Is BMO an Ethical Bank?
BMO has been recognized as one of the World's Most Ethical Companies for six consecutive years. How did they earn this award? Find out.
 |
BMO was named one of the World's Most Ethical Companies in 2023 by Ethisphere.[1] They were among the four banks worldwide to earn a spot on the list.
But, what did BMO do to be part of the world's best? Read on to learn what makes BMO an ethical bank, how it operates, and how its good actions affect your banking experience.
Is BMO an Ethical Company?
Yes, BMO is able to tick the boxes when it comes to ethical and responsible banking. They summarize this in their Bold Commitments for 2025.[2]
These commitments are categorized into three main targets:
- For a Thriving Economy: checks off being socially responsible and invests in the community.
- For a Sustainable Future: checks off being environmentally sustainable.
- For an Inclusive Society: checks off being socially inclusive and diverse.
For transparency, BMO does a good job of keeping a public repository of reports on its website.[3] Their financials are also available to the public.
BMO also went through a rigorous evaluation process by Ethisphere to be one of the World's Most Ethical Companies, including governance as part of its criteria.
This evaluation involves the meticulous review of a company's submitted documents and publicly available information.
Ethical banking is when a bank follows ethical practices to make a positive social and environmental impact through its operations. Thus, an ethical bank is socially responsible, environmentally sustainable, transparent, inclusive, invests in the community, and has good corporate governance.
Criteria for the World's Most Ethical Companies
The criteria to be one of the World's Most Ethical Companies make up five categories that will add up to Ethisphere's Ethics Quotient. These are: [4]
- Ethics and Compliance Program: Assesses a company's ethical program structure and enforcement.
- Culture of Ethics: Evaluates efforts to establish an ethical culture within the company and measure its impact.
- Environmental & Societal Impact: Looks at commitment to sustainability, community involvement, and workplace well-being.
- Governance: Centers on oversight, governance principles, and risk management to ensure effective corporate governance.
- Third-Party Management: Examines how a company manages and evaluates its third-party relationships, particularly in supply chain onboarding, monitoring, and oversight.
BMO's Code of Conduct
At the core of BMO is a Code of Conduct centered in Doing what's right. It is a code that everyone at BMO follows regardless of hierarchy. It has five principles:
- Be honest and respectful.
- Be alert to behavior contrary to the Code.
- Be true to the letter and spirit of the law.
- Be conscientious about security.
- Manage conflicts of interest.
BMO employees are required to go through annual training about their Code. Their Code of Conduct is also available for the public to read, showing their commitment to abide by their values. [5]
- Integrity: Do what's right
- Empathy: Put others first
- Diversity: Learn from difference
- Responsibility: Make tomorrow better
What is BMO Bank?
BMO Bank is a retail bank in the U.S. and a subsidiary of Canada-based Bank of Montreal. They offer a wide range of banking and investment products and services.
They also have 1,000+ branches nationwide and give over 4 million[6] customers in the U.S. access to an ATM network of over 40,000.[7]
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
BMO Smart Money Checking - $250 Cash Bonus
Open a new BMO Smart Money Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
BMO Relationship Checking - $400 Cash Bonus
Open a new BMO Relationship Checking account and get a $400 cash bonus when you have a cumulative total of $7,500 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Is BMO a Trustworthy Bank?
Yes, BMO Bank is a trustworthy bank. They are a member of the FDIC (Cert #16571) which means deposits are insured up to $250,000 per depositor, per ownership category.
In the unlikely event that the bank closes down, you are then guaranteed to get your money back.
Additionally, BMO is expected to handle its customers' money and personal information with integrity. So, you can trust their commitment to keep you and your money safe.
How BMO Stands Out From Other Banks
BMO is one of only four banks globally (and the only bank in Canada) to get a spot on the World's Most Ethical Companies in 2023. And, they have been a consistent name on this list for six years now.
Aside from this, BMO boasts other recognitions such as:[8]
- Forbes Magazine's The World's Best Banks for 2 years
- Bloomberg Gender-Equality Index for 8 years
- Dow Jones Sustainability Index for 17 years
- Corporate Knights Global 100 Most Sustainable Corporations in the World for 4 years
Is BMO a Sustainable Bank?
Sustainability is one of BMO's Bold Commitments. They aim to be net zero by 2050 and to practice sustainable financing and responsible investing.[9]
Additionally, BMO Climate Institute exists to further support customers by linking science, policy, finance, and economics.
With the current focus on ESG initiatives, BMO practices environmental and social risk management to identify and address any concerns that may impact their stakeholders and operations.
Is BMO a Diverse Bank?
Having Zero Barriers to Inclusion is a strategy that BMO hopes to realize by 2025. They are committed to providing access to services and opportunities to their customers, employees, and communities.
They have a variety of projects including corporate outreaches, volunteering, and many programs serving minority groups and the youth. [10]
The BMO also strives for workplace diversity through several initiatives:
- Employee Resource Groups (ERGs): to foster an inclusive workplace and community.
- Workforce Representation Goals: to address gaps in representation across BMO.
- BMO's Accessibility Plan: to remove and prevent accessibility barriers.
Absolutely. Inclusion and diversity is a part of BMO's Bold Commitments for 2025.
Bottom Line
BMO backs up its being one of the World's Most Ethical Companies with a solid Code of Conduct that they implement throughout the bank.
They even have multiple projects and initiatives addressing areas of concern like supporting economic growth, sustainability, and social inclusion. If you want to learn more about BMO's commitments, visit their Impact page.
References
- ^ BMO. BMO named one of the World's Most Ethical Companies by the Ethisphere Institute, Retrieved 12/05/2023
- ^ BMO. BMO's Bold Commitments for 2025, Retrieved 10/06/2023
- ^ BMO. Reporting, Retrieved 10/26/2023
- ^ Ethispere. World's Most Ethical Companies, Retrieved 10/06/2023
- ^ BMO. Code of conduct, Retrieved 10/06/2023
- ^ BMO. At a Glance, Retrieved 12/05/2023
- ^ BMO. Branches & ATMs, Retrieved 12/05/2023
- ^ BMO. Awards & recognition, Retrieved 12/05/2023
- ^ BMO. Climate change, Retrieved 12/05/2023
- ^ BMO. Diversity, equity and inclusion, Retrieved 10/06/2023
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
|
|
| ||||||
|
|
|
Compare:
