BMO rolls out coin counting machines

Source: BMO Bank of Montreal

BMO Bank of Montreal announced today it is putting free coin counting machines in all of its new branches, as well as in select remodelled branches across Canada.

The high-speed machines are able to count Canadian coins at a rate of up to 4,000 per minute. A receipt for the total is provided and can be exchanged at the branch for cash, or deposited into a BMO bank account. There is no charge for using the coin counters; transaction fees for similar services can run above 9 per cent of the total.

BMO currently has 14 coin machines in Ontario, British Columbia and Quebec, and plans to more than double the number by the end of the year, rolling out coin machines in additional provinces including Alberta, Saskatchewan and New Brunswick.

"The recent economic downturn has changed the way people think about money. They want to grow savings and invest wisely and using a piggy bank doesn't cut it," said Frank Techar, President and CEO, Personal and Commercial Banking, BMO Bank of Montreal.

Techar noted the coin counters are available to all, regardless of whether they are BMO customers. "We are inviting all Canadians to come in and turn their coins into cash, and talk to us about any of your financial needs."

In addition, parents are invited to come in with their kids and set up a BMO Youth Discounted Banking Plan. Deposit $25 in coins or cash, and BMO will deposit an additional $25 to help kick-start the savings. For more information, please visit www.bmo.com/smartparents.

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