Dear Editor,
After many conversations with TD Bank VPs over the past three months it was indicated that the Coronation branch was profitable.
In our March 28, 2024 meeting with two TD Bank VPs I highlighted the following four points:
• Fully-funded branch by deposits, using overage to leverage other loans in other locations.
• Fees – monthly / deposits / withdrawals / RRSPs / banking transactions keep the lights on and pay the staff.
• Free current account balances, loans and loan fees are branch profit.
• Retail cards (Visa, Debit) create profit for the branch. I travel all over Alberta for business and my wife is a world traveller but our transaction fees come back to the Coronation branch.
It was then that the TD VPs indicated that the TD Bank was profitable (net income for the 12 month period ending Jan. 31, 2024 was 8.498 billion dollars) and so was the Coronation Branch.
Then they proceeded to try to make five local business men understand that the staff were unproductive, even though they are making money.
The TD VPs indicated that the real reason for closure is that they applied a “formula” that indicated our branch staff are unproductive. If we had used the tellers more and the ATM and online banking less our branch would still stay open.
If we just look at the economics of the Coronation TD Bank closure it reflects very badly on the TD Bank.
I know many business men who are incredulous that the bank is prepared to run away from easy money by closing a profitable branch.
Stewart Twa
Veteran, Alta.
