What is BMO Bank?
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BMO Harris is now BMO. But are they a legit bank? Find out if you should bank with them.
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BMO is a Chicago-based bank that has been in business since 1882. They were formerly known as BMO Harris until they rebranded this year.
BMO provides financial products and services to over 4 million customers in the U.S. They also have access to a network of more than 40,000 ATMs and over 1,000 branches nationwide.
Read on to know more about BMO Bank and what they have to offer.
BMO Bank, N.A. is an FDIC-member bank based in Chicago, Illinois. But they are owned by Bank of Montreal which is a large bank based in Canada.
What is BMO Bank?
BMO Bank is a full-service retail bank operating in the U.S. It has various deposit, loan, and investment products. It is owned by the Bank of Montreal in Canada. BMO completed its acquisition of Bank of the West in February 2023.[1]
BMO has a presence in 32 states with a united network of 1,000 branches in 22 states, placing it as one of the largest banks in the U.S. with over $263 billion assets [2].
BMO Harris Bank, N.A. was legally renamed as BMO Bank N.A. as of September 3, 2023. Its rebranding as a simplified "BMO" was announced back in September 2022. [3][4]
Who Owns BMO Bank?
BMO Bank is a U.S. subsidiary of the Canadian bank, Bank of Montreal–the eighth-largest bank in North America with assets over $1.29 trillion. Bank of Montreal was established in 1817 and is based in Montreal, Quebec.[5]
BMO stands for Bank of Montreal—a nod to its parent company the Bank of Montreal in Canada.
Is BMO a Real Bank?
Yes, BMO is a real and legitimate U.S. bank with headquarters in Chicago, Illinois. They are regulated by the FDIC and are also an FDIC-insured bank. (FDIC #16571). They were also formerly known as BMO Harris Bank before their recent rebranding.
BMO has branches in 22 states and provides access to 40,000 Allpoint® network ATMs. Additionally, they also have online banking services available for their customers.
BMO operates as a traditional brick-and-mortar bank. But you can enroll for their BMO Digital Banking platform. This allows you to do your banking online or on their mobile app (available for iOS and Android).
Is BMO Bank Safe?
Your money is secured at BMO Bank because they are FDIC-insured. Your savings are covered by the FDIC for up to $250,000 in case the bank closes down–which is quite unlikely given their size.
In fact, BMO was recognized as one of the World's Most Ethical Companies. This recognition should speak volumes about the bank's commitment to keep you and your money safe.[6]
Additionally, BMO has secure firewalls and strong encryption technology to keep your account safe. Debit card holders also get access to the Mastercard® Worldwide Zero Liability protection system in case your card gets lost or stolen.
Ultimately, these measures simply show that customer security is one of their priorities.
Your deposits at Bank of the West should have been transferred to BMO by September 5, 2023. You should have received mail about it a month or so before the transfer. Check BMO's disclosures and transition guides for the next steps.[7] If you're a former depositor in Bank of the West, you can rest assured that your money is also safe with BMO Bank.
What Products Does BMO Bank Offer?
BMO offers a variety of checking and savings accounts for its personal banking customers. Here is a rundown of what BMO has available.
- BMO Smart Advantage Checking
- BMO Smart Money Checking
- BMO Relationship Checking
- BMO Savings Builder
- BMO Relationship Plus Money Market
- BMO Certificate of Deposit (CD)
- BMO Debit Mastercard
But aside from deposit products, BMO Bank does offer a full range of credit cards, loans, mortgages, and investments. You can open a BMO account online or visit a branch near you.
- Western Alliance Bank:
High-Yield Savings Premier - 5.36% APY - CIT Bank Platinum Savings:
5.05% APY - UFB Secure Savings:
Earn up to 5.25% APY - Discover Bank:
Online Savings Account - Earn 4.25% APY - CloudBank 24/7:
High Yield Savings Account - 5.24% APY
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.
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Should You Open an Account with BMO Bank?
If you're looking for a traditional bank with a large presence nationwide with a good reputation, then BMO Bank might be worth considering.
The bank has a great variety of financial products and services that you might need. However, they might not give you the best APY unlink some online banks.
Ultimately, you should choose a bank that suits your financial goals and preferences.
How to Reach BMO Bank
If you need to reach BMO's customer service in the U.S., you can call 1-888-340-2265 for general inquiries. Their support team is available from 7 am to 11 pm Central Time from Monday to Friday, and 8 am to 10 pm on Saturdays and Sundays.
The same number can be called to use the 24/7 automated BMO Bank by phone services. You can also use their BMO Online Support tool for non-urgent concerns.
The routing number for all BMO personal bank account holders is 071025661.
Bottom Line
BMO Bank is a traditional retail bank with a longstanding history. You get access to a wide network of branches and ATMs across the U.S. And you still get convenient online and phone banking services when you're on the go.
But if you're looking for higher APY on your savings and CDs, you might want to look at other institutions like online banks and credit unions.
References
- ^ BMO. BMO Completes Acquisition of Bank of the West, Retrieved 12/02/2023
- ^ Federal Reserve. Large Commercial Bank, Retrieved 09/30/2023
- ^ BMO. Our legal and brand name are changing, Retrieved 09/30/2023
- ^ BMO. Unifying under one name: BMO, Retrieved 09/30/2023
- ^ BMO. Who we are, Retrieved 09/30/2023
- ^ The World's Most Ethical Companies. The 2023 World's Most Ethical Companies® Honoree List, Retrieved 09/30/2023
- ^ BMO. Transition Guide Personal Deposit Accounts, Retrieved 12/02/2023
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
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