BMO Checking Account Fees: What You Need to Know

Get essential insights on BMO checking account fees. Find out which services are free and which carry service charges to manage your finances better. Stay informed and save!

Introduction

Understanding the fee structure of your bank account is essential to manage your business finances effectively. BMO offers a variety of banking services, each with its own set of fees and benefits.

This detailed guide will help you navigate the BMO bank fees for its checking accounts, ensuring you can maximize the benefits while minimizing costs.

READ MORE: Find the best BMO bonuses here.

BMO Account Benefits, Associated Fees, and Service Charges

BMO Bank Fee-Free Services

BMO provides a range of free services that enhance the banking experience for personal account holders. Here’s a breakdown of the free services and the benefits they offer:

• BMO ATM and Debit Card: No charges for usage. No ATM fees.
• BMO ATM Mini-Statement: Obtain mini-statements at ATMs without a fee.
• BMO ATM Transactions: Free transactions at BMO ATMs.
• BMO Bank by Phone: Manage your accounts via phone at no extra cost.
• BMO Bill Pay: Standard bill payments are free, although expedited payments cost up to $15.00. Pay bills online without any additional fees!
• BMO Digital Banking: Access your accounts online for free.
• BMO Total Look: This service allows you to manage and view all your financial information in one place without any fees.
• Combined Statement: Simplify your account management with free combined statements.
• Debit or ATM Card Point-of-Sale Transactions: Free of service charge across participating merchants.
• Participating ATMs in the U.S.: Access your money without fees at participating ATMs nationwide.
• Wire Transfer—Incoming: You can transfer money without a fee: receive domestic and international wire transfers at no cost to you.

These services are designed to make banking more accessible and cost-effective for BMO customers.

BMO Fees for Additional Services

While many of BMO’s banking services are offered for free, there are fees associated with certain actions and services which are important to consider:

• Wire Transfer—Outgoing Domestic: Each transaction costs $30.00.
• Wire Transfer—Outgoing International: Each transaction costs $50.00.
• Debit or ATM Card Expedited Delivery: A charge of $30.00 applies if you need your card delivered quickly.
• Debit or ATM Card Replacement: There is a nominal fee of $5.00 for card replacement.
• Foreign Transaction Fee: Transactions made in a foreign country incur a fee of 2.8% of the transaction amount.

These fees are fairly standard across the banking industry but knowing them in advance can help in planning and budgeting. Other banks charge similar fees.

Checks and Money Orders

Handling checks and money orders also comes with specific fees:

• Cashier’s Check: Each cashier’s check costs $10.00.
• Deluxe® Check Orders: Costs vary depending on the account type and check style.
• Money Order: Each money order costs $5.00 and is limited to a maximum of $1,000.

Collection Items

For collection items such as bonds, notes, sight drafts, or checks, BMO charges:

• Coupon Collection: $10.00 per envelope.
• Domestic Collection: $15.00 plus additional costs.
• Foreign Collection: $45.00 plus additional costs.

These fees cover the bank’s service charges for processing collections, which can vary based on the complexity and risk involved.

Statement and Account Servicing

Even in the digital age, certain paper-based services incur service charges:

• Account Activity Printout: $5.00 per printout.
• Account Balancing / Research: Charged at $40.00 per hour, with a minimum of $15.00.
• Duplicate Statement: $5.00 per statement.
• Photocopies of Canceled Checks: First three checks are free; each additional is $5.00.

Miscellaneous Fees

There are also several miscellaneous fees for specialized services:

• Special Letters (e.g., Immigration, Verification of Deposit): $10.00 per letter.
• Verification of Deposit Form from Third Party: $5.00.
• Legal Document Processing (e.g., Citations, Garnishments): Fees can go up to $100.00.
• Retrieval Fee for Legal Documents in Storage: Up to $50.00.
• Non-Customer Check Cashing: Cashing a check of $50 or more drawn on BMO costs $10.00 per check.

How to Waive Monthly Fees on BMO Checking Accounts

BMO offers various checking accounts, each with different features and options for waiving the monthly fee.

Here’s how you can avoid these fees across three popular BMO checking accounts:

BMO Smart Advantage Checking

The BMO Smart Advantage Checking account is ideal for those who prefer digital banking. It offers several benefits:

• No Monthly Fees: You can enjoy no monthly maintenance fee simply by signing up for eStatements. This not only eliminates the monthly fee but also avoids a $2 charge for paper statements.
• Free ATM Access: Gain access to over 40,000 Allpoint network ATMs across the nation for fee-free transactions, along with no charge for withdrawals and deposits at BMO branches or ATMs.

This account is particularly advantageous for those looking to reduce their banking costs and manage their finances electronically.

BMO Relationship Checking

For customers looking for premium features, the BMO Relationship Checking account offers extensive benefits along with ways to waive the monthly maintenance fee:

• Monthly Fee Waiver Options:
  • Maintain a $10,000 minimum daily Ledger Balance for the previous calendar month, or
  • Keep a $25,000 Monthly Combined Balance across your BMO accounts for the previous calendar month.
• Additional Benefits: This account includes unlimited non-BMO ATM transactions with up to $25 in monthly rebates on ATM surcharge fees. Enjoy waived fees on Cashier’s Checks, Money Orders, and paper statements among other benefits.

This account is suited for those with higher balances and who can take full advantage of the relationship benefits and rebates on various fees.

BMO Smart Money Checking

The BMO Smart Money Checking account is designed for straightforward banking with minimal fees:

• No Overdraft or NSF Fees: Avoid the worry of overdraft or non-sufficient funds fees with this account.
• Monthly Fee Waiver: There is no monthly maintenance fee for individuals under the age of 25. For others, the fee is a manageable $5, which can be seen as a low barrier compared to other checking accounts.
• ATM Access: Enjoy unlimited transactions at over 40,000 Allpoint network ATMs without any fees.

This account is excellent for young adults or those seeking a simple, low-cost banking solution.

Bonus Tip: Take Advantage of BMO Bonuses

In addition to these features, keep an eye out for BMO bonuses that may offer additional incentives for opening new checking or savings accounts or for certain banking activities.

These can provide further financial benefits and rewards as part of your overall banking strategy. You can open an account online and enjoy a welcome cash bonus*.

By choosing the right BMO checking account and taking advantage of ways to waive fees, you can effectively manage and even reduce your banking costs, making your financial management more efficient and cost-effective.

Latest BMO Promotions

Bottom Line

BMOs fee schedule is comprehensive, covering everything from everyday banking activities to specialized services. By understanding these fees and service charges, you can better manage your accounts, avoid unnecessary costs, and take full advantage of the free services offered.

Always stay informed about potential fees associated with your banking activities to maintain a healthy financial status for your personal finances.

READ MORE: SEE MORE BMO BONUSES HERE

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By John Huynh, with over two decades in finance and investing, including as a Senior Finance & Operations Manager at a renowned research institute and degrees in Economics and International Studies from UC Irvine. Edited by Tony Jay, a seasoned finance blogger and Executive Editor with two decades in banking, specializing in online banking and savings strategies. Tony holds a doctorate from Tulane University.