15:16:40 EDT Fri 03 May 2024
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Bank of Montreal
Symbol BMO
Shares Issued 729,249,364
Close 2024-04-19 C$ 126.75
Market Cap C$ 92,432,356,887
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Globe says Big 6 told to make it clear: "carbon rebate"

2024-04-22 08:34 ET - In the News

Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Saturday edition that Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault. The Globe's Mia Rabson writes that the move follows Tuesday's federal budget which clarified that government payments accepted for deposit at Canadian banks will carry whatever title the government wants. Mr. Guilbeault's department has been battling with banks for almost two years over how carbon rebates are labelled when they are deposited directly into bank accounts. The first rebate deposits in 2022 were labelled generically -- "federal payment" and "EFT Canada," for example -- leaving recipients in the dark about why they were getting the money. Some banks, but not all, have since amended their procedures to ensure bank statements reflect the measure's new name: the "Canada Carbon Rebate." TD Bank and BMO have adopted the government's requested "CdaCarbonRebate" entry, which fits the 15-character limit imposed by some banks. RBC and Scotiabank both say they intend to obey the law and update to the new name. CIBC, meanwhile, is still calling it "Deposit Canada."

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