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The BMO Air Miles Chequing Account is a unique banking solution. It allows Canadians to earn Air Miles Reward Miles while using their debit card for everyday transactions.
The BMO Air Miles Chequing Account offers unlimited transactions, Interac e-Transfers, and Air Miles rewards on debit spending. However, it has a high monthly fee of $16.95 and no fee waiver option. Consider the account’s pros, cons, and fees before deciding if it’s right for you.
This article provides a comprehensive review of this popular BMO chequing account. We discuss its features, pros, cons, fees, special offers, and how to open an account. Let’s dive in.
Features of the BMO Air Miles Chequing Account
The BMO Air Miles Chequing Account is designed to help account holders accumulate rewards through daily transactions. Some of the standout features of this account include:
- Earn 1 Air Mile for every $30 spent using your BMO Debit Card
- 25 bonus Air Miles each month when you also have a BMO Air Miles World Mastercard or BMO Air Miles World Elite Mastercard
- Unlimited transactions, including Pre-Authorized Debits, debit card purchases, bill payments, transfers, and withdrawals
- Unlimited Interac e-Transfer transactions
- Additional Canadian and US Dollar savings account at no cost
Pros of the BMO Air Miles Chequing Account
This chequing account offers several advantages for those who want to earn rewards while managing their everyday finances:
Unlimited Transactions
The freedom to make unlimited transactions without incurring extra fees can save you money, primarily if you use your debit card frequently.
Unlimited Interac E-Transfers
The ability to send unlimited Interac e-Transfers without additional charges is a valuable benefit for those who use this service to pay bills or transfer funds between accounts.
Air Miles Rewards
Earning Air Miles through your debit card spending can help you accumulate rewards more quickly, allowing you to redeem them for travel, products, or services.
Bonus Air Miles
If you also have a BMO Air Miles credit card, the additional 25 bonus miles each month can help boost your rewards balance even further.
Cons of the BMO Air Miles Chequing Account
While the BMO Air Miles Chequing Account has its benefits, there are some drawbacks to consider:
High Monthly Fee
With a monthly fee of $16.95, this account is relatively expensive compared to other chequing account options. This annual cost of $203 may be worth considering if you’re not particularly interested in earning Air Miles.
No Monthly Fee Waiver
This account does not offer this option, unlike some chequing accounts that waive the monthly fee if you maintain a minimum daily balance.
Non-BMO ATM Withdrawal Fees
While other BMO chequing accounts may offer free non-affiliated ATM withdrawals, this account charges $2 for each withdrawal in Canada and $5 outside of Canada. These fees can add up quickly if you frequently use non-BMO ATMs.
Low Air Miles Earn Rate
The earn rate of 1 Air Mile for every $30 spent on your debit card is lower than what you can achieve with a BMO Air Miles credit card. If you want to maximize your rewards, consider using a credit card instead.
BMO Air Miles Chequing Account Fees
When evaluating the BMO Air Miles Chequing Account, it’s essential to consider the various fees associated with the account. Some of the critical fees include:
- Monthly plan fee: $16.95
- Excess transaction fee: None
- Non-BMO ATM withdrawal fees: $2 each in Canada, $5 each outside of Canada
- Global Money Transfer: $5.00 per transfer
- Overdraft protection: With the BMO Overdraft Protection Service, you can have peace of mind knowing you’re covered in the event of unexpected expenses or shortfalls. The standard overdraft fee is $5 per transaction (up to a maximum of $5 per day), but you can opt for a fixed monthly fee of $4 instead.
- Stop payment: If you need to stop payment on a cheque or pre-authorized debit, there’s a fee of $12.50 per request.
- Bank drafts: If you require a bank draft, you’ll be charged $7.50 for each draft issued.
- Paper statements: While electronic statements are provided for free, opting for paper statements will incur a $2 monthly fee.
Unfortunately, unlike other chequing accounts, there is no option to waive the monthly fee by maintaining a minimum daily balance.
BMO Air Miles Chequing Account Special Offers
Currently, there are no specific special offers or promotions for the BMO Air Miles Chequing Account. However, seniors aged 60 and over can enjoy a $4 monthly discount on the account fees, reducing the cost to $12.95 monthly.
Other BMO Chequing Accounts
BMO offers several other chequing accounts catering to different needs and preferences. These include:
- BMO Practical Chequing Account: A basic account with 12 free monthly transactions and a low monthly fee.
- BMO Plus Chequing Account: Offers 25 free transactions each month, unlimited free Interac e-Transfers, and a welcome bonus, with a monthly fee of $11.95.
- BMO Performance Chequing Account: Provides unlimited transactions, free Interac e-Transfers, and access to BMO ATMs with a monthly fee of $16.95 (waivable with a minimum daily balance).
- BMO Premium Chequing Account: A more comprehensive account with unlimited free transactions, a $350 welcome bonus, and a premium credit card fee waiver at a monthly cost of $30.
How to Open a BMO Air Miles Chequing Account
To open a BMO Air Miles Chequing Account, follow these steps:
- Ensure you meet the eligibility requirements, which include being a Canadian citizen or permanent resident, at least 18 years old (19 in some provinces), and opening a sole account in your name.
- Gather the required documents and information, such as your name, residential status, contact information, Social Insurance Number (optional), date of birth, email address, and phone number.
- Visit the BMO website or a local branch to complete the application process.
- Once your account is opened, you can deposit or withdraw money by visiting an ATM or a BMO branch in person. You can also send unlimited Interac e-Transfers to and from your account as needed.
BMO Air Miles Chequing Account conclusion
The BMO Air Miles Chequing Account is an excellent option for those who want to earn Air Miles rewards while enjoying the convenience of unlimited transactions. While the account has a relatively high monthly fee, the special offers and reward opportunities may outweigh the costs for avid Air Miles collectors.
Perhaps you’re not interested in collecting Air Miles or prefer an account with more premium benefits. In that case, BMO offers other chequing account options that may better suit your needs. It’s essential to carefully consider your banking habits and preferences before choosing the correct chequing account for you.
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