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Safety & Security

Use your card with confidence, knowing you're always protected.

 

 

 

 


 

 

Safety & Security - BMO® Secured Credit Cards

 

Use your card with confidence, knowing you're always protected.

 

 

 


 

 


 

 

Chip Technology

 

 

BMO® debit and credit cards are more secure than ever thanks to chip technology. Chip debit and credit cards contain an encrypted microchip that is extremely difficult to counterfeit. Your personal identification number (PIN) provides even more protection.

 

Chip card technology has already been tested and implemented in over 92 countries in Europe, Asia, Latin America, Africa and the Middle East. The transition to chip card technology represents an evolution of the electronic payment system. Chip technology is designed to take security to the next level by making a safe payment system even safer.

BMO, along with other members of the payments industry, has been leading the transition to chip card technology in Canada. To better secure your personal information and in-branch transactions, BMO has installed chip & PIN terminals in all of our branches.

 

Canadian and U.S. stores and services will be equipped with terminals that process chip transactions over the next few years. All chip cards will continue to have a magnetic stripe on the back of the card. This means that you'll still be able to use your chip card at merchants who don't have chip terminals and in countries that have not yet adopted chip technology.

 


 

 

MasterCard®* SecureCode®*

 

 

MasterCard SecureCode offers an additional layer of security on your BMO MasterCard for all your online purchases. This enhanced level of security will verify your online purchases through a seamless process to ensure that your card is always protected. SecureCode works with your existing BMO MasterCard and requires no download or registration.

 

 


 

 

 

 

Identity Theft Assistance

 

 

IDefence®†# identity theft specialists will help you correct your financial information and restore your personal reputation. For 24/7 identity theft support, call IDefence®†# toll-free at 1-866-323-7187.

 

 


 

 

Zero Liability30

 

 

Have peace of mind knowing that you are protected from theft and fraudulent use of your card. If your card is used without your authorization, you will not be liable if:

 

  • You did not contribute to the unauthorized use
  • You used reasonable care to safeguard your card and PIN, and
  • You notify us by telephone within 24 hours if you learn of the loss, theft or misuse of your card or cheques, or after you suspected that someone else knows your PIN.

 

If you don't meet these criteria, you will be liable for all charges incurred in connection with the unauthorized use.

 


 

 

IDefence Plus™†#

 

 

$8.99 per month

 

Learn more about IDefence

 

or contact the IDefence Plus service team at 1-855-695-5270.

IDefence Plus™†#

 

 

360° Identity Protection (Provided by D+H™†#)

 

If you've ever worried about losing your wallet while travelling and how fraudsters are exploiting your identity online, you need protection that gives you peace of mind. With IDefence Plus you'll benefit from a comprehensive suite of services that includes:

 

Identity Protection and Restoration:

 

Monitors your registered card numbers and personal information online, and notifies you with email or text alerts the moment something suspicious is found. You'll even have access to a monthly, customized Internet Profile Report that helps you identify the possible misuse of your identity.

 

If loss or theft should strike, the IDefence Plus team will guide you through the identity restoration process and provide the support that you need, like getting your payment cards cancelled and reissued as quickly as possible. You will also benefit from three months of credit monitoring services at no additional cost to you.

 

IDefence Plus Mobile App:

 

Allows you to keep important information safely backed up in case your wallet is lost or stolen. You can also scan and store all of your favorite loyalty cards so you never miss out on points when shopping.

 

Travel Assistance:

 

Easily record all of your upcoming travel plans and set up travel notifications so your cards aren't declined while away from home. Plus you get 24/7 emergency support.

 

Payment Options: Customers who are interested in enrolling for this service can pay the monthly fee with their BMO MasterCard card or their BMO Chequing Account32

 


 

 

CreditDefence™†#

 

 

$18.99 per month

 

Learn more about CreditDefence

 

or contact the CreditDefence Plus service team at 1-855-695-5271.

CreditDefence™†#

 

 

Maintain a strong credit rating and accurate credit report (Provided by D+H). A strong credit rating ensures continued access to affordable credit to make important purchases.

 

CreditDefenceequips you with the comprehensive information you need to proactively manage your credit score and protect yourself against potential identity theft.

 

Full Credit Report & Credit Score Updates

 

Every 3 months, CreditDefence provides you with a new credit report that reflects all of the relevant changes in your credit history helping you identify any factual errors and/or suspected fraudulent activity.

 

Daily Monitoring & Activity Alerts

 

Around the clock monitoring of your credit bureau file with real-time alerts whenever there is significant activity. Plus, you have the ability to view any changes as they are reported which helps you better manage your credit and identity if any unauthorized activity is taking place.

 

Support Services

 

When you need additional support, the CreditDefence team will help answer your questions. You may also access additional online tools and resources to help you make the most of the service.

 

Payment Options: Customers who are interested in enrolling for this service can pay the monthly fee with their BMO MasterCard card or their BMO Chequing Account32

 


 

 

BMO Credit Card Balance Protection41

 

 

Benefits

 

BMO Credit Card Balance Protection will pay your entire BMO MasterCard account balance (up to a maximum of $15,000) for specific insurance events including:

 

  • Life Insurance – if you pass away
  • Critical Illness – if you are diagnosed with cancer, have a heart attack, stroke or coronary artery bypass surgery
  • Hospitalization – if you are hospitalized for more than 30 consecutive days

 

BMO Credit Card Balance Protection will make monthly payments to BMO of $20 or 10% of your credit card balance, whichever is more in the event of:

 

  • Disability – you become totally disabled
  • Job Loss – you lose your job through no fault of your own
  • Hospitalization – one monthly payment – if you are hospitalized for more than 24 hours but not more than 30 consecutive days
  • Terminal Illness Care Giving Benefit – six monthly payments – in the event of a terminal illness of a dependent child or adult.

 

Eligibility

 

To enroll for coverage you must be the primary cardholder or a small business owner, be at least 18 years of age and under age 65, be a resident of Canada and have a valid BMO credit card.

 

Insurer

 

The Manufacturers Life Insurance Company (Manulife) is the Insurer of this policy for all benefits except Job Loss, which is offered by First North American Insurance Company.

 

Manulife will send you a Welcome Letter and Certificate of Insurance following enrolment. If you live in Quebec, you will also receive a Distribution Guide. These documents describe in detail all of the benefits of this insurance plan, as well as any limitations and exclusions that may impact the amount of benefit you may receive at time of claim. Please make sure to read these documents carefully and keep them in a safe place.

Cost

 

Your premium is based on your Total Average Daily Balance for the billing cycle. Your total average daily balance is determined by adding up your credit card outstanding balances at the end of each day in the billing cycle, including any interest charges, and dividing it by the number of days in the billing cycle.

 

The premium rate is $0.94 for every $100 of your total average daily balance. At age 70, coverage is reduced to Life Insurance only. Accordingly, the premium rate will reduce to $0.40 for every $100 of your total average daily balance.

 

Claims

 

If you need to talk to us concerning a claim, please call the appropriate Customer Service number, toll-free:

 

For claims related to insurance on Loans and Lines of Credit or Mortgages please contact your branch.

 

For a BMO MasterCard Balance Insurance claim please call: 1-800-268-5962 (toll-free within Canada and the United States)

 

For a BMO Travel Insurance claim please call:

1-800-661-9060 (toll-free within Canada and the United States)

519-741-0782 (collect outside Canada or United States)

1-519-742-8553 (fax)

 

Complaints

 

If you have a complaint, we encourage you to let us know and give us the opportunity to resolve your concerns as retaining your confidence and trust is of utmost importance. Please call 1-866-881-9054.

 


 

Credit Card Balance Protection FAQs

 

 

How are BMO Credit Card Balance Protection Premiums billed?

Your BMO® Credit Card Balance Protection statement date will be the billing date for your Balance Protection premiums. Premiums are calculated based on your total average daily balance for the billing cycle. Your total average daily outstanding balance is calculated by adding up your credit card balances at the end of each day during the billing cycle, including any interest or other charges, and then dividing this amount by the number of days in the billing cycle. The monthly premium is $0.94 for every $100 of your total average daily balance Premiums may be subject to provincial sales taxes.

 

Example
Balance daily is $1,000 from day 1 to day 15
Balance daily from day 16 to day 20 is $1250
Balance daily from day 21 to day 30 is $1500

 

Average daily balance for this month is:
$1,000 x 15 = $15,000
$1250 x 5 = $6,250
$1500 x 10 - $15,000
TOTAL $36,250

 

Average Daily Balance = $36,250 Ă· 30 days = $1208.33

 

Monthly Premium = $1208.33 Ă· $100 = 12.08 x $.94 = $11.35 + $0.91 PST (8% - Ontario) = $12.26


Can BMO Credit Card Balance Protection Premiums still be posted to my BMO Mastercard Account after I cancel my coverage?

Yes, since BMO Credit Card Balance Protection premiums are calculated on the previous month's average daily balances, it will appear on the statement following your cancellation request.


When does coverage begin and end?

Coverage begins on the date the Primary Cardholder or small business cardholder enrolls. If applicable, a spousal cardholder or co-owner is also covered from that date.

Coverage ends for the Primary Cardholder immediately if:

  • The date the Primary Cardholder turns 70 (except for life insurance, which continues for as long as premiums are being paid)
  • The Primary Cardholder requests cancellation
  • The Primary Cardholder's death
  • The termination of the Group Policy
  • The date that BMO cancels the Primary Cardholder's credit card or their rights and privileges on the card
  • The date that Manulife Financial cancels the Primary Cardholder's insurance for non-payment of premiums due

Coverage ends for all other insured cardholders (for example, spouses and small business co-owners) on the earlier of:

  • The date that coverage ends for any of the reasons above
  • The date of an insured cardholder's death
  • The date the insured cardholder turns 70 (except for life insurance, which continues for as long as premiums are being paid) or
  • The date that an insured cardholder no longer holds a valid BMO credit card

Are there exclusions or limitations?

Exclusions and limitations vary by coverage. Upon enrolment you will receive the BMO Credit Card Balance Protection Welcome Letter, Certificate of Insurance and Distribution Guide (the Distribution Guide will only be available to Quebec customers), which will provide you with full product details including the exclusions and limitations.


Is the BMO Credit Card Balance Protection Premium considered a retail purchase? Will I receive reward points?

No, the premium charge is classified as a fee and is not subject for award points.


What will I be charged if the balance is less than $100?

The calculation does not change despite the balance amount, and is pro-rated. If the balance amount is $50, then the premium on the monthly statement would be $0.47 plus any applicable sales tax.


Can I call Manulife directly to sign-up for BMO Credit Card Balance Protection?

No, this product may be purchased through the BMO Customer Contact Centre at 1-800-263-2263.


If I am enrolled for BMO Credit Card Balance Protection and my balance is greater than $15,000, will I be charged the fee for the full amount (even though the maximum balance that would be covered for any one of the benefits is $15,000)?

No, the maximum fee charged will be $141.00 plus any applicable sales tax, which is equivalent to a $15,000 balance, even if the balance is greater than $15,000.


What's the cancellation policy?

You have a 30-Day Right to Examine. This means you will receive a full refund if cancellation is within 30 days from the date you receive your Certificate of Insurance.


How do I cancel my BMO Credit Card Balance Protection?

You simply call Manulife at 1-800-268-5962.

 

 

BMO Credit Card Balance Protection sample certificate (PDF)

 

BMO Credit Card Balance Protection distribution guide (PDF)