BMO Waives Debit Fees for Transit Rides Across Canada

BMO announced on Wednesday it is waiving debit transaction fees at all transit authorities across the country, for both retail and commercial customers.

Depending on your bank account, there are typically limits on free debit transactions. Now, BMO says any transit authority terminal in Canada will no longer be added to debit transaction count limits. If free transaction limits are exceeded, fees normally apply. But this is no longer the case for transit payments.

The change comes as many transit payment systems nationwide move towards tap debit and credit card payments for buses and subways.

“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 a statement.

According to 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.”

Last month, Metro Vancouver’s TransLink launched Interac debit tap payments for every bus and fare gate, systemwide.