Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Bank of Montreal    BMO   CA0636711016

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Bank of Montreal : Say Goodbye to the Penny: Make it Count at BMO

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/30/2012 | 12:44am CET

- BMO counted more than 30 million pennies for Canadians last year

- BMO recommends Canadians take advantage of BMO's free coin counters to make their pennies count

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.

Media Contacts:
Matthew Duffin, Toronto
(416) 867-3996
matthew.duffin@bmo.com

Sarah Bensadoun, Montreal
(514) 877-8224
sarah.bensadoun@bmo.com

Laurie Grant, Vancouver
(604) 665-7596
laurie.grant@bmo.com

distributed by

This press release was issued by BMO - Bank of Montreal and was initially posted at http://newsroom.bmo.com/press-releases/say-goodbye-to-the-penny-make-it-count-at-bmo-tsx-bmo-2012032 90778431001 . It was distributed, unedited and unaltered, by noodls on 2012-03-30 00:37:25 AM. The issuer is solely responsible for the accuracy of the information contained therein.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BANK OF MONTREAL
01/17 BANK OF MONTREAL : BMO Named to the Global 100 Most Sustainable Corporations in ..
01/14 BANK OF MONTREAL : Redevelopment of Arbutus Village about to begin
01/12 BMO CAPITAL MARKETS : Names Luke Seabrook Chief Operating Officer
01/12 COMMONWEALTH BANK OF AUSTRALIA : Bank Of Montreal Stake Decreased by Commonwealt..
01/10 BANK OF MONTREAL : BMO Financial Corp. Announces Appointment of John Rau as Chai..
01/06 BANK OF MONTREAL : BMO Asset Management Announces Final Valuation and Declares F..
01/04 TSX listed corporate dividends and distributions declared Jan. 4
01/04 BANK OF MONTREAL : Identity theft a growing concern awareness, vigilance keys to..
01/03 MEDIA ADVISORY : BMO CEO Bill Downe to Speak at RBC Capital Markets Canadian Ban..
01/02 BANK OF MONTREAL : Do ‘Anti-Semitism Lessons’ in Canada Promote Jewi..
More news
Sector news : Banks - NEC
01:00p CITIGROUP : German e-car supplier Aumann plans stock market listing - sources
12:15p GOLDMAN SACHS : Finance industry's "worst case" on Brexit spurs contingency plan..
12:15pDJJPMORGAN CHASE : Most Small Businesses Create Fewer Than One New Job a Year, Stu..
11:30a DEUTSCHE BANK : CEO looks to future after mortgages settlement
05:35aDJWarburg Pincus-Backed Developer to Buy 80% of Cambridge Industrial Trust's Ma..
More sector news : Banks - NEC
News from SeekingAlpha
01/11 Canadian Banks Approaching Bubble Territory
01/07 Guardian Capital Is An Asset Manager With An Extra Asset
01/05 For The Long Term, Buy Major Canadian, Not U.S. Mega Banks
01/04 INDUSTRY STRUCTURE TRENDS IN U.S. CO : Emergence Of The Top 5 Banks
01/03 Dividend Raises And Cuts For December 2016
Advertisement
Financials ( CAD)
Sales 2017 21 273 M
EBIT 2017 7 499 M
Net income 2017 4 844 M
Debt 2017 -
Yield 2017 3,65%
P/E ratio 2017 12,89
P/E ratio 2018 12,15
Capi. / Sales 2017 2,98x
Capi. / Sales 2018 2,84x
Capitalization 63 293 M
More Financials
Chart BANK OF MONTREAL
Duration : Period :
Bank of Montreal Technical Analysis Chart | BMO | CA0636711016 | 4-Traders
Full-screen chart
Technical analysis trends BANK OF MONTREAL
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 97,9  CAD
Spread / Average Target 0,23%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
William A. Downe Chief Executive Officer & Director
J. Robert S. Prichard Chairman
Darryl White Chief Operating Officer
Thomas E. Flynn Chief Financial Officer
Jean-Michel R. Arès Chief Technology & Operations Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF MONTREAL0.80%48 400
JPMORGAN CHASE & CO.-3.18%298 964
WELLS FARGO & CO-2.41%270 099
INDUSTRIAL AND COML BA..3.17%231 535
BANK OF AMERICA CORP-0.23%221 660
BANK OF CHINA LIMITED1.74%188 732
More Results