NDP Calls For Ban

[madmax]

Unfortunately, Jack Layton and the NDP may not actually know what they are talking about. Or maybe they...

looked at this Toronto Dominion transcript.

file http://www.td.com/investor/2006/scotia_boyle_transcript.pdf.

And then, I'll talk about it more in a second, but we launched a very major branding campaign with TD'shelp, by far the largest and the most significant campaign that we've ever done. And, we had a real twiston it. We did a lot of market research. It's an extremely competitive environment, lots of really goodplayers in that environment. And so, we said, "How are we going to make an impact? What's our competitive situation?" And what we found was that, while we had a pretty decent branch footprint, wewere -- and we had a terrible position in terms of our ATM network. And so, we tried to -- what we decided to do was to turn our biggest disadvantage into our biggeststrength. And what we did was we created a product where we charged no ATM fees. And in addition tocharging no ATM fees to our customers, we actually rebate fees if they use somebody else's ATM. Sonow, we're saying we have the biggest ATM network in the world. So, if one of our customers in the mid-Atlantic is up in Toronto, they won't pay an ATM fee. If they are in Florida, they won't pay an ATM fee.And most importantly, if they're somewhere in New Jersey and they don't use our ATM, they won't havean ATM fee.

So a TD owned BANK operating in the US can offer no charges on ATM fees and REBATE people for using some elses atm in the United States.

[madmax]

So in other words the numbers the NDP came up with are more proof that they need to stay away from the reins of power. how fast would government revenues disappear?

So why did Flaherty bring up the subject of having no User Fees for ATMs?

[sharkman]

So a TD owned BANK operating in the US can offer no charges on ATM fees and REBATE people for using some elses atm in the United States.

Yes corporations do this all the time. Entering a new market, you need to give the consumer a reason to do business with you. Offer them a freebie.

Why did Flaherty do it? Because he's a politician, and it's become a push button issue. Of course he's got to address it.

But at the end of the day, it's mostly just more shoddy work and grandstanding by the NDP.

[madmax]

Why did Flaherty do it? Because he's a politician, and it's become a push button issue. Of course he's got to address it.

Flaherty brought the subject up.

But at the end of the day, it's mostly just more shoddy work and grandstanding by the NDP.

The NDP quickly jump on the bandwagon and grab the reins.

Other countries allow for banking competition. Why shouldn't we have CHOICE in banking. Other countries are not going bankrupt because of banking competition, even if these banks remove ATM fees. I read alot of scare mongerers here.

[madmax]

Obviously competition makes banks drop ATM fees.

No ATM Fees Anywhere on Earth

How It Works

We pay ALL our customers' ATM fees and even rebate the ATM fees charged by other banks. Here's how it works:

Our ATMs - No Receipt Needed

Use your State Bank & Trust ATM card free at State Bank & Trust locations.

All Other ATMs - Save Your Receipt!

Use another machine? Its simple! Bring in or mail us your original State Bank & Trust ATM and Check Card receipts within 60 days from any other ATM machine, and we will credit your account for the fee charged by another bank system! (Due to the variations in fees at different ATM machines, original receipts are required.)

And Banks choose whether to compete with ATM fees.

NetBank has the nation's second largest bank-operated ATM network. We never charge a fee for ATM usage, so check our NetBank ATM locator to find one available near you.

But Banks in Canada don't want competition, they want to protect their oligopoly and profits.

But it is well understood that ATMs save banks money.

Many people oppose these fees because ATMs are actually less costly for banks than withdrawals from human tellers

So while some people believe that banks should have more competition, setting up in Walmart, or allowing foreign banks to give consumers more choice.

There are others here with a protectionist vision that believe banks are "special". Yet The United States Banking system has not gone belly up.

From FOX NEWS reporting on Alan Greenspan.

At the same time, he said, the 10 largest U.S. banks and thrift institutions have increased their share of domestic assets such as consumer loans from 29 percent of the total to 49 percent.

But Greenspan said most studies show that this ongoing consolidation has not reduced overall competition to provide consumers with banking services.

"Even in the face of consolidation, competition is fought on the battlefield of the local market, where most households obtain the majority of their banking services," Greenspan said in his prepared remarks. "It is noteworthy that our measures of local market competition have remained quite stable over the past 15 years."

So either you have competition in banks on many fronts, and they may choose to relieve customers of ATM fees,

or you can continue to protect Canadian Banks here and give them a licence to print money.

or you can legislate that they give back some of the money to consumers that they are saving in teller fees.

Seems the banks want their cake and to eat it too.

[Charles Anthony]

Seems the banks want their cake and to eat it too.

It seems like you have nothing to offer to regular consumers who are too stupid to manage their money.

[madmax]

It seems like you have nothing to offer to regular consumers who are too stupid to manage their money.

I expect better from you.