BMO has announced the launch of a new ‘Pre-Authorized Payments Manager’ on the BMO Mobile Banking app. The banking app feature provides an enhanced view of pre-authorized payments that include subscriptions attached to a BMO credit card to help customers track how they spend their money.
“As our recent survey has made clear, Canadians are not strangers to subscriptions, and they want help managing their pre-authorized payments. The Pre-Authorized Payments Manager meets a clear customer need and builds on our commitment to offering leading digital experiences that help our customers make real financial progress,” said Mat Mehrotra, BMO’s CDO, in a press release.
According to BMO, one-quarter of Canadians with subscriptions on their credit card have had issues with cancelling subscriptions, forgetting about subscriptions and keeping track of monthly charges to their credit cards. This new feature will help address some of these concerns.
Now, BMO is the only bank that shows both past and future payments per credit card to help customers keep track of their monthly subscriptions.