TD Bank (TD) Takes Jab at BofA (BAC), Has Shaky Customers
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Debit cards: where free money is becoming less so.
In a release Friday, TD (NYSE: TD) made the announcement "it will continue to offer instant issue debit cards with no monthly debit card purchase fees." TD noted "as many banks are starting to implement new monthly debit card fees, now is the perfect time for consumers to evaluate their banking relationships, find a bank that fits their needs and switch..."
TD also offered a statistic, saying about 75 percent of its customers use debit cards 15 times or more per month.
Reading on, TD seems to suggest the company is making the move purely for TD purposes. One executive stated, "All banks, including TD, are under pressure to respond to the regulatory changes surrounding the banking industry...with 70 percent of our customers saying they would discontinue their account if a fee was implemented, we listened to our customers and chose to respond in a way that is true to our value proposition of America's Most Convenient Bank." (Emphasis ours.)
Friday, BofA seems to be the victor, with shares up about 2 percent. Conversely, TD is down about 0.8 percent.
In a release Friday, TD (NYSE: TD) made the announcement "it will continue to offer instant issue debit cards with no monthly debit card purchase fees." TD noted "as many banks are starting to implement new monthly debit card fees, now is the perfect time for consumers to evaluate their banking relationships, find a bank that fits their needs and switch..."
TD also offered a statistic, saying about 75 percent of its customers use debit cards 15 times or more per month.
Reading on, TD seems to suggest the company is making the move purely for TD purposes. One executive stated, "All banks, including TD, are under pressure to respond to the regulatory changes surrounding the banking industry...with 70 percent of our customers saying they would discontinue their account if a fee was implemented, we listened to our customers and chose to respond in a way that is true to our value proposition of America's Most Convenient Bank." (Emphasis ours.)
Friday, BofA seems to be the victor, with shares up about 2 percent. Conversely, TD is down about 0.8 percent.
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