BMO Overdraft Protection
In certain cases you will need the convenience of overdraft protection. It will be able to give you the peace of mind knowing you have the extra money to cover a cheque or payment.At the Bank of Montreal (BMO), you have two great overdraft options.
The first of the two options are, the Overdraft Transfer Service.
Overdraft Transfer Service is when you pre-arrange funds transferred from one of your accounts; your Mosaik MasterCard or Personal Line of Credit to cover your overdraft situations.
This form of overdraft protection is included with the Performance, Premium and Plus Everyday Banking Plans. There is a per transfer fee applied when this service is used, in addition to a debit transaction fee which is $5.00 per transaction.
The second overdraft option is the Personal Credit Reserve.
The Personal Credit Reserve provides overdraft protection coverage from $500 to $2,500 at prevailing interest rates.
The monthly fee is waived when you are using the Performance, Premium or Plus Banking Plans.
There is no per item fee, once you are within your approved Personal Credit Reserve limit.
If you need coverage greater than $2,500 you should consider a Personal Line of Credit with Overdraft Transfer Service.
This is a great form of overdraft protection, and for those who bank with BMO should consider getting it, especially if you are already using one of the above plans.
Clay
Amy @ JobCred CV Builder
Keith Penny
Penn
Comments (2 )
BMO charges the FEE for PCR ( personal credit reserve/overdraft), even if the service is not used, many of their account types change so you may be paying Fee’s that you do not know about, BEWARE AVOID BMO!!! I avoid them for 12 years after they screwed me over on a loan repayment, tried them again recently and started finding out about fee’s just to have Overdraft? as if the 22% interest wasnt enough for these greedy people, never again! EVER!
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I don’t think I’ve ever heard of anything so ridiculous in my life. Instead of charging you an overdraft fee….BMO is going to charge you an ADVANCE fee! Oh, thank you ever so much BMO! You’re going to charge me to access my credit line and for the privilege of paying you 18% interest on the money borrowed. Thank you sir may I have another? And BTW, the fee is now $10 not $5. My bank was just taken over by these crooks and I will be moving my business elsewhere. Local credit union most likely. What’s this world coming to?
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