Rebecca Everett | For NJ.com

Today’s the day: If you counted coins using TD Bank’s Penny Arcades in the last seven years, you can now file a claim in a class action suit against the bank.

The suit was filed in 2016 after NBC's Today Show broke the news that the machines in bank branches were undercounting change. TD Bank, based in Cherry Hill, removed all the coin counters within a few months.

In July, U.S. District Court Judge Jerome B. Simandle approved a $9 million settlement that will see nearly $7.5 million shared among those who used the machines after April 11, 2010.

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Photo: Sallie Graziano | Hunterdon County Democrat

TD Bank customers who used the coin-counting machines will get paid automatically from the settlement, court documents show.

But if you don’t have an account with the bank, you will have to submit a claim to get paid. Monday is the first day that people can submit claims.

Here’s what you need to know if you think TD Bank owes you money.

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How to submit a claim

Starting Monday and until Oct. 27, people will be able to print or submit a claim online at the website pennyarcadesettlement.com.

You can also request a form be sent to you by calling 855-312-1974.

Under the terms of the settlement, the claims process is being handled by Garden City Group LLC. That company will also provide information on the website, and answer questions via the toll-free number, questions@pennyarcadesettlement.com or mail at Penny Arcade Settlement, c/o GCG, PO Box 10470 Dublin OH 43017-4070.

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How much money you'll get

If you counted fewer than $3,846 in the machine over the years, you’re looking at a single-digit payout.

To figure out your payment, multiply the total amount you obtained from the coin-counting machines by .26 percent. That means users will get 26 cents per $100 counted.

Both sides agreed on the formula after testing the coin-counting machines, the settlement said. The percentage is actually higher than the percent error of the machines during the testing, the settlement agreement says.

The tested machines undercounted by .117 percent and .090 percent, court documents show.

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Photo: Sallie Graziano | Hunterdon County Democrat

Documentation is key

With each claim, one must submit the date of the coin counting, the dollar amount of the transaction, and “documentation sufficient to substantiate the claim, if available,” according to the preliminary settlement.

If you weren’t a TD Bank customer when you used the Penny Arcades and you don’t have receipts of your transactions, the bank has no way to verify that you used the machines at all.

Any non-customer who does not have documentation of their coin-counting transactions will only be able to make a claim on up to $500 in coins. That means the most he or she could recoup is $1.30.

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TD Bank customers

Last week, TD Bank and the Garden City Group began sending email notices to current or former TD Bank account holders who have used the machines. Postcards will also be going out.

If you have an account with TD Bank, or you had one at the time you used a Penny Arcade, you don't’ have to do anything to get paid.

According to the settlement, the bank will use its own records to determine how many coins were counted, apply the formula, and deposit the payment into the account.

If the person had an account with TD Bank but no longer does, he or she will receive a check.

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A chance for a bigger payment

The financial terms of the settlement are pretty complicated, but they do leave the door open for class-action members to possibly get more than the .26 percent dictated by the formula.

Under the agreement, $7.5 million would go into a settlement fund. Up to $100,000 in legal fees could come out of that fund, but the rest will be shared among class-action members.

If there is money left over after payments are calculated, the remaining will be distributed "pro rata," or divided up among all the class members, the settlement says. However, some court documents also say it could be donated to charity, so it's not clear what will ultimately happen.

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In addition to the settlement fund, TD Bank will pay $5,000 to each of the 13 named plaintiffs — the ones who originally filed suit — and $1.87 million that will be split among their attorneys.

The bank, which doesn't admit any wrongdoing in the settlement, will also pay legal fees, but the total settlement cost cannot exceed $9,435,000, court documents show.

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How you can learn more

The website set up for the class-action settlement includes much more than just a form to submit a claim.

It has a searchable Frequently Asked Questions page, plus all the court documents, including the original lawsuits and the settlement terms. It also includes a proof of claim form, which non-customers will need to document their transactions.

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Photo: Mel Evans/AP

Related coverage

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Where else you can get your coins counted

'She used the machines all the time,' lawyer says of woman suing for undercounting

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Rebecca Everett may be reached at reverett@njadvancemedia.com. Follow her on Twitter @rebeccajeverett. Find NJ.com on Facebook.