Bank of Montreal drops debit card transaction fees for contactless fare payments across Canada

Bank of Montreal 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.

The company says: '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.'