Bank of Montreal (BMO) customers can now use their debit card to make contactless fare payments on services operated by transit authorities throughout Canada without their journeys counting towards their monthly free transaction limit.
The bank is removing transit fare payments from the monthly debit card transaction count for all its retail and commercial customers, enabling them to make unlimited journeys without incurring banking fees and without those payments counting towards their monthly free transaction limit.
“As transit authorities advance their payment systems to make it easier for riders to tap with their debit cards on subways and buses, this new feature helps BMO customers avoid reaching their transaction count limit and incurring fees,” the bank says.
“BMO is the first financial institution to offer both retail and commercial debit card holders unlimited transit authority transactions and help simplify their public transit experience,” BMO’s Gayle Ramsay adds.
“In this economic environment, we are seeing that significantly fewer Canadians feel they are making real financial progress with particularly steep declines in city centres such as Toronto and Vancouver. This feature will help ease worries about transaction count limit fees and let customers focus on their financial goals and staying on budget.”
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