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My BMO Bank of Montreal Online Banking Review

Updated on October 22, 2011
BMO Financial Group Logo
BMO Financial Group Logo | Source

Intro

Bank of Montreal is one of the largest banks in North America and is one of Canada's oldest banks.  The bank is also known as Banque de Montréal in French and is commonly known as BMO in either language. The bank offers a complete range of financial services in our chosen markets on both sides of the Canada and United States border. The banking institution provides wealth management services, personal banking services, and mortgages. Further, as part of its capital markets operations, the lender offers equity and debt underwriting services, M&A advisory services, as well as treasury and risk management services to large corporate, institutional, and government customers.


BMO History

The Bank of Montreal was founded in 1817 in Montreal. The institution is headquartered in Montreal, Quebec Canada. Bill A. Downe is the BMO’s CEO and David A. Galloway is the BMO’s Chairman. This public bank is listed in the New York Stock Exchange (NYSE: BMO) and Toronto Stock Exchange (TSX: BMO). In USA, BMO operate under Harris Bank which is part of its subsidiary. BMO Financial Group is the fourth largest bank in Canada by deposits.

The company serves its clients through 3 operating divisions:

  1. Personal and Commercial Banking - provides financial services to personal and commercial customers
  2. Private Client Group - provides wealth management products and services to individuals and select institutional segments
  3. BMO Capital Markets - provides clients financial and capital markets services to corporate, institutional and government clients

BMO Personal Banking Products and Services

  • Everyday Bankings: include Chequing, Savings Account, Private Banking, and Student Banking with High interest account, Pay As You Go accounts, Senior Plan, Tax free Savings, Foreign Currency Account and more
  • Credit Cards: Personal Credit cards and Business credit cards
  • Mortgages & Loans: Mortgages loans for home buyer, Personal line of credit loans, Homeowner line of credit, Homeowner ReadiLine, and Student Lines of Credit
  • Investment Account: GICs, Exchange Traded Funds, Education Savings, Self Directed Investing, Mutual funds and Retirement Savings, and financial Planning & Advice
  • Insurance products: Life Insurance, Critical Illness Insurance, Accident Insurance, Income Annuities, Protection for mortgage, MasterCard Insurance, and Travel Insurance

Inside BMO Online Banking

Click thumbnail to view full-size
My Summary PageAccount DetailsTransfer Fund using Interac E-TransferPay Bill OnlineUpdate Personal Information
My Summary Page
My Summary Page
Account Details
Account Details
Transfer Fund using Interac E-Transfer
Transfer Fund using Interac E-Transfer
Pay Bill Online
Pay Bill Online
Update Personal Information
Update Personal Information

BMO Online Banking

You can access the BMO online banking by go to www.bmo.com. You will need to sign in into the online banking. You can do the following financial transaction online like

  • You can access to your accounts for 24 /7 anytime and anywhere from any computer
  • You can pay bills & transfer funds between accounts
  • You can view transactions on mortgages, loans and investments
  • You can access, apply, and register for general information on all BMO Bank of Montreal products and services
  • You can make cash advances from your credit cards or loan account
  • Check or view your bank deposit account, mortgage, loan and investment balances
  • Contact customer services for any help using online messaging service
  • Report any suspicious transaction to bank customer service
  • Update your personal information such as your address and password
  • Request for new cheques book
  • Send Interac E-Transfer to anyone with Canadian Bank account
  • Access to your BMO Account Tracker

Banking Accounts

Chequing Account

BMO chequing accounts are part of deposit account of everyday banking. The accounts fees will be accessed according to the account plan. Please check below the account plan. There are 2 main chequing accounts such as

  • Primary Chequing Account – No interest, monthly fee waived with min account balance, access to BMO MoneyLogic, can write cheque, and earn AIR Miles
  • U.S. Dollar Primary Chequing – No interest, monthly fee waived with min account balance, Send a no-fee U.S. Dollar Money Order, and access to Harris Bank

Online Savings Account

  • Premium Rate Savings Account: earn interest, access to BMO MoneyLogic
  • Smart Saver Account: earn high interest with $5,000 or overbalance, one free online or ABM or telephone banking transfer
  • Tax-Free Savings Account (TFSA): save up to $5000 per year, daily interest paid monthly, only in Canadian dollars
  • U.S. Dollar Premium Rate Savings Account: use US BMO MasterCard, earn interest in U.S. dollar

Deposit Account Plan

One of the unique features offered by BMO is the deposit account plans. Depending on your deposit account plan, you may get more benefit or fee from this plan.

  • Performance Plan: $13.95 per month waived with >$3,000 balance in primary chequing, get unlimited transaction and earn Air Miles reward miles
  • Premium Plan: $25.00 per month waived with >$5,000 balance in primary chequing, include all performance plan benefit with extra premium Air Miles reward
  • Plus Plan: $8.50 per month waived with >$2,000 balance in primary chequing, include 30 transactions and 1 Interac Email Money Transfer per month
  • Practical Plan: $4.00 per month waived with >$1,000 balance in primary chequing, include 10 transactions per month
  • Pay As You Go Plan: ala carte based on account transaction

Note: more details on BMO website

BMO Credit Cards

Depending on your card selection, BMO offered variety of credit cards:

  • AIR MILES card: BMO Gold AIR MILES MasterCard ($99 annual fee, earn 1 AIR MILES rewards miles per $15 spent
  • Cash Back card: BMO Premium CashBack MasterCard ($49 annual fee, earn 1% CashBack on all card purchases)
  • World Elite: BMO World Elite MasterCard ($150 annual fee, earn 1 BMO Elite Rewards point per $1 spent)
  • Student (SPC) card: BMO SPC AIR MILES MasterCard (no annual fee, earn 1 AIR MILEs reward miles per $20 spent)
  • No Annual Fee card: BMO CashBack MasterCard (No annual fee, earn 0.5% CashBack), BMO Preferred Rate MasterCard  (no annual fee, lower interest rate)
  • U.S. Dollar card: BMO US Dollar MasterCard ($25 annual fee, can be used for US purchases, extended warranty & purchase protection)
  • Prepaid Card: BMO Prepaid Travel MasterCard ($9.99 purchase fee, paid in advance, easy load and reload)
  • Small Business card: BMO Gold AIR MILES MasterCard for Business, BMO CashBack MasterCard for Business, BMO U.S. Dollar MasterCard for Business

Online Investing

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Investing OnlineBMO Main WebPage
Investing Online
Investing Online
BMO Main WebPage
BMO Main WebPage

Investing at BMO

BMO offers 3 BMO SmartSteps for investing as well as different investing product such as GICs, Exchange Traded Funds (ETFs), Education Savings, Tax Free Savings, BMO Mutual Funds, Retirement Savings, Disability Savings, Self Directed Investing, and Financial Planning & Advice.

There are 6 classes of BMO Mutual Funds:

  1. Security Funds: BMO T-Bill Fund, BMO Money Market Fund, BMO Premium Money Market Fund
  2. Income Funds: BMO Short Term Income Class, BMO Bond Fund, BMO Global High Yield Bond Fund
  3. Growth Funds: BMO Dividend Fund, BMO US Growth fund, BMO International Equity ETF Fund
  4. Aggressive Growth Funds: BMO Special Equity Fund, BMO Precious Metals Fund, BMO Emerging Market Fund
  5. US Dollar Funds: BMO US Dollar Money Market Fund, BMO US Dollar Equity Index Fund
  6. Managed Programs: BMO LifeStage Retirement Income Portfolios, BMO ETF Portfolios, BMO fundSelect Portfolios

BMO Self Directed Investor

For Self Directed investor, BMO offers BMO InvestorLine. You can access the website through www.bmoinvestorline.com. There are 40 BMO ETFs offered as well. BMO InvestorLine offers a $9.95 Flat Fee Pricing for trading if you qualify.

1. Based on Assets

  • Under $50,000 - $29 per trade
  • Above $50,000 - $9.95 per trade (extra benefit for high balance such as Gold Star Benefits and Silver Star Benefits)

2. Based on Trades per Quarter

  • 0-29 trades / quarter - $29 per trade
  • 30 or more trades - $9.95 per trade with Active Trader Program Benefits

The BMO InvestorLine offers the following products like Canadian & US Stocks, Canadian & US corporate bonds, Canadian & US T-Bills, Mutual Funds, IPOs, Canada Savings Bonds, ETFs, Options, etc. If you need a full service brokerage, you can use BMO Nesbitt Burns.


The Goods & Bads

Pros of BMO

  • Big financial institution or bank in Canada
  • Offer online banking service
  • Lots of product offerings
  • Offer no annual fee credit cards
  • Wide selections of student bank accounts and senior bank accounts
  • Offer 40 ETFs for investor

Cons of BMO

  • Variety of deposit accounts with complex account plans
  • No true free chequing account
  • High trading fee for small investor and non active traders using BMO InvestorLine

Comments

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    • profile image

      Hussain 

      8 months ago

      Bmo bank is the worst bank in canada fir ever

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