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TD Bank Halts Coin-Counting Service After Miscalculations Reported

CHERRY HILL, N.J. (CBSNewYork/AP) — TD Bank is in the process of taking all of its coin counting machines out of service after reports indicated that the machines weren't returning accurate counts on deposited coins.

The Canadian-headquartered bank -- with executive offices in Cherry Hill, NJ -- says the machines will be brought back when they're satisfied with the performance requirements.

Recent reports indicated that some coin counts were miscalculated by nearly $50. TD Bank's Penny Arcade charges a fee of 8 percent of the coin deposit to those who don't have accounts with the banks.

WPVI-TV in Philadelphia reported that tests at coin-counters at 17 locations found that just one was accurate to the penny.

TD Bank says it will be enhancing routine maintenance and testing of its machines.

(TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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