Bank of Montreal

Bank of Montreal TSX: BMO NYSE: BMO is Canada's fifth largest banks, and is classified as a Domestic Chartered Bank (Schedule I). Bank of Montreal was founded in 1817, making it Canada's oldest bank. It operates under the corporate brand BMO Financial Group; the services of the bank itself are now marketed as BMO Bank of Montreal.

History

First Canadian Place

The Bank of Montreal is Canada's oldest chartered bank and began business in 1817. It has been referred to as BMO or Canada's First Bank.

The Bank opened in Montreal, Quebec on November 3, 1817. For the first few years of its existence, the Bank occupied a small building on Saint Paul Street. John Grey, a retired dry goods merchant, was the first President of the Bank of Montreal and Robert Griffin worked as the first cashier.

The Bank of Montreal served as Canada's central bank until the creation of the Bank of Canada in 1935. It played a major role in the development of the country, taking part in the financing of the first transcontinental railway in the 1880s. The first Canadian bank to open a branch abroad, the Bank of Montreal is today a major international bank with 1,100 branches across Canada and around the world. In 1977, the BMO's Head Office moved to Toronto, Canada's economical engine.

Mergers

Through its history, Bank of Montreal has merged with several other Canadian banks:

  • Commercial Bank of Canada (1868)
  • Exchange Bank of Yarmouth (1903)
  • People's Bank of Halifax (1905)
  • People's Bank of New Brunswick (1907)
  • Bank of British North America (1918)
  • Merchants Bank of Canada (1922)
  • Molson Bank (1925)

Operations

Bank of Montreal at Square One shopping mall

BMO Bank of Montreal is one division within BMO Financial Group:

  • BMO Bank of Montreal — banking services
  • BMO Harris — US operations
  • BMO InvestorLine
  • BMO Life
  • BMO Nesbitt Burns

The bank's stock is listed on both the Toronto and New York stock exchanges under the symbol BMO .

Corporate governance

Current members of the board of directors of BMO are: Robert Astley, Stephen Bachand, David Beatty, Robert Chevrier, Anthony Comper, Ronald Farmer, David Galloway, Harold Kvisle, Eva L. Kwok, Bruce Mitchell, Philip Orsino, Robert Prichard, Jeremy Reitman, Guylaine Saucier, and Nancy Southern.

Headquarters

The BMO still has an office located on Saint Jacques Street in Montreal, but that office only controls the bank's economical (and somewhat political) relation with the province of Quebec, thus most decision-making is made at their official Toronto headquarters at the First Canadian Place. This reflects the preponderant place of the Toronto Stock Exchange in the Canadian economy and, probably although it is not acknowledged, concerns about separatism in Quebec.

Recent mergers and merger attempts

Purchase of Harris Bankcorp (1984)

In 1984 the bank greatly expanded its operations in the United States by purchasing Chicago's Harris Bank.

Proposed merger with RBC (1998)

In 1998 the Bank of Montreal shocked the Canadian financial community by announcing plans to merge with the Royal Bank of Canada. The Canadian government later blocked the proposed merger.

Membership

BMO is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:

  • Interac
  • MasterCard International
  • Cirrus Network for MasterCard card users

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It is also a member of:. Alternatively, it was suggested that the pension cheques were used as a way to get away with the murder, by them not being declared as dead. BMO is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It was hypothetised that one of the main motivations for the murders was to take their pension cheques and hence increase their income. The Canadian government later blocked the proposed merger. In 1999, when the Snowtown murders, also known as the "bodies in the barrel" case was first brought to public attention, it was discovered that many of the people murdered had continued to collect their Centrelink pensions or unemployment cheques for years after their murders, and hence were not declared dead. In 1998 the Bank of Montreal shocked the Canadian financial community by announcing plans to merge with the Royal Bank of Canada. Centrelink operates one of the largest and highest throughput OLTP database systems in Australia, and is one of the largest users in Australia of Model 204.

In 1984 the bank greatly expanded its operations in the United States by purchasing Chicago's Harris Bank. However, upon release or discharge from imprisonment or psychiatric hospitalisation of more than two weeks, the claimant is entitled to an additional payment equal to seven days of their regular payment, to help with adjustment. This reflects the preponderant place of the Toronto Stock Exchange in the Canadian economy and, probably although it is not acknowledged, concerns about separatism in Quebec. (However, it may be payable if a psychiatric stay is classed as rehabilitation.) The benefits resume upon release or discharge. The BMO still has an office located on Saint Jacques Street in Montreal, but that office only controls the bank's economical (and somewhat political) relation with the province of Quebec, thus most decision-making is made at their official Toronto headquarters at the First Canadian Place. If you are imprisoned or admitted to a psychiatric institution, you are not eligible to receive your benefits for the duration of your imprisonment or admission. Kwok, Bruce Mitchell, Philip Orsino, Robert Prichard, Jeremy Reitman, Guylaine Saucier, and Nancy Southern. The following concession cards are issued by Centrelink:.

Current members of the board of directors of BMO are: Robert Astley, Stephen Bachand, David Beatty, Robert Chevrier, Anthony Comper, Ronald Farmer, David Galloway, Harold Kvisle, Eva L. However, no one who has been awarded a Masters or Doctorate is eligible for PES. The bank's stock is listed on both the Toronto and New York stock exchanges under the symbol BMO . You are still eligible for PES for study even if you have completed previous studies. BMO Bank of Montreal is one division within BMO Financial Group:. However, Masters and Doctorate degrees are not approved. Through its history, Bank of Montreal has merged with several other Canadian banks:. Bachelor's degrees and many TAFE courses are approved courses of study.

In 1977, the BMO's Head Office moved to Toronto, Canada's economical engine. It only applies to approved courses of study. The first Canadian bank to open a branch abroad, the Bank of Montreal is today a major international bank with 1,100 branches across Canada and around the world. An additional payment, for those on a disability pension who are studying, to help cover the cost of study. It played a major role in the development of the country, taking part in the financing of the first transcontinental railway in the 1880s. A very small payment for those receiving Pension payments only, to help cover the cost of telephone bills. The Bank of Montreal served as Canada's central bank until the creation of the Bank of Canada in 1935. A small payment for those receiving another payment, to help cover the cost of prescription medicines.

John Grey, a retired dry goods merchant, was the first President of the Bank of Montreal and Robert Griffin worked as the first cashier. Verification of the rent details are required either a lease or by completing a Rent Certificate every six months. For the first few years of its existence, the Bank occupied a small building on Saint Paul Street. This payment is paid as part of the income support payment. The Bank opened in Montreal, Quebec on November 3, 1817. Income support recipients who are classed as non-homeowners and pay more than a required amount of board or rent for accommodation are eligble for Rent Assistance payments. It has been referred to as BMO or Canada's First Bank. A payment for those providing full time care to their own children.

The Bank of Montreal is Canada's oldest chartered bank and began business in 1817. A payment for those providing full time care to someone who is ill, injured or has a disability. . A payment for those receiving another payment, and currently suffering an illness. It operates under the corporate brand BMO Financial Group; the services of the bank itself are now marketed as BMO Bank of Montreal. Newstart with a medical certificate to cover the activity tests) while the payment is being assessed; once granted it is backdated to the claim date at the higher DSP rate. Bank of Montreal was founded in 1817, making it Canada's oldest bank. DSP can take a while to process, so as a temporary measure claimants are placed on another payment (e.g.

Bank of Montreal TSX: BMO NYSE: BMO is Canada's fifth largest banks, and is classified as a Domestic Chartered Bank (Schedule I). However, if you are permanently blind, you can receive DSP without income and assets tests, and without needing to prove any inability to work, etc. Cirrus Network for MasterCard card users. It is more than you get on Newstart, and is income and assets-tested. MasterCard International. Provides income support for people who suffer a long-term disability, which in the opinion of a medical professional they will not recover from in the next two years, and which will render themselves unable to support themselves. Interac. Abstudy is tailored according to income tests, and the status of partners, guardians, and dependents.

BMO Nesbitt Burns. To qualify as Indigenous, a student must be of Aboriginal or Torres Strait Islander descent by Centrelink standards and be a current Australian citizen. BMO Life. All Indigenous students at secondary or tertairy institutions, as well as those studying by correspondence, and primary students who turned 14 prior to January 1 of their current year of study. BMO InvestorLine. Abstudy is a welfare payment for Indigenous Australians undergoing some form of study. BMO Harris — US operations. The major differences between the Austudy payment and Youth Allowance payment is that the rate does not vary based on 'living at home'; and that Austudy recipients are not eligible for rent assistance.

BMO Bank of Montreal — banking services. Like most Centrelink payments, Austudy is subject to an income test. Molson Bank (1925). However, students who were receiving Youth Allowance prior to turning 25 and are still pursuing the same course of study continue to receive Youth Allowance until they finish (or otherwise terminate) their course. Merchants Bank of Canada (1922). To qualify, one must be an Australian resident, over 25, and studying full time at an approved education institution. Bank of British North America (1918). Austudy was originally an all-ages study allowance, but since the introduction of Youth Allowance (see above) it has been reserved for the over 25s.

People's Bank of New Brunswick (1907). Youth Allowance was introduced from July 1998 and replaced previous unemployment and study benefits for those under 25. People's Bank of Halifax (1905). In cases where young people are deemed independent (eg on the basis of their own past income, or unreasonable to live at home), they are provided with Newstart as per other recipients. Exchange Bank of Yarmouth (1903). As eligibility is based on parent's income or independence from parents, there is an assumption that parents of 16-24 year old students or under 21 year old job seekers will support their children. Commercial Bank of Canada (1868). The payment is only available to dependents of low-income earners or young people 'independent' of their families.

'Youth' is defined as 16-25 for full-time students, or 16-21 for job seekers. Youth Allowance is an alternative to Newstart tailored specifically to young Australians in full-time study, an apprenticeship, or actively looking for employment. Centrelink provides many services for the unemployed at Job Search including job listings, résumé building and other information distribution to clients. This network of providers covers the country and is designed to provide unemployed people with numerous benefits such a training workshops, photocopying, internet access, printers, fares assistance and reimbursements for uniform or clothing that may be required on the job.

Most of the changes are related to the outsourcing of job search services to private job network providers, including some religious organisations and charities, for direct assistance. The so-called "Employment Sector" continues to be generously subsidised. For recipients of unemployment benefits, called Newstart Allowance, the service provision and conditions are constantly altered. Other benefits such as sickness and disability payments were affected with similar economic rationing.

Penalties were increased for breaches, a strict job search diary was introduced and the Work for the Dole program began. Under the coalition policy of mutual obligation the body has undergone a series of major changes, placing greater restrictions and conditions on recipients. This ensures that only those that require assistance receive it. Unlike pension payments of many other countries, workers do not contribute to a pension or insurance within Australia, and the payment is available subject to means testing.

Women currently becoming eligible for Age pension is 63 years old. The age for women to become eligible is being progressively phased upward from 60 to 65 years, in line with males. It is available to men aged 65 years and over. The Age pension was the first payment issued from the Commonwealth Government and dates back to 1909.

The FAO also administers the "baby bonus". It is payable to low income earners either as a payment or through a tax reduction. Family Tax Benefit Parts A and B are administered by the Family Assistance Office within Centrelink. In addition, lump sum crisis payments are payable in certain situations, such as release from prison, discharge from a psychiatric institution, or having to leave home due to domestic violence.

Telephone Allowance only for people on Pensions) are paid on a quarterly or other basis. Most are payable on a fortnightly basis, although some small allowances (e.g. . The structure of student payments under Youth Allowance is notable in that full-time students between the ages of 21-25 are actually paid considerably less then they would be as unemployed Newstart Allowance recipients, thereby making studying more difficult for young people.

There have been numerous complaints about the quality of Centrelink services, and scandals surrounding fraud and abuse of the welfare payment system, competency of staff, and quality of governmental employment conditions. Centrelink operates under the Commonwealth Services Delivery Agency Act 1997. It claims to offer 140 different products and services, which it supplies to around one third of Australian citizens. Additionally, Centrelink supplies numerous Commonwealth services to the Australian Community, such as assistance and education for people receiving welfare payments.

It is the central body responsible for the dispensation of all Commonwealth welfare payments including pensions, student allowances, and unemployment benefits (the 'dole'). Centrelink (formerly the Department of Social Security (DSS)) is the Australian Commonwealth government's welfare agency. Pensioner Concession Card - this offers additional benefits to the HCC, including pensioner transportation fares (in some areas), and a certain number of free country rail journeys within the holder's state. Commonwealth Seniors Health Card- a HCC issued to senior citizens.

This card has secondary benefits, including cheaper public transport in some areas not including Queensland. Most recipients of a payment are entitled to this. Health Care Card - primarily entitles holder to PBS medications at the concession rate. Youth Allowance - for full-time students or New Apprentices aged 16 to 24 and people aged under 21 who are undertaking job search or a combination of approved activities.

Student Financial Supplement Scheme - no longer available. Pensioner Education Supplement - helps certain income support recipients with education expenses. Parenting Payment - for parents or guardians to help with the cost of raising children. Maternity Payment - for help with those extra costs after the birth of a new baby.

Newstart Allowance - for people who are looking for employment or who are forced off DSP onto a lower income to look for employment. Maternity Immunisation Allowance - for fully immunised children or those exempt from immunisation. Family Tax Benefit Part B - for single income families or sole parents. Family Tax Benefit Part A - for parents or carers to help with the cost of raising children.

Double Orphan Pension - for people who are raising children who have lost both parents. Disability Support Pension - for people unable to work for 2 years due to illness, injury or disability. Child Care Benefit - for families to help with the cost of child care. Carer Allowance (Child) - for people who care for a child with a disability at home.

Carer Allowance - for people who care for a child with a disability at home. Austudy Payment - for full-time students and New Apprentices aged 25 years or over. Assistance for Isolated Children - if your child cannot attend school locally because you live in a remote area or your child has special needs. Assistance for Isolated Children - for families with a child who cannot attend school locally because of distance or special needs.

ABSTUDY - offers a range of allowances to assist Indigenous students and New Apprentices.

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