What I'm wondering though is what's the catch? What's in it for TD Bank? No doubt they get a cut of the merchant fees but that's not anywhere close to 10%. There's the obvious: TD Bank hopes that people who are not TD Bank customers will sign up for checking accounts to take advantage of this offer and that people who haven't been using debit cards will get into the habit of using those. I suspect there is something a bit more insidious in play too. Signature purchases can take a few days to post. So maybe the bank hopes that some percentage of people who start using debit cards instead of cash for groceries will accidentally overdraft their accounts and incur bank fees, perhaps enough in fees to more than offset the $10 bonus for everyone.
That aside, it's a simple-enough deal for me to snag since I already have a TD Bank account. The annoying part is using the debit card will cut into my Where's George activity. (The link goes to a Yahoo article mentioning Where's George that bogged down the website with heavy traffic today.)