Is BMO a Safe Bank?

Wondering about the security of your funds with BMO? They have a Financial Crimes Unit backing you up, for one. Read on for more details.

BMO is a full-service retail bank based in Chicago, Illinois. Before rebranding, they were better known as BMO Harris Bank.

BMO provides different deposit products like checking, savings, and CDs. They serve over 4 million customers through about 1,000 branches in the U.S.^[1] They also provide access to a network of more than 40,000 Allpoint® ATMs.^[2]

With that, learn more about BMO and whether they are a safe bank to work with.

Is BMO Safe?

Yes, BMO is safe being one of the largest banks in the US with over $263 billion in assets. They are owned by Bank of Montreal in Canada which is the 8th largest bank in North America with about $1.29 trillion in assets.^[4][5]

While their current size makes it unlikely for the bank to close down, they also have a history in the US that goes back to 1947. Its parent company goes even further back in 1817. Their years in the industry can give insight into the stability of BMO as a bank.

Also, big credit rating agencies like Fitch, Moody's, and S&P do report stable outlooks for the BMO in general. You can rest assured that the future of BMO is positive.

In fact, BMO has recently acquired Bank of the West which bolstered their presence in the US with more branches to serve its customers.

Is My Money Safe with BMO?

BMO is FDIC-insured (Cert #16571). So like other FDIC bank members, your deposits at BMO are covered for up to $250,000 in the unlikely event that the bank fails.

But BMO does its part too in protecting your money and personal information through its Financial Crimes Unit.^[6]

Is BMO a Trusted Bank?

BMO has over 4 million customers in the US. The number can speak for their trustworthiness to some extent. But BMO does have some awards and recognition that live up to their commitment to "boldly grow the good in business and life".

Recently, BMO was recognized as one of the World's Most Ethical Companies for the sixth year in a row. This means that they are one of the companies that are committed to doing business with ethics and integrity.

BMO Security Measures

The Financial Crimes Unit is BMO's answer to keep your information, transactions, and money secured. The unit is a team of cybersecurity, fraud, physical security, and crisis management experts.

Here are some of the security features that BMO provides:

• BMO Alerts via email, text, or in-app notifications
  
• BMO website, Mobile App, and Message Center encryption
  
• Verification codes or one-time passwords (OTP)
  
• Session timeouts after 15 minutes of inactivity
  
• Secured firewalls and email security software
  
• BMO Digital Banking and Bill Pay Service guarantees
  
• Global operations for 24/7 fraud detection and security

BMO also encourages its customers to take proactive steps to protect themselves from cybercrime and scams.

BMO Accounts

BMO is a great choice if you want a bank that offers a wide range of services. They provide checking and savings accounts, CDs, loans, credit cards, and investment options.

Here's a list of BMO's deposit products:

• BMO Smart Advantage Checking
  
• BMO Smart Money Checking
  
• BMO Relationship Checking
  
• BMO Savings Builder
  
• BMO Relationship Plus Money Market
  
• BMO Certificate of Deposit (CD)

You can open an account online or visit a branch near you.

Member FDIC

BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*

$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC

Click Here to Get Deal

Expires 2/3/2025

What Fees Does BMO Charge?

Depending on the account you have with BMO, it may be subject to some type of fee. Here are the common fees you might get on a BMO deposit account.

• $5-$25 monthly fee (can be waived or may not apply for some accounts)
  
• $35 stop payment fee
  
• $50 account closing fee
  
• $3 paper statements
  
• Check order fees
  
• $15 overdraft fee per item
  
• $15 transaction limit fee

For a full disclosure of the fees and charges applicable to your BMO account, check out their schedule of fees.

BMO Customer Complaints

It's hard to find a perfect bank. BMO may have its downsides too. Here are the common complaints about BMO.^[9]

• Inconsistent customer support
  BMO seems to have its fair share of customer support lapses. Some customers say that they did not receive any helpful resolution or advice when they reached out to BMO customer support.

• Erratic service standard and processes
  Some customers report that their deposit accounts were frozen or closed with no notification. Some say their loan payments were delayed despite processing them on time, thus affecting their credit score.

• Bank of the West integration lapses
  Some former Bank of the West customers say that the bank could have done better on the transition. Some report having lost access to their accounts or couldn't find proper help to resolve their concerns.

Should You Open a BMO Account?

BMO is a good option if you're comfortable banking with a large traditional bank. They have a wide selection of financial products that may answer all your banking needs.

However, note that some deposit products might not have the best APY. So if you're looking for higher rates, you might be better off looking at online banks and credit unions.

Bottom Line

BMO is a well-established retail bank with a significant presence in the US. They have a dedicated team of experts implementing industry-standard security measures to protect customer information and accounts, earning them awards and recognition for their commitment.

They may not be perfect but, if you are looking for a traditional bank like BMO, they are a good option. But, if you want higher returns, consider online banks or credit unions instead.

References