BMO Survey: You Haven't Seen the Last of the Penny, Say Canadians

BMO Survey: You Haven't Seen the Last of the Penny, Say Canadians 
TORONTO, ONTARIO -- (Marketwire) -- 02/20/13 -- According to a survey
by BMO Bank of Montreal, three-quarters (73 per cent) of Canadians
expect retailers, including small businesses, to continue accepting
pennies at the check-out - regardless of the circumstances or
purchase amount - despite plans for their elimination. In addition,
the survey also found that 59 per cent of Canadians expect small
businesses to adjust prices in the consumers' favour and 57 per cent
expect adjustment to be in the retailers favour.  
"Successful Canadian business owners not only have the products and
services Canadians want, but also a strong focus on meeting the needs
and expectations of their customers. With this move to phase out the
penny, there can be little doubt that Canadian business will continue
to do what they need to, to maintain and strengthen the important
relationships they have with their customers," said Steve Murphy,
Senior Vice President, Commercial Banking, BMO Bank of Montreal. "As
the penny is phased out, small businesses overall should not
experience a noticeable difference in the number of transactions
because many retailers are also set up to accept debit and credit
card transactions."  
The survey, conducted by Pollara, also revealed: 


 
--  Nearly two-thirds (66 per cent) of those surveyed currently pay for
    their daily purchases with a debit or credit card 
--  The majority (67 per cent) of Canadians believe speed of service will
    increase as fewer customers will pay with loose change

 
The Federal government has proposed voluntary guidelines for
retailers, including: rounding down if the price ends in a one, two,
six or seven and rounding up if the price ends in a three, four,
eight or nine. 
"Some small businesses may adjust their cash registers, while others
may encourage their employees to round the bill manually after taxes
have been added to the sub-total," Mr. Murphy added.  
Business owners looking to lighten their pockets can use one of BMO's
many coin-counting machines. For more information, please visit
www.bmo.com; to find a BMO coin counter near you, please visit
https://locator.bmo.com. 
BMO's Penny Survey was conducted by Pollara Strategic Insights. The
survey results cited in this release are from online interviews with
a random sample of 1,400 Canadians 18 years of age and older, carried
out between February 7th and February 10th, 2013. A probability
sample of this size would yield results accurate to +/- 2.6 per cent,
19 times out of 20. 
About BMO Financial Group 
Established in 1817 as Bank of Montreal, BMO Financial Group is a
highly diversified North American financial services organization.
With total assets of $525 billion as at October 31, 2012, and more
than 46,000 employees, BMO Financial Group provides a broad range of
retail banking, wealth management and investment banking products and
solutions.
Contacts:
Media Contacts:
Russell Baker, Toronto
(416) 867-3996
russell.baker@bmo.com 
Paul Cunliffe, Toronto
(416) 867-3996
paul.cunliffe@bmo.com 
Valerie Doucet, Montreal
(514) 877-8224
valerie.doucet@bmo.com 
Laurie Grant, Vancouver
(604) 665-7596
laurie.grant@bmo.com, 
Internet: www.bmo.com
Twitter: @BMOmedia
 
 
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