The cost of living is rising for Canadians, and one factor for many people is managing monthly subscriptions. BMO’s new Pre-Authorized Payments Manager is available now to help.
In a recent survey, BMO found that 53% of Canadians pay for at least one monthly subscription that’s charged automatically to their credit card, and 28% of respondents had difficulty cancelling subscriptions that they did not want. As well, 21% of respondents said they were still paying for subscriptions that they had forgotten about.
BMO’s survey showed that Canadians are also cancelling subscriptions to save money, and nearly two-thirds of respondents said that they would benefit from a subscription tracking tool.
As part of their Digitial First strategy to help customers manage their financial goals more effectively, BMO is now offering the Pre-Authorized Payments Manager, a new tool to help Canadians track and manage their subscriptions.
Available to BMO customers within the Mobile Banking App, the new feature ensures that Canadians can better manage the costs of streaming services, as well as food and fitness memberships.
“With inflation at its highest point in decades, Canadians are re-thinking their finances, prioritizing spending and making difficult purchasing decisions,” says Gayle Ramsay, Head Everyday Banking and Customer Growth at BMO, “Digital tools like the Pre-authorized Payments Manager on our mobile banking app can help track automatic payments with a clear view of spending so Canadians stay on top of expenses and stick to their budget.”
Alongside their other tools, like BMO Insights, BMO CashTrack, and Selfie ID, Pre-Authorized Payments Manager allows BMO customers to view all their subscriptions in one place, with details of past payments, and estimated future payments.
“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 Chief Digital Officer.
To learn more about BMO mobile banking and to download the BMO mobile app, visit bmo.com.
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