BMO Plus Chequing Account

BMO Plus Chequing Account Overview

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If you’re looking for a low-fee chequing account, the BMO Plus Chequing Account might be the perfect option for you. This account provides plenty of transactions, making it an ideal choice for the frequent spender.

The BMO Plus Chequing Account offers a $100 welcome bonus, unlimited free Interac e-Transfers, and fee waivers with a minimum balance. However, it has a limited transaction count and monthly fees. This account suits youths, students, seniors, and recent graduates seeking accessible banking options.

Below we’ll explore this account’s features, pros, cons, fees, and special offers. The objective is to help you decide if this account is the right fit for your financial needs.

BMO Plus Chequing Account Account Features

The BMO Plus Chequing Account is designed for those with moderate transaction needs. Its key features include:

Opening cash bonus: $100
25 transactions per month
Interac e-Transfer®§ transactions included
Non-BMO ATM withdrawal fees: $2 each in Canada, $5 each outside of Canada
Monthly plan fee: $11.95 ($0 with a minimum $3,000 balance)
Standard overdraft protection: $5/month
Global Money Transfer: $5.00/transfer
Additional accounts: Canadian and US Dollar savings account at no cost

Pros of the BMO Plus Chequing Account

Welcome Bonus

For new account holders, BMO offers a $100 welcome bonus when you open a BMO Plus Chequing Account and set up recurring direct deposits and bill payments. This promotion is valid until July 3, 2023, and it’s an excellent incentive for those looking to switch banks or open a new account.

Unlimited Free Interac e-Transfers

Account holders can enjoy the convenience of sending and receiving money with unlimited free Interac e-Transfers. This feature can save you money, as some banks charge fees for each e-Transfer.

Waived Monthly Fee

If you maintain a minimum balance of $3,000 in your account, the $11.95 monthly fee is waived. This can be an attractive feature for those who can maintain a higher balance in their account.

Access to BMO’s ATM Network

With this account, you have free access to BMO’s extensive network of ATMs for withdrawals within the transaction limit. This makes it easy to access your money without worrying about additional fees.

Special Discounts

BMO offers special discounts for youths, students, seniors, or recent graduates, which can help save money on banking fees.

Cons of the BMO Plus Chequing Account

Limited Free Transactions

BMO Plus Chequing Account holders are limited to 25 free monthly transactions, with a $1.25 fee for each transaction beyond the limit. This can be a drawback for those who need to make frequent transactions.

Monthly Fee

The account has a monthly fee of $11.95, which may not be ideal for customers who are unable to meet the minimum balance requirement to have the fee waived.

No Interest Earned

This account does not earn interest on your balance, which may be a drawback for those who want their money to grow over time.

Overdraft Protection Fee

Standard overdraft protection comes with an additional $5/month fee, which can add up over time.

Additional Fees

Account holders may incur fees for non-BMO ATM withdrawals, paper statements, and Global Money Transfers. These fees can add up, so it’s essential to be mindful of your account usage.

BMO Plus Chequing Account Fees

The BMO Plus Chequing Account comes with a monthly fee of $11.95, which can be waived if you maintain a minimum balance of $3,000. Other fees associated with this account include the following:

$1.25 for each transaction over the 25/month limit
$2 for non-BMO ATM withdrawals in Canada, $5 outside of Canada
$5/month for standard overdraft protection
$5.00 per Global Money Transfer
$2/month for paper statements

BMO Plus Chequing Account Special Offers

BMO offers a $100 welcome bonus for new account holders who open an account and set up recurring deposits and bill payments before July 3, 2023. Additionally, special discounts are available for youths, students, seniors, and recent graduates, which may include waived or reduced monthly fees.

Other Chequing Accounts Offered by BMO

The Bank of Montreal offers several other chequing account options with different features to meet different banking needs. These include:

BMO Performance Chequing Account: This account offers unlimited transactions, no monthly fee with a minimum balance of $4,000, overdraft protection, and free Interac e-Transfers. Customers can also earn interest on their account balance.
BMO Premium Chequing Account: This account is designed for those who want premium banking benefits, such as unlimited transactions, free safety deposit box, fee waivers for money orders and drafts, and no-fee international wire transfers. It also comes with travel and medical insurance coverage.
BMO Practical Chequing Account: This basic chequing account has limited features but no monthly fee, provided a minimum balance of $2,000 is maintained. It includes 30 transactions per month and free Interac e-Transfers.
BMO Air Miles Chequing Account: This account lets you earn Air Miles rewards for everyday banking transactions. The monthly fee is $16.95, but it can be waived by maintaining a minimum balance of $3,000. Other features include unlimited Interac e-Transfers and access to BMO’s network of ATMs for free withdrawals.

Step-by-Step Guide: How to Open a BMO Plus Chequing Account

Step 1: Determine Your Eligibility

To open this chequing account, you must be a Canadian citizen or permanent resident at least 18 years old (19 in some provinces). You must also be opening a sole account in your name.

Step 2: Gather the Necessary Information

Before starting the application process, gather the following information:

Name
Residential status
Contact information (address, phone number)
Social Insurance Number (optional)
Date of birth
Email address

Step 3: Choose Your Application Method

You can open a BMO Plus Chequing Account online, in person at a BMO branch, or over the phone.

Online: Visit the BMO website and follow the prompts to open a new account.
In Person: Find a BMO branch near you and visit during business hours to open an account with the help of a BMO representative.
Over the Phone: Call BMO’s customer service line and speak with a representative who will guide you through the application process.

Step 4: Complete the Application

Fill out the application form with the necessary information, including your name, residential status, contact information, Social Insurance Number (optional), date of birth, email address, and phone number. Depending on the application method, the bank may also require additional documentation, such as proof of identity and address.

Step 5: Deposit Money

Once your account is open, you can deposit money into it through various methods:

ATMs: Deposit cash or cheques at any BMO ATM.
Physical BMO Branches: Visit a BMO branch to make a deposit in person with the help of a teller.
Internal Transfers: Transfer money from another BMO account to your new BMO Plus Chequing Account.
External Transfers: Transfer funds from a different bank using an Interac e-Transfer or bank-to-bank transfer.

Step 6: Manage Your Account

Now that your BMO Plus Chequing Account is open, you can withdraw or deposit money, make transactions, and manage your account through online banking, the BMO mobile app, ATMs, or by visiting a BMO branch. Remember to stay within your transaction limit to avoid additional fees and maintain a minimum balance of $3,000 if you want to waive the monthly fee.

BMO Plus Chequing Account conclusion

The BMO Plus Chequing Account offers a range of features that can be beneficial for various banking needs. While it does come with a monthly fee, maintaining a minimum balance can help waive this cost. Unlimited free Interac e-Transfers and access to BMO’s ATM network are just a few of the perks associated with this account.

Assessing your financial needs and habits is vital to ensure that this account aligns with your goals and provides your required services. With a thoughtful approach, you’ll be able to make the most of your new account and enjoy a seamless banking experience.

FAQs about the BMO Plus Chequing Account

Can I open a joint BMO Plus Chequing Account with someone else?

Yes, you can open a joint account with another individual, such as a spouse, family member, or friend. Both parties must provide the required personal information and meet the eligibility criteria when applying for the account.

Are there any options to avoid the non-BMO ATM withdrawal fees?

One way to avoid non-BMO ATM withdrawal fees is by using BMO's ATMs network for cash withdrawals. You can also make purchases using your BMO debit card or Interac e-Transfers to send money to others without incurring fees.

Can I set up automatic bill payments with my BMO Plus Chequing Account?

Yes, you can set up automatic bill payments for various services, such as utility bills, credit card payments, and loan installments. This feature allows you to manage your finances more efficiently and pay your bills on time.