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BMO, previously BMO Harris, is a standard banking option compared to the best banks.
Business Insider's personal finance team evaluated the bank's banking products and found that it offers impressive checking account bonuses, but you'll want to look elsewhere to earn high bank account interest rates or deal with fewer common bank fees. The bank's mortgages also did not rank among our top picks.
| Feature | Personal Finance Insider rating (out of 5) |
| Personal Banking | 3.75 to 4 |
| Mortgages | 4.33 |
| Trustworthiness | 4 |
| Total | 4 |
BMO has locations in Alaska, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, New York, New Jersey, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Utah, Virginia, Washington, Washington, DC, Wyoming, and Wisconsin.
If you don't live near a branch, you can open accounts online from anywhere in the U.S.
Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Is BMO Trustworthy?
BMO has received an A+ rating from the Better Business Bureau. A strong BBB rating signifies the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.
In 2022, a Minnesota jury ordered BMO to pay $564 million for its role in a Ponzi scheme. The court claimed that the bank had ignored multiple problems with a client who was using his accounts at the bank to run a Ponzi scheme.
However, it's worth noting that the client's operations took place in 2008 with Marshall & Ilsley (M&I Bank), and BMO did not merge with M&I Bank until 2011.
Other BMO personal and business bank accounts have monthly maintenance fees, but you may qualify to waive fees if you meet certain criteria. For example, depending on the account, you might be able to waive fees if you're part of a certain age group or keep a certain minimum daily account balance.
If you use a BMO or Allpoint ATM in the U.S., there are no transaction fees for any BMO checking accounts. When you use a non-BMO ATM, there is a $3 out-of-network ATM transaction fee for most accounts — the only exception is BMO Relationship Checking.
BMO won't charge any fees for using an out-of-network ATM if you have BMO Relationship Checking. You'll also receive up to $25 in ATM fee reimbursements when an out-of-network ATM provider charges a fee.
BMO overdraft fees depend on which account you have and whether you've selected additional overdraft protection services.
BMO Smart Money Checking has no overdraft fees because it declines ATM withdrawals and debit card purchases that would result in a negative balance for your account.
BMO Relationship Checking and BMO Smart Advantage Checking Account charge a $15 overdraft fee. You can speak with a banker to enroll in additional overdraft protection. You can link a savings account or money market account to your checking account and have money transferred to restore your checking balance when there are overdrafts.
BMO Relationship Checking also offers 1 overdraft fee rebate per month when you qualify for a Premier Relationship Package (a quarterly combined balance of $250,000 or more).
BMO mobile app includes typical banking app features. You can make mobile check deposits, view your transaction history, use Zelle, use online bill pay, and set account alerts.
The BMO mobile app has received positive reviews overall. The app has 4.8 out of 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.
You can also manage BMO bank accounts and cards online by logging in through the bank's website. You'll be able to view online bank statements, use online bill pay, and view your current balance.
You can speak with a live customer service representative by calling the bank 24/7. There isn't a live online chat feature, but you can fill out an online form and wait for a response.