Alyssa Lane
BMO Harris Bank, also known as BMO Bank, is a legitimate, FDIC-insured financial institution. FDIC insurance protects depositors against the loss of their insured deposits in the event of an FDIC-insured bank failure. BMO Bank offers a range of financial products and services, including checking and savings accounts, loans, credit cards, and investment management. With a presence in eight states and a focus on online and mobile banking, BMO serves over 4 million customers in the U.S. and is the 8th-largest bank in North America.
| Characteristics | Values |
|---|---|
| FDIC Insurance | Up to $250,000 per customer, per account ownership category |
| Number of Branches | More than 1,000 branches |
| Customer Base | Serves more than 13 million customers globally, including more than 4 million in the U.S. |
| Account Types | Checking, savings, IRA, CDs, money market, and investment accounts |
| Services | Wealth management, retirement planning, credit cards, loans, and mortgages |
| BBB Rating | A+ |
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What You'll Learn
- BMO Harris Bank is FDIC-insured for up to $250,000 per customer
- BMO offers a full suite of personal banking products, including deposit accounts, credit cards, and loans
- BMO Bank has more than 1,000 branches and 40,000 fee-free ATMs in the US
- BMO Bank offers three types of checking accounts, with monthly fees ranging from $0 to $25
- BMO Bank offers two types of savings accounts, with monthly fees ranging from $0 to $10
BMO Harris Bank is FDIC-insured for up to $250,000 per customer
BMO Harris Bank is a legitimate, FDIC-insured financial institution. FDIC stands for the Federal Deposit Insurance Corporation, which protects depositors against the loss of their insured deposits if an FDIC-insured bank fails. In the case of BMO Harris Bank, accounts are insured up to a value of $250,000 per customer, per account ownership category. This means that even if BMO Harris Bank fails, customers will be able to recover an individual account's balance up to $250,000.
It's important to note that not all financial products offered by BMO Harris are FDIC-insured. The Federal Deposit Insurance Corporation only insures deposit accounts, including checking and savings accounts. They do not insure investment products, which can lose value.
BMO Harris Bank, previously known as BMO Harris, is the 8th-largest bank in North America with $1.4 billion in assets and serves over 13 million customers globally, including more than 4 million in the U.S. The bank offers a full suite of personal banking products, including deposit accounts, credit cards, loans, and other financial management services.
BMO Harris Bank provides three main checking account options: BMO Smart Advantage Checking, BMO Smart Money Checking, and BMO Relationship Checking. Each account has different features and benefits, such as fee-free ATMs, no overdraft fees, and paperless statements. The bank also offers a variety of savings accounts, including the Savings Builder Account, which has a low minimum deposit and no monthly service fee.
In summary, BMO Harris Bank is a reputable and FDIC-insured institution that offers a range of financial products and services to its customers. With FDIC insurance, customers can have peace of mind knowing that their deposits are protected up to the insured limit.
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BMO offers a full suite of personal banking products, including deposit accounts, credit cards, and loans
BMO, formerly known as BMO Harris, is a legitimate bank that offers a comprehensive array of personal banking services and products, including deposit accounts, credit cards, and loans. The bank is a suitable choice for customers seeking a diverse range of financial options and has over 1,000 branches across the United States.
Deposit accounts are a key feature of BMO's personal banking services. The bank offers both personal and business checking accounts, with various options available to suit different customer needs. For example, the BMO Smart Money Checking account is designed to prevent customers from incurring overdraft fees by declining transactions that would result in a negative balance. The BMO Relationship Checking account provides benefits such as reimbursements for out-of-network ATM fees and access to over 40,000 fee-free ATMs nationwide. Additionally, BMO offers savings accounts, including the BMO Savings Builder Account, which has a low minimum deposit requirement of $25 and no monthly service fee.
Beyond deposit accounts, BMO provides credit cards and a range of loan options. Their credit cards offer welcome bonuses of up to 100,000 points and features such as low introductory APR on purchases and balance transfers. BMO also assists customers with loans, including personal loans, auto loans, and home loans. The bank provides resources to help customers understand the different types of loans available, such as home equity lines of credit (HELOC) and home equity loans (HELOAN).
In addition to these core offerings, BMO offers a range of financial planning services, retirement accounts, and investment options. Their website provides a financial resource hub to help customers manage their money and plan for the future. BMO also ranks highly for AI innovation, utilising technology to help customers protect themselves against fraud. Overall, BMO provides a comprehensive suite of personal banking products and services, making it a convenient one-stop shop for customers with diverse financial needs.
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BMO Bank has more than 1,000 branches and 40,000 fee-free ATMs in the US
BMO Harris Bank is a legitimate financial institution with FDIC insurance and an A+ grade from the Better Business Bureau. The bank has a wide range of products, including deposit accounts, credit cards, personal loans, auto loans, and home loans. BMO offers personal and business checking accounts, savings accounts, an IRA savings account, traditional CDs, IRA CDs, and money market accounts. BMO Harris Bank also provides impressive checking account bonuses and is currently the 13th largest bank by assets in the US.
In terms of accessibility, BMO Bank has a significant physical presence across the US, with more than 1,000 branches in 32 states. This extensive network of branches ensures that customers can easily access in-person banking services and support. In addition to its branches, BMO Bank also provides convenient access to a vast network of ATMs. As part of the Allpoint network, BMO offers its customers fee-free access to an impressive 40,000 ATMs across the country. This means that customers can easily make withdrawals and check their balances without incurring additional charges, even when using out-of-network ATMs.
The wide reach of BMO Bank's branches and ATMs provides customers with flexibility and convenience, making banking services readily available wherever they may be in the country. This extensive network underscores BMO Bank's commitment to providing accessible financial services to its customers, ensuring they can manage their finances with ease and without incurring unnecessary fees.
The large number of fee-free ATMs is a significant advantage for BMO Bank customers, as it saves them money on transaction charges. Additionally, BMO Bank offers reimbursement for ATM fees charged by other banks, further reducing costs for its customers. This feature is particularly beneficial for customers who frequently use out-of-network ATMs or travel to different states, as they can avoid the inconvenience and expense of searching for specific ATMs.
BMO Bank's extensive branch and ATM network, combined with its range of financial products and services, makes it a convenient and accessible choice for individuals and businesses seeking a full-service banking partner in the United States. The bank's wide reach and customer-centric features contribute to a seamless banking experience, enhancing its reputation as a trusted and reliable financial institution.
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BMO Bank offers three types of checking accounts, with monthly fees ranging from $0 to $25
BMO Harris Bank is FDIC-insured, which means that customers can recover their account balance up to a certain amount in the event of bank failure. Banks in the United States are typically insured by the Federal Deposit Insurance Corporation (FDIC), which protects depositors against the loss of their insured deposits.
BMO Bank, previously BMO Harris, offers three types of checking accounts, with monthly fees ranging from $0 to $25. The BMO Smart Advantage Checking Account is the bank's most popular checking account, with no monthly maintenance fee. Customers can open an account online in five minutes and enjoy the flexibility to bank from anywhere using the bank's digital tools. The monthly fee for paper statements is automatically waived if customers opt for paperless statements through their BMO Digital Banking preferences. However, there are some less common fees associated with this account, such as a fee for each non-BMO ATM transaction.
The BMO Relationship Checking account offers some unique features, such as reimbursements of up to $25 for ATM fees charged by out-of-network providers. This account also offers overdraft protection services, with a $15 overdraft fee. Customers can link a savings or money market account to their checking account to restore their balance in the event of overdrafts.
The third type of checking account offered by BMO is the BMO Smart Money Checking account, which has no overdraft fees. This account declines ATM withdrawals and debit card purchases that would result in a negative account balance. While BMO Smart Money Checking does not charge overdraft fees, there may be other fees associated with this account.
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BMO Bank offers two types of savings accounts, with monthly fees ranging from $0 to $10
BMO Harris Bank is FDIC-insured, which means that even if the bank fails, customers will be able to recover their individual account balance up to a certain amount per customer, per account ownership category. For joint accounts, each co-owner is considered a separately insured customer, and the account balance can be collectively recovered up to $500,000 in the event of a bank failure.
BMO Bank offers a variety of savings accounts, money markets, and CDs to fit different financial goals and needs. Notably, BMO offers two types of savings accounts with monthly fees ranging from $0 to $10.
The first is the BMO Savings Builder Account, which has no monthly maintenance fee and no minimum monthly balance required. This account can be opened online in minutes and offers a $5 savings reward for every month that the account balance grows by at least $200. This reward is credited within 5 calendar days after the end of the month and is offered for the first 12 months after opening the account. The Savings Builder Account also provides unlimited fee-free transactions at over 40,000 BMO and Allpoint® ATMs nationwide.
The second type of savings account offered by BMO is the Growth Money Market account. This account has a $10 monthly maintenance fee, which is waived if the account maintains a $5,000 minimum daily balance. The Growth Money Market account offers a higher interest rate when linked with a BMO Relationship Checking account with qualifying activities.
Both accounts offer convenient access to funds with competitive rates and robust security features. BMO's security measures ensure a safe and convenient banking experience across mobile, online, and telephone platforms. The bank's financial crimes unit is composed of experts in cybersecurity, fraud, physical security, and crisis management, providing customers with confidence and peace of mind.
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Frequently asked questions
Yes, BMO Harris Bank is FDIC insured. This means that even if BMO Harris fails, you will be able to recover an individual account’s balance up to $250,000.
FDIC stands for Federal Deposit Insurance Corporation. Banks in the United States are typically insured by the FDIC, which protects depositors against the loss of their insured deposits if an FDIC-insured bank fails.
No, not all financial products offered by BMO Harris are FDIC-insured. The Federal Deposit Insurance Corporation only insures deposit accounts. They do not insure investment products, which can lose value.
