To add to Todd's list:
-most often and by far the main reason such transformers fail is incorrect wiring, and no i do not mean messing the 3 wire plus ground wiring, i mean the input wiring on such transformers, reason being they all have multiple input voltages that can and should be set by moving metal bars on certain screw posts for certain voltages, giving two failure options:
1. incorrect voltage selection set - when set lower than actual voltage causes higher current draw and subsequent heat, so failure is slow and usually ignored until to late
2. incorrect windings set with the metal bars causing huge current draw and distinct buzzing noise from the transformer, leading to overheating and burning of the windings in a short time.
The thing is, in both cases the machine works, and due to the noises all machines make drowns the transformer noise, leading to failed transformer noticed only when it is to late to do anything about it.
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Personally from experience, that is the first thing i check on any machine with input transformer, seen to many go to waste as local "experts" will never learn that we do not have 3x220V here, we have 3x380V here, only when using neutral we have 220V. It is sickening the amount of transformers and spindles/VFD and servo motors/drives i have seen burned here because of that.