BMO Performance Chequing Account

- Earn $450
- Earn up to 5.25% interest
- $16.95 account fee
Debit cards are payment cards issued by your bank to give you access to your chequing and savings accounts. You can use them to make purchases in-store and to make withdrawals from ATMs across Canada and internationally. You can also use them to make purchases online if you have a debit card that’s linked to a credit card provider such as Visa debit card or Mastercard debit card.
Most debit cards only allow you to access money that’s already in your account. The only exception to this is if you have overdraft protection on your account, which will let you dip into a negative balance, usually for a fee. If you want regular access to cash that you don’t already have in your account, you might want to consider a credit card.
You can link almost any everyday bank account to a debit card, whether it’s a savings or a chequing account. The account needs to be a Canadian account and must be in the same name as it appears on the card. It can also be a joint account if desired.
Many banks will let you have a debit card on a joint account with your parents between the ages of 13 and 17. Once you turn 17, you’ll usually be able to open your own bank account with a debit card attached to it. If you’re looking for a debit card for your child, compare debit cards for kids.
When you are looking for a bank account, the type of debit card that comes with it should play a role in your decision. You will usually be looking for a few different factors, including:
Debit cards come with a number of benefits that make them a viable option:
There are also a couple of drawbacks to consider before you sign up for a debit card:
There are a number of ways that debit cards differ from credit cards. The most important difference relates to how you access funds. Debit cards only let you access cash that you’ve got saved up in your account. Credit cards let you “borrow” money that you eventually have to pay back with interest. Other differences between debit and credit cards include:
Some debit cards come linked to a credit card so that you can make purchases online, such as Visa or Mastercard. This doesn’t mean you’ll get access to credit since you’ll still only be able to spend money from your bank account. However, it does mean you’ll get a credit card number, expiry date and a CVV number. This will let you input your card details online so that you can shop at your favourite stores or pre-authorize reservations without having to leave the comfort of your own home.
When paying for purchases at a store, you enter your PIN at the point of sale to authorize the transaction on your debit card. Some banks will provide you with a PIN, which you can use one time and then you will be prompted to enter a new PIN. Most banks recommend that you change your PIN regularly for security reasons.
Tap & Go® and payWave are both technology that allows you to securely pay for your purchases without having to swipe your debit card or enter your PIN. Instead, you simple tap or wave your debit card at the point of sale. Take a look at your debit card and see if it has the payWave or Tap & Go® symbol on the front. The symbol consists of four curved lines and will likely be located on the right hand side of the card, but this can differ between cards. If your card doesn’t have the symbol, you can call your bank to get a new card.
The Card Verification Value (CVV) is a three-digit number found on the back of your debit card. On American Express debit cards, the CVV is four digits. This number is used to verify your debit card and helps to reduce fraud by proving to the merchant that you have the physical debit card with you when making a purchase online or over the phone.
The only way you can use your debit card to make purchases online is if you have a Visa Debit or a Mastercard Debit. These cards let you spend money out of your bank account to shop online. Check out some more frequently asked questions about online purchases below:
How to use a debit card online
Most banks will let you use your debit card overseas but it will cost you more than what you’ll have to pay to spend money in Canada. Find the answers to frequently asked questions about using your debit card internationally below:
Best debit cards to use overseas
If you spend too much money on your debit card, or overdraw, it means you’ve used your debit card when your account balance was zero or really low, and you spent more than the amount you had in your account, resulting in a negative balance. You may be charged a non-sufficient funds (NSF) fee (usually around $45) as a penalty for dipping into a negative balance. The only way you can avoid an NSF fee is if you have overdraft protection on your account. This feature allows the transaction to occur even if you happen to go into the red because a bill comes out early or you have an unexpected expense.
If your account has overdraft protection, your transaction will go through even when your balance is $0. However, this feature may come with a hefty fee, which is why it’s important to always ensure you have enough money in your account for automatic payments, such as your monthly bills.
If this occurs, try to contact your bank as soon as possible to notify them of the problem. They should be able to get in touch with the branch who takes care of the ATM and sort it out.
You can compare debit cards and the bank accounts they’re attached to by looking at the following features:
To get a debit card, you’ll need to open a bank account with a Canadian bank. You can follow these steps to apply for a debit card:
Debit card fraud occurs when someone else obtains your debit card details and makes transactions on your card without you knowing. If you report a fraudulent transaction on your card, your bank should deactivate your card immediately in order to prevent the person from making more transactions. An investigation will likely take place to help retrieve or replace your money.
You should always check your debit card statement to make sure all of the transactions listed are legitimate. This will help you identify any unusual activity.
If your card is lost or stolen, let your bank know straight away, even if you’re travelling overseas. In most cases, your bank will immediately cancel your card and will send you a replacement card as soon as possible.
This depends on your bank and the situation. Many of the bigger banks offer a 100% money-back guarantee on fraudulent transactions if you comply with the card’s conditions of use. For more information, speak to your financial institution.
In both Q1 and Q2 of 2023, approximately 1 in 10 Canadians were looking to open a chequing account — the predominant day-to-day bank account that includes a debit card.
Debit cards let you access your savings or chequing account on the go. You can use them to withdraw money from ATMs or to make purchases in store. You can also use them to make purchases online if you have a Visa Debit or Mastercard Debit. While most Canadians have a debit card, many prefer to make purchases using a credit card. This is because credit cards tend to offer more rewards and benefits than debit cards.
Get competitive exchange rates and pay no foreign transaction fees when you spend money internationally with this fee-free Visa debit card.
Apply for a debit card with this Big Five bank to make purchases online or in-store directly from your bank account.
Find out how these two products are related but different. Plus, explore the similarities and differences before comparing top-rated accounts.
It’s a straightforward and convenient process to use your debit card online, but paying with a credit card may be safer.
Take preventive measures to avoid having to worry about your debit card being declined.
Make sure you have one of these debit cards before you travel overseas.
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