BNS Momentum Chequing Thread
Link to BNS product page.
- Monthly fee that cannot be waived with minimum balance or multi-product
- 1% cashback VISA debit on up to $30k/yr spend for $300 max cashback
- The rest is typical à la BNS (two free monthly e-transfers, two no fee off network ATM withdrawals)
- Chequebooks are PPU and paper statements have monthly fee
- Cashback payout once a year
Monthly fee adds up to $191.40/yr. If one hits the $30k/yr, that's $108.60 profit above the account maintenance fee. Cashback is obviously over and above the merchant fee on VISA debit, meaning BNS is hoping most will not put them at a calculated loss of $108.60 year over year.
This may be ok for those who don't intend on keeping a $3-6k+ float in a big bank chequing account.
Outlets for VISA debit (where CC is not accepted)
- PayTM - effective 2019. This works for all payees (your credit cards, even Mogo prepaid). Prior could only load PayTM with VISA debit at Canada Post (where all debit cards work)
- Stack MC - meaning when you load Stack with BNS Momentum debit, and withdraw at forex ATM, you earn over and above the MC exchange rate. Might work for some other prepaid cards