TORONTO, ONTARIO--(Marketwire - March 29, 2012) - As
announced in the Federal Budget, after 150 years production
on the Canadian penny will be officially phased out
beginning this fall. However, Canadians can still make
their pennies count before then.
BMO's coin counters, rolled out last year, are
available for free to all Canadians, and are an ideal
solution for Canadians looking to get rid of their loose
change.
"Canadians put into practice a number of techniques to
save money, including collecting and storing their loose
change - a significant portion of which is likely made up
of pennies," said Paul Dilda, Head of North American
Branch Channel, BMO Bank of Montreal. "BMO's free
coin counters are a convenient way for Canadians to cash-in
on their pennies."
BMO coin counters are able to count Canadian coins at a
rate of up to 4,000 per minute. The counters generate a
receipt for the total, which can be exchanged at the branch
for cash or deposited into a BMO bank account.
One year after BMO rolled out its free coin counting
machines in new and select remodelled branches, Canadians
have deposited more than 54 million coins, totalling more
than $7 million in loose change.
Furthermore, the free service has resulted in upwards of
$880,000 in savings for Canadians, as transaction fees for
similar services can run above 9 per cent of the total
amount of money deposited.
"The response from Canadians over the first year has
been fantastic, and the total amount of dollars saved over
the year speaks for itself," noted Mr. Dilda.
"The service is just another example of how BMO
continues to offer innovative and easy-to-use products
designed specifically to help Canadians grow their
savings."
Mr. Dilda added that Canadians seem more inclined to part
with small change, including pennies and dimes, as opposed
to loonies and toonies, which are typically used for small
purchases.
Total Amount and Weight of Coins Counted via BMO Coin
Counters
|
Denomination
|
Number of Coins
|
Weight (approx. lbs)
|
|
Penny
|
30,098,780
|
155,900
|
|
Nickel
|
6,199,740
|
53,990
|
|
Dime
|
8,384,983
|
32,350
|
|
Quarter
|
6,989,274
|
67,795
|
|
Loonie
|
1,580,692
|
24,390
|
|
Toonie
|
1,137,643
|
18,300
|
|
TOTAL
|
54,391,112
|
352,725 lbs
|
So far, BMO has rolled out 52 coin counting machines in
branches located in Ontario, British Columbia, Quebec,
Alberta, Saskatchewan, Nova Scotia and New Brunswick.
For more information, please visit www.bmo.com and to find a BMO
coin counter near you, please visit https://locator.bmo.com.
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