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BMO Account Fees

BMO, or Bank of Montreal, has a variety of account options, each with different fees and features. These fees may include monthly account maintenance fees, fees for using certain services (such as using an ATM or making a wire transfer), and fees for going over your account’s transaction limit or minimum balance. It is best to check with BMO directly or consult their website for information on specific account fees and how to avoid or reduce them.

In addition to the typical account maintenance fees, BMO also offers a variety of account packages that bundle different services together for a set monthly fee. For example, the BMO SmartFee package includes unlimited transactions and a waived monthly fee for a set monthly cost.

BMO also offers student accounts with no monthly fee and no minimum balance, as well as senior accounts with reduced fees and increased ATM withdrawal limits.

It’s also important to note that BMO has a number of fee waivers available to customers. For example, if a customer maintains a certain minimum balance in their account, they may be able to avoid or reduce monthly maintenance fees. Some accounts also waive the fee for using non-BMO ATMs.

It’s always a good idea to review your account fees regularly and ask your financial institution about any waivers or discounts that may apply to you. Additionally, comparing different bank account options and considering online banks as they may have lower fees and more favorable terms.

About BMO 

Bank of Montreal (BMO) is one of the largest banks in Canada and the oldest bank in the country, dating back to 1817. It is a publicly-traded company and is listed on the Toronto Stock Exchange. BMO offers a wide range of financial services and products, including personal and business banking, investment and wealth management, and commercial banking.

BMO serves over 12 million customers and has more than 900 branches across Canada, as well as a significant presence in the United States through its subsidiary BMO Harris Bank. The bank also offers online and mobile banking services, allowing customers to access their accounts and manage their finances from anywhere.

In addition to traditional banking services, BMO also offers a variety of insurance products, including home, auto, and travel insurance, as well as investment and retirement planning services.

BMO is known for its commitment to sustainability and corporate social responsibility. The bank has a number of initiatives in place to support the communities in which it operates, including programs focused on financial literacy, diversity and inclusion, and environmental sustainability.

BMO

BMO Chequing Account Fees 

BMO offers several different types of chequing accounts, each with its own set of fees and features. Some of the most common fees associated with BMO chequing accounts include:

  • Monthly account maintenance fee: Many BMO chequing accounts have a monthly fee that must be paid to maintain the account. However, this fee can often be waived by maintaining a certain minimum balance or by signing up for a bundled account package.

  • Transactions fees: Some BMO chequing accounts have a limit on the number of transactions that can be made per month, with additional fees for going over that limit.

  • ATM fees: Using an ATM that is not part of the BMO network may result in additional fees.

  • Interac e-Transfer Fees: Some chequing accounts may charge a fee for using the Interac e-Transfer service to transfer money to other bank accounts.

  • Overdraft fees: If a customer goes over the available balance on their account, they may be charged an overdraft fee.

It is important to note that fees vary depending on the account type and package, so it’s best to check with BMO directly or consult their website for information on specific account fees and how to avoid or reduce them.

BMO Savings Account Fees

BMO offers several types of savings accounts, each with its own set of fees and features. Some of the most common fees associated with BMO savings accounts include:

  • Monthly account maintenance fee: Some BMO savings accounts have a monthly fee that must be paid to maintain the account. However, this fee can often be waived by maintaining a certain minimum balance.

  • Transactions fees: Some BMO savings accounts have a limit on the number of transactions that can be made per month, with additional fees for going over that limit.

  • Withdrawal fees: Withdrawing money from a BMO savings account may result in additional fees.

  • Overdraft fees: If a customer goes over the available balance on their account, they may be charged an overdraft fee.

It is important to note that fees vary depending on the account type and package, so it’s best to check with BMO directly or consult their website for information on specific account fees and how to avoid or reduce them.

Additionally, BMO offers some savings accounts that have no monthly fees and no transaction fees, such as the BMO Premium Rate Savings Account and BMO Tax-Free Savings Account. These accounts usually have a higher interest rate than regular savings accounts, but also may have minimum balance requirements or other terms and conditions.

BMO Cheque book Fees

BMO may charge a fee for ordering a new cheque book for certain types of accounts. This fee can vary depending on the type of account and package. For example, certain accounts may have a one-time fee for the initial cheque book, while others may charge a fee for each additional cheque book ordered.

It is important to check with BMO directly or consult their website for the most up-to-date information on cheque book fees, as well as any conditions or qualifications that may affect the fee. Some BMO accounts may waive the cheque book fee if certain conditions are met, such as maintaining a minimum balance or signing up for a bundled account package.

It’s also worth noting that with the increasing popularity of digital payments and online banking, many customers may not need to order a physical cheque book at all. Instead they can issue electronic cheques, which is a cost-effective and convenient way to pay bills and make payments.

BMO employees

BMO Trading Account Fees

BMO offers a range of trading accounts for customers who want to invest in the stock market, including self-directed and managed portfolios.

The fees associated with these accounts may include:

  • Account maintenance fees: Some BMO trading accounts may have a monthly or annual fee to cover the cost of maintaining the account.

  • Commission fees: Each time you buy or sell a stock, you may be charged a commission fee by BMO. These fees can vary depending on the type of account and the size of the trade.

  • Inactivity fees: Some BMO trading accounts may charge a fee if you do not make any trades within a certain period of time.

  • Margin account fees: Some BMO trading accounts may be set up as margin accounts, which allow you to borrow money from the bank to make trades. These accounts may have additional fees, such as interest charges on the borrowed money.

  • Mutual Fund Fees: If you invest in mutual funds, you may be subject to management expense ratios (MERs) and other fees.

It is important to check with BMO directly or consult their website for the most up-to-date information on trading account fees and how to avoid or reduce them, as well as any conditions or qualifications that may affect the fees. Additionally, it’s always a good idea to review the fees of different trading platforms and compare them before deciding which one to use.

Final Words

In conclusion, BMO offers a wide range of financial services and products, including chequing and savings accounts, debit and credit cards, and trading accounts. Each of these services may come with its own set of fees, such as account maintenance fees, commission fees, and inactivity fees.

It’s important to check with BMO directly or consult their website for the most up-to-date information on fees and how to avoid or reduce them, as well as any conditions or qualifications that may affect the fees. Additionally, it’s always a good idea to review the fees of different financial institutions and compare them before deciding which one to use.

It’s also worth noting that many financial institutions, including BMO, offer different account options and packages that may have different fee structures.

For example, some accounts may have higher monthly fees but waive other types of fees or offer additional benefits such as higher interest rates. Therefore, it’s important to carefully review the fees and features of different accounts and choose the one that best meets your needs and financial goals. Also, it’s always a good idea to check with the bank if you are eligible for any promotions or discounts on fees.

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