BMO is a large North American bank that offers checking accounts, savings accounts, loans, and credit cards

BMO Financial Group is the parent company of Bank of Montreal and BMO Harris Bank. If you see the BMO name on a debit card, a branch, or online banking, you are dealing with one of the largest banks in North America. The bank operates in the United States and Canada, with thousands of branches and millions of customers.

BMO works like most traditional banks: you deposit money into an account, the bank holds it, and you can withdraw it whenever you need it. The bank also lends money to people and businesses, and charges fees or interest for the services it provides. If you are new to banking or returning after a gap, BMO functions the same way as any other major bank — the main difference is the name on your card and the specific products they offer.

Key Takeaways

  • BMO is a major bank with branches across the United States and Canada, so you can visit a physical location or bank online.
  • You can open a checking account, savings account, or credit card with BMO, and the process is similar to opening an account at any other bank.
  • BMO charges monthly fees for some accounts, but these fees may be waived if you maintain a minimum balance or set up direct deposit.
  • BMO's customer service is available by phone, in person at branches, and through online chat, so you have multiple ways to get help.

The difference between BMO and other banks

BMO is not the only large bank in North America, but it is one of the oldest and largest. Other major banks include Chase, Wells Fargo, TD Bank, and RBC. The real difference between BMO and these banks comes down to location, fees, and the specific products they offer.

If you live in a state or province where BMO has branches, you can walk into a location and speak to someone in person. If BMO does not have branches near you, you can still bank online, but you will not have a physical location to visit. Some people prefer banks with many branches nearby; others do not mind banking entirely online. The choice depends on what matters to you.

Types of accounts BMO offers

BMO offers checking accounts, which are designed for everyday spending. You get a debit card, you can write checks, and you can withdraw money from ATMs. Checking accounts usually have a monthly fee, though BMO may waive the fee if you keep a certain amount of money in the account or set up direct deposit from your employer.

Savings accounts are designed to hold money you are not spending right away. The bank pays you interest — a small percentage of your balance — in exchange for letting them use your money. The interest rate varies depending on the account type and current market conditions. Savings accounts also have monthly fees in some cases, but again, BMO may waive them based on your balance or account activity.

BMO also offers credit cards, which let you borrow money from the bank to make purchases. You pay the bank back later, usually with interest if you do not pay the full balance right away. Credit cards are different from debit cards: a debit card uses money you already have, while a credit card is a loan you repay.

How to open an account with BMO

To open a checking or savings account, you will need to visit a BMO branch in person or go to their website to start the process online. Either way, you will need to provide your name, address, date of birth, and a government-issued ID such as a driver's license or passport. You will also need a Social Security number or Individual Taxpayer Identification Number (ITIN) if you are in the United States.

Some accounts require a minimum opening deposit — usually between $25 and $100, depending on the account type. Once your account is open, you can deposit money by visiting a branch, using an ATM, or setting up direct deposit from your employer. The bank will issue you a debit card, which typically arrives in the mail within 7 to 10 business days.

Fees and costs you should know about

BMO charges a monthly maintenance fee on most checking and savings accounts. The amount varies by account type, but it is typically between $5 and $15 per month. However, BMO waives this fee if you meet certain conditions, such as keeping a minimum balance (often $500 to $1,500) or setting up direct deposit.

BMO also charges fees for other services: overdraft fees if you spend more money than you have in your account, ATM fees if you use an ATM that does not belong to BMO, and wire transfer fees if you send money to another bank. Some of these fees can be significant — overdraft fees, for example, can be $30 or more per occurrence. It is worth asking a BMO representative which fees explore to your specific account and what you can do to avoid them.

How to contact BMO if you need help

BMO offers customer service through multiple channels. You can call their phone line during business hours, visit a branch in person, or use online chat through their website. If you are new to banking, speaking to someone in person at a branch is often the easiest way to get your free guide — they can walk you through opening an account and answer questions about how the bank works.

You can also manage your account online through BMO's website or mobile app. This lets you check your balance, transfer money between accounts, pay bills, and deposit checks by taking a photo. If you run into a problem or have a question, the app usually has a chat feature that connects you to a representative.

Whether BMO is right for you

Choosing a bank depends on your situation. If you live near BMO branches and prefer to bank in person, BMO may be a good fit. If you want low fees, you may want to compare BMO's fees with other banks or look into online-only banks, which often charge less. If you are new to banking and want someone to explain how accounts work, visiting a BMO branch and speaking to a representative is a practical first step.

The most important thing is to open an account somewhere and start building a relationship with a bank. Whether that bank is BMO or another institution matters less than getting started. Once you have an account, you can always move your money to a different bank later if you find one that works better for you.

Frequently Asked Questions

Do I need a minimum amount of money to open a BMO account?

Most BMO accounts require an opening deposit, usually between $25 and $100. Some accounts may have higher minimums. Contact your local BMO branch or visit their website to find out the specific requirement for the account type you are interested in.

Can I use BMO ATMs if I do not have a BMO account?

You can use a BMO ATM with a debit card from another bank, but the other bank will likely charge you a fee for using an out-of-network ATM. If you have a BMO account, you can use BMO ATMs for free.

What happens if I overdraft my BMO checking account?

If you spend more money than you have in your account, BMO will charge you an overdraft fee, typically $30 or more. The transaction may still go through, or it may be declined depending on your account settings. You can ask BMO to turn off overdraft protection to prevent this from happening.

Can I open a BMO account online without visiting a branch?

BMO allows you to start the account opening process online, but you may need to visit a branch or provide additional verification to complete it. Check BMO's website or call their customer service line to find out what is required for your situation.

Does BMO offer accounts for people with no credit history?

BMO offers checking and savings accounts to people regardless of credit history — these accounts do not require a credit check. Credit cards do require a credit check, but you can open a checking or savings account as your first step into the banking system.