BMO Financial Group Strongly Supports Voluntary Code of Conduct for the Credit and Debit Card Industry in Canada

BMO Financial Group strongly supports and will abide by the new voluntary Code of Conduct for the Credit and Debit Card Industry in Canada.

"We believe that the Minister of Finance has struck a good balance between shifting control over the cost of card acceptance to the merchant, while allowing the payment system in Canada to continue to evolve in the best interest of Canadians," said Mike Kitchen, Senior Vice-President, Product Management, BMO Bank of Montreal.

"We are delighted that BMO customers, whether travelling to the United States or elsewhere, can continue to enjoy the security and convenience of carrying less cash by using the BMO Debit Card for debit point-of-sale purchases through the Maestro network," added Mr. Kitchen. "BMO customers can still enjoy this safe and easy payment option at the point of sale in more than 100 countries around the world."

Mr. Kitchen noted that, notwithstanding the changes to co-badging, BMO customers will not be inconvenienced and will still enjoy the same level of uninterrupted service.