bank representative could not be reached for comment Thursday night.

The suit cites tests conducted by a reporter for NBC's Today show, which found incorrect results when $300 in coins were placed 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," the lawsuit said.

TD Bank ceased the use of Penny Arcades in the wake of the April 6 report and said they would remain out of service until they meet the company's performance requirements.

The bank offered the coin-counting service at no charge to customers and for an 8% fee to others.

The suit estimates an aggregate loss of more than $5 million for customers of Cherry Hill-based TD Bank, which has nearly 1,300 branches between Maine and Florida.

The suit seeks to represent all people who have used Penny Arcades within the past six years.

It contends customers of the bank's New Jersey branches are owed "actual damages," as well as discretionary treble damages, punitive damages and attorneys' fees. Customers of TD Bank's New York branches are owed at least $50 each for losses, as well as additional damages and fees, the suit says.

The suit was brought in the name of Regina C. Filannino-Restifo, identified as a customer of TD Bank's office in Jefferson Valley, N.Y. Filannino-Restifo "owns a number of coin-operated washing and drying machines and uses the Penny Arcade to count the coins from these machines on a regular basis," the suit says.

It was filed Wednesday by attorneys Stephen DeNittis of Evesham and Jeffrey Smith of Manhattan.