You can close a BMO savings account in person, by phone, or by mail, and the process takes a few days to a week

BMO offers three ways to close a savings account: visit a branch in person, call customer service, or send a written request by mail. The fastest route is usually in person at any BMO branch, where staff can process the closure when ready and handle any remaining balance. If you close by phone or mail, expect the account to close within 3 to 7 business days after BMO receives your request.

Before you close, check your account for pending transactions, automatic bill payments, or direct deposits linked to that account. Any money in the account will be returned to you—either as a check, transferred to another account, or given to you in cash if you close in person. There is no fee to close a BMO savings account.

Key Takeaways

  • Closing in person at a BMO branch is the fastest method and takes minutes, while phone and mail closures take 3 to 7 business days.
  • You must cancel any automatic payments or recurring transfers linked to the account before closing, or they may fail after the account shuts down.
  • Any remaining balance will be returned to you by check, electronic transfer, or cash, depending on the method you choose.
  • Have your account number and government-issued ID ready if you close by phone or in person.

Closing your account in person at a BMO branch

Walk into any BMO branch with your government-issued ID and ask to close your savings account. The teller will pull up your account, confirm your identity, and review any remaining balance. If there are pending transactions or automatic payments still attached, they will flag those before processing the closure. The account closes on the spot, and you can receive your balance as cash, a check, or a transfer to another account.

Bring your account number if you have it, though the teller can look it up using your ID and name. If you have a debit card linked to the account, let the teller know so they can note that it will stop working after closure. The whole process usually takes 10 to 15 minutes.

Closing your account by phone

Call BMO customer service at the number on the back of your debit card or on your most recent statement. Have your account number and the phone number or address associated with your account ready. The representative will verify your identity by asking security questions, then review your account for any pending activity.

Tell the representative how you want your remaining balance handled—check, transfer to another account, or other options they may offer. BMO will mail a check or process an electronic transfer within 3 to 7 business days. Ask the representative to confirm the closure date and the method for returning your balance before you hang up, and request a confirmation number for your records.

Closing your account by mail

Write a letter to BMO requesting closure of your savings account. Include your full name, account number, the address on file, and your signature. State how you want your remaining balance returned—by check or electronic transfer to another account. Mail the letter to the BMO branch address listed on your statement or to BMO's main customer service address.

Keep a copy of your letter and note the date you mailed it. BMO typically processes mail requests within 7 to 10 business days of receipt, though the postal service adds time on both ends. If you do not receive confirmation or your balance within two weeks, call customer service to confirm the letter arrived.

What to do before closing your account

Review your account for any automatic bill payments, recurring transfers, or direct deposits. If your paycheck or benefits deposit into this account, update your employer or the paying agency with a new account number before closing. If you have automatic payments set up (utilities, subscriptions, loan payments), move those to another account or cancel them first. Payments that try to process after the account closes will be rejected, which can trigger late fees or service interruptions.

Check your recent statements for any pending transactions that have not cleared yet. If you see a transaction that is still processing, wait a few days before closing the account to let it complete. If you have a debit card tied to the account, you can continue using it until the account officially closes, but it will stop working when ready after.

What happens to your money when you close

Any balance remaining in your account will be returned to you. If you close in person, you can take the money as cash or request a check on the spot. If you close by phone or mail, you can ask for a check to be mailed to you or request an electronic transfer to another bank account. Electronic transfers usually arrive within 1 to 3 business days; checks take 5 to 10 business days depending on postal delivery.

If your account has a negative balance (you owe BMO money), you will need to pay that amount before the account closes. BMO will not close an account with an outstanding debt. Contact customer service to arrange payment if this applies to you.

If you have a linked chequing account or credit card

Closing a savings account does not affect any other accounts you hold with BMO. Your chequing account, credit card, or other products will remain open and active. However, if you have set up transfers between your savings account and another account, those transfers will stop working once the savings account closes. Update any automatic transfers or bill payments that relied on the savings account before you close it.

If you had overdraft protection linked to this savings account, that protection will no longer be available on your chequing account once the savings account closes. Contact BMO if you want to set up overdraft protection using a different account or credit product.

Frequently Asked Questions

Can I reopen a BMO savings account after I close it?

Yes. You can open a new savings account at any time by visiting a branch, calling customer service, or explore online through BMO's website. There is no waiting period, and you can use the same information as before. However, your old account number will not be reactivated—you will receive a new account number.

What if I have a negative balance or owe BMO money?

BMO will not close an account with an outstanding balance or debt. You must pay what you owe first. Contact customer service to find out the exact amount and arrange payment by phone, in person, or through online banking.

Will closing my savings account affect my credit score?

No. Closing a savings account does not appear on your credit report and has no impact on your credit score. Only credit products like credit cards, loans, and lines of credit affect your credit history.

How long does it take to receive my money after I close?

If you close in person, you get your money when ready as cash or a check. If you request an electronic transfer, it arrives within 1 to 3 business days. If you request a mailed check, allow 5 to 10 business days for postal delivery.

Do I need to close my account in the same branch where I opened it?

No. You can close your account at any BMO branch, or by phone or mail. The branch location does not matter.