Industry committee  I can start. I wouldn't characterize Visa debit as priority routing, because the consumer does have the choice. What will happen is that on the point-of-sale dialogue.... Today, if you use your debit card, the terminal dialogue will ask you after you've swiped your card—and in

Finance committee  In terms of what TD does today, we do not do any priority routing, because we don't support MasterCard Maestro and Visa debit is not yet in the market. So as of today we don't do anything. As I did say earlier, we will support Visa debit, and the choice that Visa has made is to m

Finance committee  Visa has elected to enable merchants to elect to accept Visa debit separate from credit. It's commonly referred to as the honour-all-cards rule that Visa has, and they do have that rule. So if you accept a Visa credit card, you have to accept all Visa credit cards. But they've ma

Industry committee  In terms of what TD does today, we do not do any priority routing, because we don't support MasterCard Maestro and Visa debit is not yet in the market. So as of today we don't do anything. As I did say earlier, we will support Visa debit, and the choice that Visa has made is to m

Industry committee  Visa has elected to enable merchants to elect to accept Visa debit separate from credit. It's commonly referred to as the honour-all-cards rule that Visa has, and they do have that rule. So if you accept a Visa credit card, you have to accept all Visa credit cards. But they've ma

Finance committee  I think they were really aimed at consumers or cardholders, so it doesn't impact our business at all because there is really no impact to merchants.

Finance committee  Again, I don't think there would be an impact directly to a merchant customer. As I said in my opening statement, we believe in transparency, so for consumers, more transparency is always a good thing.

Industry committee  I think they were really aimed at consumers or cardholders, so it doesn't impact our business at all because there is really no impact to merchants.

Industry committee  Again, I don't think there would be an impact directly to a merchant customer. As I said in my opening statement, we believe in transparency, so for consumers, more transparency is always a good thing.

Finance committee  I can answer that. In our case, Visa charges the acquirer the extra 20 basis points for the Infinite card. So I get charged all of that for every Infinite card transaction that is processed. As Jim has said, we then have to negotiate with our merchants. So we collect that premi

Finance committee  Nothing in our agreement prohibits them from disclosing what they pay.

Industry committee  I can answer that. In our case, Visa charges the acquirer the extra 20 basis points for the Infinite card. So I get charged all of that for every Infinite card transaction that is processed. As Jim has said, we then have to negotiate with our merchants. So we collect that premi

Industry committee  Nothing in our agreement prohibits them from disclosing what they pay.

Finance committee  No. We are charged fees by Visa or by Interac for processing transactions on their behalf.

Finance committee  In my opening remarks, I noted that interchange comprises the vast majority of the fees that we charge. So we have those costs, and I think Jim mentioned assessment fees that the card brands charge as well, so those are two inputs that we have. And then we have our own direct cos