BMO Bank Review 2024

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BMO Banking Advantages Over Traditional Banks

BMO is a traditional brick-and-mortar bank that has heavily invested in their online and mobile banking experience. As such, even those who live outside the eight states with physical agencies can benefit from all of BMO's great features, making it one of the best online banking companies for both digital convenience and traditional banking services.

• No-fee checking account when you opt for digital statements.
• No-fee savings account with a $100 minimum balance.
• Competitive rates on Contracts of Deposit (CDs) up to 1.30%, almost 2.5x the national average at 55 months.
• Branch access for those living in one of the eight states with physical branches.
• Access to AllPoint ATMs, more than 55,000 locations worldwide.
• MMA with check-writing and ATM withdrawal for easy access.

Cutting-Edge Banking Services 

BMO's extensive online and mobile banking functions make it easy to get a handle on your finances, control your cash flow, and keep your money and personal information secure. 

• Bills: Receive and automatically pay e-bills, with on-time payment guarantee and 24-month history. 
• Total Look offers an overview of all your accounts, even those from other institutions, to give you a smarter, more intuitive picture of your finances.
• Zelle. Send money to friends and family in minutes, with just their mobile number or email address.
• Reporting features for analyzing spending habits, to build a better budget.

Traditional Banking Services  

Birthed from the merger of two veteran financial institutions, BMO offers a full range of traditional banking services:

• 500 branches (mostly Midwestern) and AllPoint ATM network (55,000 zero-fee ATMs worldwide).
• Multiple checking accounts, with great features like zero fees and rebates on out-of-network ATM fees.
• Range of investment options, including IRAs, with dedicated wealth management agents
• Multiple Mastercard credit cards available, including a no-fee Platinum Rewards card.
• Mortgages, loans, and lines of credit.
• Full range of business and commercial services, including accounts, credit cards, lending, business insights and direction, and special offers on services.

Interest Rates and Fees 

BMO bank has a lot to offer for those looking to safely grow their money through savings accounts, MMAs,, and CDs. The different APYs and rates are listed below, and most of the fees are waivable. 

While monthly fees are reasonable and often avoidable, the overdraft fees are steep: $36 per transaction, up to four transactions per day, with an additional $7 fee for each day of overdraft beyond three consecutive business days. You can avoid these by connecting a savings account or line of credit for automatic coverage, at $10 per transaction, and by ensuring your account stays in good standing. . 

Customer Service 

BMO customer service can be reached by phone from 8 am to 8 pm CST. Alternatively, you can also submit a query on their website at any time, and request to be contacted either by phone or by email.

While the website doesn’t have a dedicated FAQ or knowledge base, you can search for articles from the Contact Us page, and may find what you’re looking for. Most product and service pages also have a helpful FAQ section at the bottom of the page, and the Digital Banking section has very thorough dedicated FAQ and demo pages. 

Mobile App

As previously stated, BMO offers online banking options for all everyday transactions, and has some fantastic tools for managing your finances: 

• Smartphone ATM Access means you can still withdraw cash from an ATM, even if you’ve forgotten (or chosen to leave) your wallet at home.
• Mobile check deposit makes it easy to deposit checks, even if you’re miles from the nearest branch. Just take a picture of both sides with your phone’s camera.
• Apple Pay. Tap to pay with your smartphone or tablet with Apple Pay integration for up to eight BMO bank cards.

Security

BMO Bank has built a number of security features into its online and mobile banking products. The mobile apps come with biometric security, so you can access your accounts using Fingerprint ID (Samsung), or Touch or Face ID (iPhone).

The dedicated Security Centre has lots of information on how to stay safe while banking online, and their guarantee is unequivocal: “We will reimburse you for unauthorized transactions to your personal banking accounts resulting from fraud through BMO Online … [and] Mobile Banking.”

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Summary

BMO is a major financial institute with a full range of online and digital products, including online checking and savings accounts, MMAs and CDs, many of which offer very competitive interest rates. The online and digital banking apps provide a bevy of useful features, like bill payment and smartphone ATM access.