FAQs
Does BMO bank charge monthly fees? ›
Get the best of the basics with a low-fee chequing account
Enjoy all these benefits for $15.95 per month – or, pay no monthly fee when you keep a minimum balance of $4,000. What's a transaction? Transactions include debit card purchases, bill payments, transfers, Interac e-Transfer®§ and withdrawals.
A service charge may be applied to your account if you: Have an Everyday Banking for Business Plan. Complete transactions not included in your Everyday Banking for Business Plan. Exceed the transaction limits included in your Everyday Banking for Business Plan.
Do all banks have monthly fees in Canada? ›The Government of Canada and certain financial institutions have an agreement to provide low-cost basic banking services. If you meet certain conditions, you may be eligible for a low-cost account at no cost. No-cost accounts have the same features and services as low-cost accounts but with no monthly fee.
Is there a fee to close a BMO bank account? ›It is free to close your account at BMO if the account has been opened for longer than 90 days. For an account closed within 90 days of opening it, you incur a $20 fee. What is this? If you want BMO to transfer your chequing or savings account balance to another financial institution, there's a $20 fee.
Does BMO charge foreign transaction fees? ›The exchange rate for converting foreign currency transactions to Canadian dollars (for Canadian dollar cards) and to U.S. dollars (for U.S. dollar cards) is the rate charged to us by the payment network on the date the transaction is posted to your account plus 2.50% for purchases and minus 2.50% for refunds.
What are bank monthly maintenance fees? ›What is a monthly maintenance fee? A maintenance fee is a charge that account holders may incur monthly just for having a checking account with a financial institution. Not every financial institution charges these fees (though many do), and they may not apply to every type of account offered.
How can I avoid bank service fees? ›- Utilize free checking and savings accounts. Many banks still offer them.
- Sign up for direct deposit. ...
- Keep a minimum balance. ...
- Keep multiple accounts at your bank. ...
- Use only your bank's ATMs. ...
- Don't spend more money than you have. ...
- Sign Up for Email or Text Alerts.
Its basic account, BMO Harris Everyday Checking, requires a minimum opening deposit of $100 and a monthly maintenance fee of $12. You can waive this fee, though, if you maintain a minimum daily ledger balance of $1,000 and your monthly deposits equal $500 or more during the statement period.
How much are BMO ATM fees? ›Free For deposits, withdrawals, transfers or balance inquiries. All transactions may not be available at all BMO ATMs or at Participating ATMs. $3 We charge this fee for each Non-BMO ATM Transaction. The ATM operator or network may also charge you a surcharge fee for a transaction or balance inquiry.
Which bank has no monthly fees in Canada? ›| Bank/Credit Union | Forbes Advisor Rating | Monthly Maintenance Fee |
|---|---|---|
| Tangerine Bank No-Fee Daily Chequing Account | 4.5 | $0 |
| First Nations Bank of Canada Value Chequing Account | 4.3 | $3.95 (waived with a minimum balance of $1,500) |
| Motus Bank No-Fee Chequing Account | 4.0 | $0 |
Which Canadian banks have no fees? ›
- Alterna Bank No Fee eChequing Account.
- Coast Capital Savings Free Chequing, Free Debit, and More Account®
- KOHO Spending and Savings Account.
- Motive® Cha-Ching Chequing Account™
- Motusbank Chequing Account.
- Simplii Financial™ No Fee Chequing Account.
Banks charge monthly fees on your chequing account to make more profit. Bank fees include simple charges such as monthly account fees and others such as insufficient fund fees and overdraft fees. There are ways you can greatly reduce the amount you spend on bank fees.
What happens to inactive bank accounts in Canada? ›If you don't use certain financial products for 10 years, federally regulated financial institutions will consider the balance to be unclaimed. They must transfer unclaimed balances to the Bank of Canada. This only applies to products that hold Canadian money.
How much money do you need to open a bank account at BMO? ›Minimum opening deposit of $25 is required for BMO personal checking accounts. BMO Relationship Checking is a variable rate account. Interest rates and Annual Percentage Yields (APYs) may change daily after the account is open.
What is the minimum balance to avoid fees at BMO Harris bank? ›What fees does BMO Harris savings account charge? BMO Harris savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees. However, you can waive the monthly fees if you have a minimum daily balance of $100.
How do I waive my BMO monthly fee? ›Want to skip the monthly Plan fee? Keep a minimum daily closing balance in your BMO Premium, Performance and Plus Primary Chequing Accounts and we'll waive the fee.
Which bank doesn t charge monthly fees? ›Which banks offer no-fee checking? In many cases, banks that offer no-fee checking are online-only banks, small banks or credit unions. Axos Bank, Discover and PenFed Credit Union offer three of the best no-fee checking accounts.
Do you get charged monthly for a bank account? ›Monthly Service Fee
Also called a maintenance fee. The bank might charge a fee each month, just for having the account. You might also be charged a fee if your balance drops below the required minimum.
Keep at least the minimum balance required in your account. This helps to avoid monthly fees and accidental overdrafts. Keep multiple accounts at your bank. Many banks are looking at the entire customer relationship and may offer free services if you maintain both checking and savings accounts with them, for example.