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Td bank penny arcade settlement

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Just got an email for the Penny Arcade Machine Settlement.

If You Used a Penny Arcade Machine at a TD Bank, N.A. Store,
You May be Eligible for a Payment from a Class Action Settlement.
The reimbursement amount is 0.26% i.e 26 cents per $100

From the email and website it looks like TD Bank account holders who used the Penny Card Machine do not have to file a claim, the claim is automatically filed and they will receive a credit to their account.

Non TD bank holders will have to file a claim online or mail the claim form, http://www.pennyarcadesettlement.com/
note online filing available after August 28

A settlement has been proposed to resolve lawsuits against TD Bank, N.A. ("TD") concerning TD's Penny Arcade coin-counting machines. TD denies any wrongdoing but has agreed to the settlement to avoid litigation risk and costs.

According to TD's records, you may have completed a Penny Arcade transaction at a TD store between April 11, 2010, and July 12, 2017, inclusive (the "Class Period"), and therefore may be eligible for a payment from the Class Action Settlement if it is approved. You are receiving this notice because you have a right to know about a proposed Settlement and about all of your options before the Court decides whether to give final approval to the Settlement.

If the settlement is approved, TD Bank will create a $7,500,000 fund to make payments to class members and up to $100,000 in litigation costs. 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 payment to class members will likely be at least 26¢ per $100 exchanged using Penny Arcade during the Class Period. Any amount remaining in the fund after all payments are made to the class members will be donated to one or more court-approved non-profit organizations. TD will also pay attorneys' fees of up to $1,935,000 and service payments of up to $65,000, in the aggregate, to the named plaintiffs. TD will not resume using the machines at issue in the lawsuits to provide self-service coin counting in TD stores.

Class members who held TD checking, savings, personal loan, or business loan accounts when they used Penny Arcade will receive payments automatically by account credit, check or other similar means, and do not need to take any action to receive such a payment. Class members who did not hold such accounts when they used Penny Arcade may seek a payment by submitting a claim online at www.pennyarcadesettlement.com. You may also print a Claim Form from the website, by calling 855-312-1974, or by emailing questions@pennyarcadesettlement.com. Claim Forms must be submitted online or postmarked by October 27, 2017. If the Claim Form is submitted by mail instead of online, it should be mailed to Penny Arcade Settlement, c/o GCG, P.O. Box 10470, Dublin, OH 43017 - 4070.

Unless you exclude yourself from the Settlement, you will be bound by its terms. To opt out or object to the Settlement, you must write to Penny Arcade Settlement, c/o GCG, P.O. Box 10470, Dublin, OH 43017-4070 by October 27, 2017. The court will hold a hearing on January 11, 2018 at the U.S. Courthouse, 4th & Cooper Streets, Camden, NJ 08101, to decide whether to approve the Settlement. You or your attorney may appear at the hearing at your expense but it is not required.

Please visit the Settlement website www.pennyarcadesettlement.com to learn more details about the Settlement.


Regards,
Settlement Administrator

DO NOT REPLY TO THIS EMAIL – IF YOU HAVE QUESTIONS, PLEASE EMAIL US AT QUESTIONS@PENNYARCADESETTLEMENT.COM, OR CALL US TOLL-FREE AT 855-312-1974.
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Created 08-26-2017 at 06:06 AM by DarkKnightryder
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64 Comments

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Our community has rated this post as helpful. If you agree, why not rep zhelder?
#2
I loved those machines and used them constantly. I don't give a **** that they took an extra penny or two occasionally. Thanks to this lawsuit, we now have nothin', except Coinstar with its ridiculous fees. (Yeah, I know about the Amazon gift cards, but I'd rather have my straight-up cash.) You have a better chance of hitting the lottery than of finding a bank with a coin counting machine now, and I've got a giant jar of change just laying in my bedroom.

I'm all for sticking it to The Man, but this lawsuit was penny wise (get it?) and pound foolish.
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#3
I was a TD customer up until several years ago. Closed my account when I moved to another state. How will they find me and give me my share of the claim? Or should I contact them and give them my current address?
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Our community has rated this post as helpful. If you agree, why not rep Bushdog?
#4
As most class members stand to get a few pennies (and the pleasure of having to roll their coins now) while the lawyers get $2 million, I am pretty sure this is only a slick deal for the class action lawyers working this case.
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#5
Quote from Bushdog
:
As most class members stand to get a few pennies (and the pleasure of having to roll their coins now) while the lawyers get $2 million, I am pretty sure this is only a slick deal for the class action lawyers working this case.
Agreed! also for those interested, bank of Americas policy is that they will count the coins for you as long as you are a cuxstomer
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Last edited by jrflyaa August 26, 2017 at 06:35 AM.
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Charlatan
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#6
check out your local credit unions - mine has free coin counting if im a member, and i get to support my local community instead of the national / global bank.
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I had wings once..
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#7
Quote from zhelder
:
I loved those machines and used them constantly. I don't give a **** that they took an extra penny or two occasionally. Thanks to this lawsuit, we now have nothin', except Coinstar with its ridiculous fees. (Yeah, I know about the Amazon gift cards, but I'd rather have my straight-up cash.) You have a better chance of hitting the lottery than of finding a bank with a coin counting machine now, and I've got a giant jar of change just laying in my bedroom.

I'm all for sticking it to The Man, but this lawsuit was penny wise (get it?) and pound foolish.
Exactly! People are suing for any and everything these days!
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#8
Loves me some PA. This [penny-arcade.com] was my all-time favorite.
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#9
Quote from zhelder
:
I loved those machines and used them constantly. I don't give a **** that they took an extra penny or two occasionally. Thanks to this lawsuit, we now have nothin', except Coinstar with its ridiculous fees. (Yeah, I know about the Amazon gift cards, but I'd rather have my straight-up cash.) You have a better chance of hitting the lottery than of finding a bank with a coin counting machine now, and I've got a giant jar of change just laying in my bedroom.

I'm all for sticking it to The Man, but this lawsuit was penny wise (get it?) and pound foolish.
Why don't you use coin wrappers?
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#10
Quote from Alexzz123
:
Why don't you use coin wrappers?
Because I have enough pains in my tuchus already.
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The Super Predator ThanxU
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#11
lawyers doing when they have no other business.
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#12
going to grab this one bounce
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HIDDEN Byron33 08-26-2017 at 09:09 AM
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#14
Quote from zhelder
:
I loved those machines and used them constantly. I don't give a **** that they took an extra penny or two occasionally. Thanks to this lawsuit, we now have nothin', except Coinstar with its ridiculous fees. (Yeah, I know about the Amazon gift cards, but I'd rather have my straight-up cash.) You have a better chance of hitting the lottery than of finding a bank with a coin counting machine now, and I've got a giant jar of change just laying in my bedroom.

I'm all for sticking it to The Man, but this lawsuit was penny wise (get it?) and pound foolish.
The TFC banks in Jewel-Osco have a coin counting machine for bank customer. MBFinancial bank has machines in their branches as well. I tend to use the coinstar machines for Starbucks cards.
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#15
Quote from Byron33
:
Pro-tip: Stop using cash and stick with plastic. Then you won't have all that change lying around.
There are certain merchants that require a minimum $3 to use plastic. Cafeteria at work is like that. Since breakfast is less than that, I am forced to use cash.
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