BMO Makes Public Transit Rides Fee-Free Across Canada

• BMO is the first financial institution in Canada to remove transit authority transaction counts for all debit card holders, including retail and commercial accounts
• Fee-free transit authority transactions alleviates stress associated with travel fees and helps BMO customers make real financial progress

TORONTO, Feb. 15, 2023 /CNW/ - BMO is easing customers' commutes by making all debit transactions free of transaction charges at transit authorities across Canada. Retail and Commercial customers with transaction count limits on their account can now use their debit card at any transit authority terminal in Canada, without the payment counting toward their monthly transaction count limit.

As transit authorities advance their payment systems to make it easier for riders to tap with their debit cards on subways and busses, this new feature helps BMO customers avoid reaching their transaction count limit and incurring fees.

"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," said Gayle Ramsay, Head of Everyday Banking, Segments & Customer Growth, BMO. "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."

"Business customers of all sizes can now hop on public transit using their BMO debit card without having to worry about incurring banking fees – funds that can instead be used to help run their business," said Derek Vernon, Head, North American Treasury & Payment Solutions Product Management and Payments Modernization, BMO. "This is just another way that BMO is providing our customers with a digitally enabled and seamless banking experience."

"We welcome BMO's decision to make transit use easier and more convenient by making all debit transactions free of charge" said William Keliehor, Chief Commercial Officer, Interac Corp. "Millions of Canadians use Interac® Debit for day-to-day purchases direct from their bank account and we are committed to expanding convenient debit payments at transit authorities across the country."

BMO continues to pave the way as a digitally enabled, future-ready bank harnessing the potential of emerging technologies for real-time information and processing. This announcement is another step in BMO's Digital First journey and builds on BMO's focus on meeting customers where they are, with leading digital experiences that help them make real financial progress. BMO customers' evolving needs and expectations have guided the bank's efforts through other features such as BMO's Pre-Authorized Payments Manager, Same Day Grace feature, BMO Insights, BMO CashTrack and Selfie ID.

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.14 trillion as of October 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

*According to BMO's Real Financial Progress Index, significantly fewer Canadians think they are making financial progress since this time last year, with particularly steep declines seen in Toronto (44 per cent) and Vancouver (43 per cent) – a decline of 12 percentage points in both cities.

SOURCE BMO Financial Group

Media contact: Kate Simandl, [email protected], [phone]