A memory system includes a number of integrated circuit chips coupled to a bus. Each of the integrated circuit chips has an input/output node coupled to the bus, the input/output node having a programmable on-die termination resistor. The input/output node of one of the integrated circuit chips is accessed via the bus. The programmable on-die termination resistor of each of the integrated circuit chips is independently set to a termination resistance. The termination resistance is determined by a transaction type and which of the plurality memory devices is being accessed, which information can be transmitted over a separate transmission control bus.