Is BMO an Ethical Bank?
BMO has been recognized as one of the World's Most Ethical Companies for six consecutive years. How did they earn this award? Find out.
 |
BMO was named one of the World's Most Ethical Companies in 2023 by Ethisphere.[1] They were among the four banks worldwide to earn a spot on the list.
But, what did BMO do to be part of the world's best? Read on to learn what makes BMO an ethical bank, how it operates, and how its good actions affect your banking experience.
Is BMO an Ethical Company?
Yes, BMO is able to tick the boxes when it comes to ethical and responsible banking. They summarize this in their Bold Commitments for 2025.[2]
These commitments are categorized into three main targets:
- For a Thriving Economy: checks off being socially responsible and invests in the community.
- For a Sustainable Future: checks off being environmentally sustainable.
- For an Inclusive Society: checks off being socially inclusive and diverse.
For transparency, BMO does a good job of keeping a public repository of reports on its website.[3] Their financials are also available to the public.
BMO also went through a rigorous evaluation process by Ethisphere to be one of the World's Most Ethical Companies, including governance as part of its criteria.
This evaluation involves the meticulous review of a company's submitted documents and publicly available information.
Ethical banking is when a bank follows ethical practices to make a positive social and environmental impact through its operations. Thus, an ethical bank is socially responsible, environmentally sustainable, transparent, inclusive, invests in the community, and has good corporate governance.
Criteria for the World's Most Ethical Companies
The criteria to be one of the World's Most Ethical Companies make up five categories that will add up to Ethisphere's Ethics Quotient. These are: [4]
- Ethics and Compliance Program: Assesses a company's ethical program structure and enforcement.
- Culture of Ethics: Evaluates efforts to establish an ethical culture within the company and measure its impact.
- Environmental & Societal Impact: Looks at commitment to sustainability, community involvement, and workplace well-being.
- Governance: Centers on oversight, governance principles, and risk management to ensure effective corporate governance.
- Third-Party Management: Examines how a company manages and evaluates its third-party relationships, particularly in supply chain onboarding, monitoring, and oversight.
BMO's Code of Conduct
At the core of BMO is a Code of Conduct centered in Doing what's right. It is a code that everyone at BMO follows regardless of hierarchy. It has five principles:
- Be honest and respectful.
- Be alert to behavior contrary to the Code.
- Be true to the letter and spirit of the law.
- Be conscientious about security.
- Manage conflicts of interest.
BMO employees are required to go through annual training about their Code. Their Code of Conduct is also available for the public to read, showing their commitment to abide by their values. [5]
- Integrity: Do what's right
- Empathy: Put others first
- Diversity: Learn from difference
- Responsibility: Make tomorrow better
What is BMO?
BMO is a retail bank in the U.S. and a subsidiary of Canada-based Bank of Montreal. They offer a wide range of banking and investment products and services.
They also have 1,000+ branches nationwide and give over 4 million[6] customers in the U.S. access to an ATM network of over 40,000.[7]
BMO Smart Advantage Checking Account - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC
BMO Smart Money Checking Account - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC
Is BMO a Trustworthy Bank?
Yes, BMO is a trustworthy bank. They are a member of the FDIC (Cert #16571) which means deposits are insured up to $250,000 per depositor, per ownership category.
In the unlikely event that the bank closes down, you are then guaranteed to get your money back.
Additionally, BMO is expected to handle its customers' money and personal information with integrity. So, you can trust their commitment to keep you and your money safe.
How BMO Stands Out From Other Banks
BMO is one of only four banks globally (and the only bank in Canada) to get a spot on the World's Most Ethical Companies in 2023. And, they have been a consistent name on this list for six years now.
Aside from this, BMO boasts other recognitions such as:[8]
- Forbes Magazine's The World's Best Banks for 2 years
- Bloomberg Gender-Equality Index for 8 years
- Dow Jones Sustainability Index for 17 years
- Corporate Knights Global 100 Most Sustainable Corporations in the World for 4 years
Is BMO a Sustainable Bank?
Sustainability is one of BMO's Bold Commitments. They aim to be net zero by 2050 and to practice sustainable financing and responsible investing.[9]
Additionally, BMO Climate Institute exists to further support customers by linking science, policy, finance, and economics.
With the current focus on ESG initiatives, BMO practices environmental and social risk management to identify and address any concerns that may impact their stakeholders and operations.
Is BMO a Diverse Bank?
Having Zero Barriers to Inclusion is a strategy that BMO hopes to realize by 2025. They are committed to providing access to services and opportunities to their customers, employees, and communities.
They have a variety of projects including corporate outreaches, volunteering, and many programs serving minority groups and the youth. [10]
The BMO also strives for workplace diversity through several initiatives:
- Employee Resource Groups (ERGs): to foster an inclusive workplace and community.
- Workforce Representation Goals: to address gaps in representation across BMO.
- BMO's Accessibility Plan: to remove and prevent accessibility barriers.
Absolutely. Inclusion and diversity is a part of BMO's Bold Commitments for 2025.
Bottom Line
BMO backs up its being one of the World's Most Ethical Companies with a solid Code of Conduct that they implement throughout the bank.
They even have multiple projects and initiatives addressing areas of concern like supporting economic growth, sustainability, and social inclusion. If you want to learn more about BMO's commitments, visit their Impact page.
References
- ^ BMO. BMO named one of the World's Most Ethical Companies by the Ethisphere Institute, Retrieved 12/05/2023
- ^ BMO. BMO's Bold Commitments for 2025, Retrieved 10/06/2023
- ^ BMO. Reporting, Retrieved 10/26/2023
- ^ Ethispere. World's Most Ethical Companies, Retrieved 10/06/2023
- ^ BMO. Code of conduct, Retrieved 10/06/2023
- ^ BMO. At a Glance, Retrieved 12/05/2023
- ^ BMO. Branches & ATMs, Retrieved 12/05/2023
- ^ BMO. Awards & recognition, Retrieved 12/05/2023
- ^ BMO. Climate change, Retrieved 12/05/2023
- ^ BMO. Diversity, equity and inclusion, Retrieved 10/06/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Silver Business Checking account - $500 Bonus
Promo code Q1AFL25 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts. Business Essentials is not available in all markets; contact a banker for more details.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
|
|
| ||||||
|
|
|
Compare:
