TD Bank Penny Arcade settlement — Get your money (with or without an account)
CHERRY HILL — Customers past and present are eager to get a piece of the $7.5 million settlement fund created in TD Bank's Penny Arcade Machine case.
The period to file a claim for those who did not have TD Bank accounts between April 11, 2010 and July 12, 2017 opened on Monday. Such claims must by filed by Oct. 27.
Many past and present customers look to cash in and perhaps sooth their frustration over findings the machines sometimes miscounted their loose change.
"I can't count the number of times I was shortchanged," Beth Rubin of Old Bridge said in an email.
Annemarie Rzeszowski wrote: "I have used the Penny Arcade many, many times when I had an account at TD Bank around 2010. Once, when I used the Arcade in the Flemington Branch, it broke down. They had to guess how much money it was and asked me me if I thought It was $100 dollars. I said thought they might be right. They gave me $100 dollars. It may have been more but I accepted the $100."
"I used to go to TD Bank to cash in all small change." Ronald Labovitz said. "I did this for more than two years and once I found out that they were shortchanging the people who were using it, I closed my account and I opened one at a bank that has proved to be honest."
The payment amount that will be awarded to users is determined by a mathematical formula that amounts to 26 cents per $100 during seven-year period for TD Bank account holders. Non-account holders will not get a payout of more than $500.
According to CGC, the administrator of the settlement, and according to the claim forms:
- If you used a Penny Arcade machine and you did not have a TD Bank account between April 11, 2010 and July 12, 2017, you must submit a claim form by Oct. 27.
- If you used a Penny Arcade machine and had a TD Bank account during that period, and still have an account, your account will automatically be credited based on a mathematical formula and records of your transactions.
- If you used a Penny Arcade machine, had a TD Bank account during that period, but no longer have the account, you'll be sent a check or other payment using the same formula.
A court still needs to approve the settlement and has scheduled a hearing for Jan. 11 in Camden.
TD Bank declined to comment, citing pending litigation. CGC has not yet returned messages.
Contact reporter Dan Alexander at Dan.Alexander@townsquaremedia.com.
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