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BMO Checking Account Review Pros and ConsA checking account isn't a debit card, but the two are related. A checking account is a bank account to put your money in and a debit card. The bank offers checking and savings accounts, certificates of deposit (CDs), IRAs and various other investing and loan options. The BMO Harris. No need for checks and safer than cash. Get instant access to your money along with the benefits of a Mastercard� for all your purchase and spending needs.