Mr. Speaker, as a TD customer since 1986, I am shocked. I did not know that.
It is unfortunate. One has to look at that extra cost, which will not be recovered in the economy. We know the bank is not going to apply that back into the economy but to its profit margin. It will not have the same impact as seniors being able to spend their money on groceries, on day to day living expenses, on prescription drugs and a whole series of things. Those things are now going to be lost to the overall economy.
Seniors' personal budgets are going to have to be stretched, but local economies are going to be stretched as well. We have not seen recent investment out there in regard to the banks' profits. Those profits have not gone back into the Canadian economy by any means.
The user fees are pretty incredible when one thinks about them. User fees are non-value added and are out of control. One of the lower hanging fruits we can actually provide to the Canadian economy is to lower the user fees and expensive service fees, which do not add value, and give them back to workers who are on the ground.