TD Canada cross-border debit service poised to hit $1 million milestone

Source: TD Canada Trust

TD Canada Trust's cross border debit service, introduced in October is poised to hit its first million-dollar volume milestone, making it a leader among Canadian banks offering the service. "It's clear that applying the convenience of debit card transactions to the cross-border shopping experience is something that appeals to our culture," said Larry Hyett, Vice President, Core Banking, TD Canada Trust. "As we head into retail shopping's busiest time of year, we expect to see volumes increase significantly. Cross-border debit is becoming another part of our overall comfortable banking experience."

TD Canada Trust clients can use their debit cards to access their primary Canadian chequing account for purchases at more than one million retail locations throughout the United States. The amount of the purchase will be debited immediately from your Canadian dollar account as a self-serve transaction at the US-Canadian exchange rate in effect that day. This new service is the result of an alliance among TD Canada Trust, Acxsys Corporation, the architects of the Interac national PIN debit network in Canada, and U.S. based NYCE Corporation.

Canadians are one of the highest users of debit payments in the world, logging more than 2.6 billion debit transactions in 2003. One in every two Canadians prefer to pay by debit, according to research conducted by Interac Association

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