What is a bank account?
A bank account is an arrangement with a bank that allows you to keep your money in the bank and to take some out when you need it.
What is a chequing account?
Chequing accounts are meant for daily use. To pay for your monthly expenses, to receive deposits from your employer, your friends.
What is a savings account?
A savings account is used to save money and they generate interest.
What are the bank plans that BMO offers?
Premium, Performance, Air Miles, Plus, Practical
What is a debit card?
A debit card is a payment card that deducts money directly from a consumer's chequing account when it is used.
What is a cheque?
It is a written order between two parties (person or organization)
What is the difference between payee and payor?
Payee is the person/ organization who receives the payment. | Payor: The person making the payment
What is an overdraft?
A deficit in a bank account caused by drawing more money than the account holds.
What is a credit score?
A credit score is designed to represent your credit risk, or the likelihood you will pay on time.
What is the difference between a line of credit and a credit card?
All credit cards are lines of credit, but not all lines of credit are credit cards.
