News Releases

Canadians' affinity for electronic debit and credit transactions increases significantly during the holiday season – and this year is no exception – according to BMO Bank of Montreal.

"BMO Bank of Montreal is expecting to process close to 50 million debit and credit card transactions this month, an increase of close to 15 per cent over the monthly average," said Mike Kitchen , Senior Vice-President, Card & Retail Payment Services, BMO Bank of Montreal.

Mr. Kitchen noted that the season's busiest transaction day typically falls on December 23, the last full shopping day before Christmas when the number of purchase transactions increases by 50 per cent more than during an average December day. "This year, we expect the peak to reach approximately ten thousand BMO credit and debit card transactions per minute between 2 pm and 3 pm on Saturday, December 23, as last-minute shoppers flock to the stores in search of that perfect gift."

Rick Egelton, Chief Economist, BMO Financial Group said, "We project that by the end of this holiday spending period retail sales will be 6 per cent higher than in December 2005, coming close to matching the robust pace of growth seen in the previous two years.

"Over the past three years there has been a growing divergence among the provinces with the commodity-producing regions in the West seeing much more rapid sales activity compared with the net commodity-consuming jurisdictions in Central Canada. This divergence is expected to continue with Christmas sales activity likely much stronger in Alberta, where sales will likely be 15 per cent to 20 per cent higher than in 2005, compared to Ontario, which will see a more modest gain in the 3 to 5 per cent range.”

Nancy Marescotti, Director of Card & Retail Payment Services, BMO Bank of Montreal, noted that “Given the anticipated increase in credit and debit card use over the last days before Christmas and the stress and distractions that often accompany the holiday season, shoppers should be wary not to let their guard down when it comes to maintaining the safety and security of their financial information.”

Ms. Marescotti offered shoppers the following ‘do's and don'ts' consumer tips for protecting their credit and debit card information.

DOs

1. Remember to fill in credit card slips completely to prevent tampering and keep your purchase receipts so you can check against your statement to ensure reported transactions are valid and accurate.

2. Keep a record of your card number in a secure place separate from your credit card so that you can provide your credit card company with this information if the card is lost or stolen.

3. Immediately report a lost or stolen debit or credit card to your card company to help prevent or limit the potential for unauthorized use.

4. Use your hand or body to shield your PIN when you are conducting transactions at an Automated Banking Machine (ABM) or at a point-of-sale terminal.

5. Memorize your Personal Identification Number (PIN) – it is your electronic signature. If you suspect that someone knows your PIN, change it immediately or contact your bank branch to cancel the card.

DON'Ts

6. Don't send personal financial information including credit card data via unsecured e-mail.

7. Don't use your credit card to make purchases on a website that is not secure or that you don't recognize.

8. Don't provide your credit card number over the phone unless you initiated the call and are sure you are dealing with a recognized and reputable vendor.

9. Never let your banking card out of your sight when conducting a transaction at a point-of-sale terminal. Always remember to take your banking or credit card and transaction record with you once your transaction is completed.

10. Your banking card and PIN are the keys to your account(s). Never disclose your PIN to anyone… not even your banker. You are the only person who should know it.

Audio clips supporting this story are available at http://www.newswire.ca/en/webcast/pages/en/bmo/audioclips.html

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Nancy Marescotti, Director, BMO Financial Group gets in the holiday spirit with one of the 50 million card transactions that the bank will process in December.

Credit and debit card use to spike in the last few days before Christmas peaking at more than 10,000 transactions a minute – BMO Bank of Montreal