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Finance committee Thank you, Mr. Chair. Mr. Chair, honourable members, thank you for the opportunity to appear before you today. TD employs about 58,000 people and has over 14 million customers around the world, over 10 million here in Canada. At TD we place a premium on customer service, a fact
April 19th, 2007Committee meeting
Tim Hockey
Finance committee Mr. McKay, I think you mentioned most of the consequences. Even though it's a hypothetical situation, I would add that there would be an impact on another industry, called the white label industry. If the bill you mentioned were to pass, and fees for banking machines owned by the
April 19th, 2007Committee meeting
Tim Hockey
Finance committee It's possible that would be an outcome. It's tough to say.
April 19th, 2007Committee meeting
Tim Hockey
Finance committee The simple answer is yes, we do look obviously to cover our costs as a private organization that is responsible to our shareholders and our customers. We obviously try to make sure we're covering the costs. I mentioned the very large investment we made in completely upgrading an
April 19th, 2007Committee meeting
Tim Hockey
Finance committee I think the best way to look at the overall profitability question.... No private enterprise will break down discrete costs and discrete revenues to look at line items. It's just too competitive a marketplace to allow that sort of disclosure. The competitive market does actuall
April 19th, 2007Committee meeting
Tim Hockey
Finance committee I will defer to my colleagues to get off the hot seat, but I would say I don't know the details of the particular proposal you're talking about. I do know that in the course of this issue there have been many references to studies on the overall cost of banking, whether it be U.K
April 19th, 2007Committee meeting
Tim Hockey
Finance committee The number of transactions being done at ABMs is actually decreasing, and it has for a number of years, even as the number of actual ABMs increases. The reason for that is other channels. The primary one we haven't talked about today is the fact that there is now an alternate way
April 19th, 2007Committee meeting
Tim Hockey
Finance committee I would say that's exactly one of the considerations we all take when planning our network. When we say “network”, it's not necessarily just the network of ABMs that we provide. Some, as you've heard, have larger ABM networks than others. The key decision in retail banking is wha
April 19th, 2007Committee meeting
Tim Hockey
Finance committee True.
April 19th, 2007Committee meeting
Tim Hockey
Finance committee True. We think our own customers would not necessarily be amenable to the fact that non-customers...and you've heard this example in the press. It would be like being a member of a gym and having non-members of the gym being able to use it for free. It goes against common busines
April 19th, 2007Committee meeting
Tim Hockey
Finance committee I'm just wondering if that's the same spirit that resulted in the Competition Bureau's tribunal order in 1996.
April 19th, 2007Committee meeting
Tim Hockey
Finance committee A short answer is that we look at all options, but I don't think that would be very appealing to any of us. Once again, we've all made very different—
April 19th, 2007Committee meeting
Tim Hockey
Finance committee We think our clients are very well served. We are gaining market share. Our customers are saying they have choice and convenience and can avoid those fees if they wish to.
April 19th, 2007Committee meeting
Tim Hockey
Finance committee I think it's a function that we sometimes forget about. We've heard from some members that customers and Canadians are up in arms about the fees. Again, when the choices that customers make are on white labels, paying sometimes $5 or $6, that is a choice that is very transparent
April 19th, 2007Committee meeting
Tim Hockey
Finance committee As we all said, it's quite a small percentage of our customer base. But they are customers who clearly are not very—
April 19th, 2007Committee meeting
Tim Hockey