TD Bank killed my favorite freebie

tdbank_penny_arcade.top.jpgTD Bank now charges non-customers like me 6% to cash in their change. By Lex Haris, managing editor


NEW YORK (CNNMoney) -- TD Bank won't count my change for free anymore. And I am super bummed.

The bank quietly phased out my favorite perk last November, but I just found out this week when my wife went down to cash in our stash.

For years, I've loved collecting my change in jars throughout the house, knowing after a few months I'd get some "found money." I've gotten a new tie out of it. Today, it's getting our windows cleaned.

TD still allows its customers to use the machines -- called Penny Arcade -- for free, but I'm not a customer. So, how can I complain?

"Why should we have to wait in line behind non-customers?" asked TD representative Rebecca Acevedo when I spoke to her this week.

I had to grudgingly admit she had a point. Plus, I can still use the service for a 6% fee.

Our latest haul was $76, so we're talking $4.50 for TD. I say it's worth it, if it means I don't have to roll the coins myself.

Still, my wife isn't buying TD's justification. "That's horsesh*t," she said. "I've never seen anyone on line there."

"Clearly it's about TD making more money," she said.

And I've learned that Mrs. Haris is almost always right. Although, it is hard to imagine greedy TD bankers -- who rang up $20 billion in revenue last year -- rubbing their hands together over a bunch of pennies.

Still, it isn't chump change. TD says it processed 31 billion coins in 2009. That means a potential $100 million business if TD charged everyone, and all those pennies, nickels, dimes, and quarters averaged out to five cents.

For now, though, TD says it is only trying to lure former coin-redemption fans into becoming customers. "The benefit has been with opening accounts -- we've seen a good increase," said Acevedo.

Mrs. Haris says there's no way we're opening an account there now. But for what it's worth, lollipops and dog biscuits are still free for all.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.08%4.24%
15 yr fixed3.19%3.23%
5/1 ARM3.36%3.46%
30 yr refi4.06%4.15%
15 yr refi3.17%3.17%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,098.45 18.88 0.11%
Nasdaq 4,580.27 22.58 0.50%
S&P 500 2,003.37 6.63 0.33%
Treasuries 2.34 0.01 0.39%
Data as of 7:55pm ET
Company Price Change % Change
Bank of America Corp... 16.09 0.08 0.50%
Apple Inc 102.50 0.25 0.24%
Intel Corp 34.92 0.27 0.78%
Facebook Inc 74.82 0.96 1.31%
General Electric Co 25.98 -0.03 -0.12%
Data as of Aug 29

Sections

Celebrities' nude photos continue to get leaked on the Internet because of bad passwords and scams. More

Gas prices are falling to nearly $3 a gallon in some parts of South Carolina, and that will soon be common in much of the country. More

Celebrities' nude photos continue to get leaked on the Internet because of bad passwords and scams. More

The Coolest Cooler is the most successful Kickstarter campaign in the site's history, raising $13.3 million from over 62,000 backers. More

Five CNNMoney readers share stories about saving that you can learn from: What they would do differently if they had another chance. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.