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TD Bank may pay $7.5 million to Coin Counting Machine Users (CLASS ACTION pending court approval)

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http://www.app.com/story/news/local/south-jersey/2017/06/26/td-p...  


Under the settlement, people who were TD Bank customers at the time of Penny Arcade transactions “need not take any action to receive their distributions.”It says the bank would use its records to determine the amount of Penny Arcade usage by its customers.

TD would multiply that sum by 0.26 percent to determine a customer's distribution, or payment.Coin-machine users who did not have TD accounts could submit written claims, subject to the approval of a settlement administrator. Claims without documentation would be limited to $500.

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Where is the actual class action link?

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CouponClippen said:   Where is the actual class action link?
  

Pending court approval.

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MISTERCHEAP said:   
CouponClippen said:   Where is the actual class action link?
  

Pending court approval.

  Then it isn't a class action yet.

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Don't they only have customer records if you deposited the money as opposed to converted it to bills?

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See how this shakes out. TY OP.

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This lawsuit, of course, is what killed free coin counting at TD.

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My experience is out this topic. The way I do with the coins is to use it or them at grocery or pharmacies with self check out service. Dump coins to the machines. I have a big jar to accrue the coins, every once in a while just grab some coins when I can remember.

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I reported this, TD Bank sued over penny-pinching counting machines, on FatWallet a year and a half ago! I've lost Hundreds on their counting machines. Top Dollar to MrC! It's pending class action, but soon it will be a Class Action suit!

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Marvinomatic said:   I reported this, TD Bank sued over penny-pinching counting machines, on FatWallet a year and a half ago! I've lost Hundreds on their counting machines. Top Dollar to MrC! It's pending class action, but soon it will be a Class Action suit!
  You've lost hundreds??
Of coins?
or of dollars?

I have a hard time believing you lost hundreds of dollars, unless you had a dumptruck full of coins.

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Let's see. .26 percent is .0026 of whatever amount you deposited in total. $1,000 would be $2.60 cents. $100 would be 2.6 cents. Think the lawyers win again.

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Those counting machines have an error rate higher than 0.26%. Users definitely lose.

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canoeguy1 said:   
Marvinomatic said:   I reported this, TD Bank sued over penny-pinching counting machines, on FatWallet a year and a half ago! I've lost Hundreds on their counting machines. Top Dollar to MrC! It's pending class action, but soon it will be a Class Action suit!
  You've lost hundreds??
Of coins?
or of dollars?

I have a hard time believing you lost hundreds of dollars, unless you had a dumptruck full of coins.

  I saved up around $450 of coins in one and a half years, by putting all my change away. Then I did it again.  

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Marvinomatic said:   
canoeguy1 said:   
Marvinomatic said:   I reported this, TD Bank sued over penny-pinching counting machines, on FatWallet a year and a half ago! I've lost Hundreds on their counting machines. Top Dollar to MrC! It's pending class action, but soon it will be a Class Action suit!
  You've lost hundreds??
Of coins?
or of dollars?

I have a hard time believing you lost hundreds of dollars, unless you had a dumptruck full of coins.

  I saved up around $450 of coins in one and a half years, by putting all my change away. Then I did it again.  


OK. So what percentage of the $900 did you lose? 
If it was 0.5%, you lost approx $5. That's a far cry from "hundreds"
 

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canoeguy1 said:   
Marvinomatic said:   
canoeguy1 said:   
Marvinomatic said:   I reported this, TD Bank sued over penny-pinching counting machines, on FatWallet a year and a half ago! I've lost Hundreds on their counting machines. Top Dollar to MrC! It's pending class action, but soon it will be a Class Action suit!
  You've lost hundreds??
Of coins?
or of dollars?

I have a hard time believing you lost hundreds of dollars, unless you had a dumptruck full of coins.

  I saved up around $450 of coins in one and a half years, by putting all my change away. Then I did it again.  


OK. So what percentage of the $900 did you lose? 
If it was 0.5%, you lost approx $5. That's a far cry from "hundreds"

  Maybe even more than hundreds, I think I had a 3rd jar. Hey, I'm just stating the facts!  

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It is a CLASS ACTION and THERE IS A SETTLEMENT.

LINK: http://www.pennyarcadesettlement.com

How much each claimant will get, without documentation, is minimal.  From the way I read this, it looks like each claimant can get $1.30 (0.26% of $500) without documentation. 

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Any payment you are eligible to receive will be calculated using a formula applied to the total dollar amount of any Penny Arcade transactions you conducted during the Class Period. If any Settlement Funds remain after the Settlement Administrator applies the formula to all Settlement Class Members who are entitled to payments, and after accounting for any court-awarded litigation costs, the Settlement Administrator will attempt to distribute remaining funds on a pro rata basis. Each class member’s exact payment cannot be determined now, but payments will be calculated by applying a multiplier of 0.26% (based on extensive third-party testing of machine accuracy) to identifiable class members’ Penny Arcade transactions during the Class Period, after which any additional amount in the fund will be added pro rata to each class member’s payment. This means payments to class members will likely be at least 26˘ per $100 exchanged using Penny Arcade during the Class Period. There is a limitation on the payment to a class member who did not hold an account at TD Bank at the time of the member’s Penny Arcade transaction, if the class member is unable to provide suitable documentation, in which case the calculation of the claim payment will be based on a maximum transaction amount of $500.00 (see Question 14).

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And of course this all buries the lead, which is that TD pulled the machines from the branches. Very hard to find free coin counting anymore. All because some idiot violated the original terms and conditions and used the machine for commercial purposes and quantities. Now we all pay.

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tuphat said:   And of course this all buries the lead, which is that TD pulled the machines from the branches. Very hard to find free coin counting anymore. All because some idiot violated the original terms and conditions and used the machine for commercial purposes and quantities. Now we all pay.
 

  
<pedantry> It doesn't bury the lead, it buries the lede. </pedantry>

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From the postcard I received today... said: TD will also pay attorney's fees of up to $1,935,000 and service payments of up to $65,000 to the named plaintiffs.

 

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mathfaster said:   Let's see. .26 percent is .0026 of whatever amount you deposited in total. $1,000 would be $2.60 cents. $100 would be 2.6 cents. Think the lawyers win again.
  
0.26% is slight over 1/4 of 1%.  So, for $100, would be 26 cents, not 2.6 cents.  

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