A banker’s view on personal finance in the pandemic: Credit-card spending plunges, fraud surges [Toronto Globe and Mail (Ontario, Canada)]
Bank Of Montreal (BMO)
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Source: Toronto Globe and Mail
A banker’s view on personal finance in the pandemic: Credit-card spending plunges, fraud surges Use of cash has been surprisingly strong in the pandemic, while credit card use has plunged. Roughly five weeks into physical distancing, we’re seeing some notable and even odd changes in the nation’s personal finances. Bank of Montreal says credit-card spending was down 20 to 30 per cent in March on a year-over-year basis. “In certain categories, it’s almost gone,” said Erminia (Ernie) Johannson, BMO’s group head of North American personal and business banking. “There’s nothing coming through on travel – it’s about 90 per cent down. Believe it or not, people are still renting cars. We’re seeing bizarre things like that.” Grocery spending is up, but not as much as it was a few weeks ago when people were stripping grocery store shelves of toilet paper. And while there don’t seem to be many opportunities to use cash as we practise physical distancing, use of BMO’s ATM network has been stable.
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