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BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

March 29, 2012 18:22 ET

Say Goodbye to the Penny: Make it Count at BMO

- 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.

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