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TD Just Became The First Canadian Bank To Quit Counting Transit Fares As Transactions

This is actually a big deal.

TD Just Became The First Canadian Bank To Quit Counting Transit Fares As Transactions
Sponsored Content Contributing Writer, Studio

If you have a personal chequing or savings account in Canada, TD is now making it easier for you to use your debit card to access public transit.

That's because TD is giving all of its customers the freedom to make unlimited debit card transactions at Canadian transit agencies, no longer counting these purchases in transaction-limited accounts. The move – a first in Canada – came into effect August 1, 2022.

Many Canadians are becoming increasingly reliant on public transit – widely recognized as a "green" mode of transportation – for school, work or running errands.

In fact, according to a new Ipsos poll conducted on behalf of TD, nearly one quarter (22%) of Canadians anticipate using transit more often in the next two years than they have in the last two years, rising to 39% among those aged 18-34.

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Plus, the poll revealed that 41% of transit riders use their debit cards to pay for transit passes or tickets, which means this update from TD comes at a pivotal time.

"Responding to customers' evolving needs is something that matters deeply to TD," said Sona Mehta, TD Senior Vice President, Money In Solutions, in a press release.

"We're pleased to help make debit payment options for public transit more convenient for our customers, and we recognize the role that transit can play in the transition towards a lower-carbon economy."

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"We welcome the move by TD to help make purchasing transit fares and passes easier for their customers," said William Keliehor, Chief Commercial Officer, Interac Corp.

"Millions of Canadians already use Interac® Debit for day-to-day purchases direct from their bank account, and we see it as a fast and easy payment option for transit riders. We continue to work with transit authorities across the country to have debit available as a convenient payment choice for all Canadians to access."

Making it easier to pay for transit with a TD debit card is just one way that TD is showing its commitment to customers in a world where technology and money go hand-in-hand.

To learn more, check out the announcement on the TD website or follow them on Instagram, Twitter, YouTube, and Facebook.

This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.

Jenna Marie Schwartz
Sponsored Content Contributing Writer, Studio
Jenna Marie Schwartz is a Sponsored Content Contributing Writer for the Studio department focused on sponsored content and is based in Winnipeg, Canada.