BMO Harris Bank, recently rebranded as simply BMO, is a prominent name in North American banking, boasting over 1,000 branches across 32 states. But with so many banking options available, is BMO Harris the right fit for you? This review dives deep into the bank’s offerings, analyzing its pros, cons, and customer experiences to help you decide.
Products and Services
BMO Harris offers a comprehensive suite of banking products and services, catering to both personal and commercial banking needs. Here’s a breakdown of some key offerings:
- Checking Accounts: BMO Harris provides several checking accounts, some with no monthly fees and features like mobile banking and bill pay.
- Savings Accounts: While the interest rates on savings accounts aren’t particularly competitive, BMO Harris offers options like money market accounts for those seeking slightly higher yields.
- Certificates of Deposit (CDs): If you’re looking for a guaranteed return on your investment, BMO Harris offers CDs with varying terms and interest rates.
- Loans: BMO Harris provides various loan options, including mortgages, auto loans, and personal loans.
- Investment Accounts: For those interested in investing, BMO Harris offers investment accounts and access to financial advisors.
Pros and Cons: A Balanced View
Pros:
- Large Branch Network: With a vast network of branches, BMO Harris offers convenient in-person banking services for those who value face-to-face interactions.
- Digital Banking: BMO Harris provides robust online and mobile banking platforms, allowing for convenient account management and transactions on the go.
- No-Monthly-Fee Checking Accounts: Finding a checking account without a monthly service fee can be challenging. BMO Harris offers options that cater to those seeking a basic checking account without hidden costs.
- Range of Loan Options: Whether you need a mortgage, auto loan, or personal loan, BMO Harris has a variety of options to suit your needs.
Cons:
- Lower Interest Rates: BMO Harris’s savings accounts and CDs generally offer lower interest rates compared to some online banks.
- Potential for High Fees: While some accounts have no monthly fees, overdraft and other service charges can add up if you’re not careful.
- Mixed Customer Reviews: Customer reviews paint a mixed picture. Some praise the convenience and helpful branch staff, while others express frustration with fees and limited customer service options outside of branch hours.
Consumer Reviews and Complaints
One of the best ways to gauge a bank’s service is through the unfiltered voices of its customers. Here’s a sampling of BMO Harris Bank reviews across various online review platforms:
Consumer Affairs:
- “I’ve been a BMO Harris customer for over 10 years. Their mobile app is decent and does the basics well. Branch staff is usually friendly. However, their customer service hotline has very long wait times and the reps often seem undertrained.” – 3 stars
Trustpilot:
- “Absolutely terrible bank. They randomly closed my checking account with no warning and gave me the runaround when I called. Unprofessional and shady practices.” – 1 star
- “As a long-time BMO customer, I find their services reliable if a bit dated compared to modern digital banks. Wish they had more branch locations near me.” – 4 stars
Reddit (r/personalfinance):
- “I recently opened a BMO savings account to take advantage of their $200 new account bonus. The process was pretty smooth and I got my bonus within 2 months as advertised.”
- “BMO Harris is a typical big bank – not the best, not the worst. Their overdraft fees are pretty high though, so I’d recommend opting out of overdraft protection.”
From these BMO Harris Bank reviews, a few common threads emerge: decent but dated digital banking capabilities, mixed feedback on branch and phone service, and typical big bank fees and practices. Customer sentiment seems average overall, with both positive and negative experiences shared.
BBB Ratings and Complaints
The Better Business Bureau website contains a wealth of data on BMO Harris Bank’s profile and reputation. Here are some key points from the BBB:
- BMO Harris Bank has been an accredited business with the BBB since 1940.
- They currently have an A+ rating from the BBB.
- In the last 3 years, the BBB has processed 1,765 complaints against BMO Harris Bank.
- Common issues cited in complaints include problems with deposits, account openings, fees, interest rates, and customer service.
While an A+ rating is very positive, the high volume of complaints processed by the BBB in recent years is concerning. Let’s look at some examples of BMO Harris Bank complaints on the BBB website:
- “BMO Harris Bank charged me overdraft fees totaling $210 despite having overdraft protection set up on my account. When I called to get a refund, I was passed around to multiple reps and eventually hung up on.”
- “I tried opening a BMO savings account online with the $200 promotional bonus. My application was denied with no reason given. When I called, the rep was rude and unhelpful in explaining why I was denied.”
- “I am a business customer, and BMO Harris lost one of my large deposits totaling over $10,000. They have no record of it being received, despite my deposit slips and records. Extremely poor cash handling practices.”
These complaints highlight some recurring pain points like fees, poor customer service, deposit issues, and lack of transparency. While not every customer will run into such problems, the complaints are still worth noting.
Other Review Sources
Beyond individual reviews and the BBB, there are other professional sources that have evaluated and rated BMO Harris Bank:
- J.D. Power Banking Satisfaction Study (2022): BMO Harris Bank scored 642 out of 1,000, which ranks them about average compared to other big banks in the region.
- Bankrate: Rated BMO Harris Bank 3.8/5 stars based on product offerings, fees, interest rates, and mobile app capabilities. Noted both positives like sign-up bonuses and negatives like high fees.
- CFPB Complaints: The Consumer Financial Protection Bureau (CFPB) has recorded over 2,000 complaints about BMO Harris Bank since 2013, mostly relating to checking accounts, credit cards, and mortgage issues.
Overall, the consensus from expert reviews is that BMO Harris Bank performs averagely for a major traditional bank. They offer a decent range of products and digital tools but also come with typical big bank fees and service issues.
Beyond the Review: Additional Considerations for BMO Harris
This review has provided a snapshot of BMO Harris’s offerings and customer sentiment. Here are some additional factors to consider before making your decision:
- Banking Fees: Go beyond the headline of “no monthly fees” and delve deeper into potential overdraft, ATM, and other service charges. BMO Harris’s fee schedule can be found on their website.
- Minimum Balance Requirements: Some BMO Harris accounts have minimum balance requirements to avoid monthly service fees. Ensure you can maintain the required balance to avoid unnecessary charges.
- Online Banking Features: While BMO Harris offers online and mobile banking, compare their features to those of other banks. See if the features align with how you manage your finances electronically (e.g., mobile check deposit, bill pay options).
- Customer Service Availability: If frequent customer service interactions are important to you, consider BMO Harris’s customer service hours and accessibility beyond branch locations.
Exploring Alternatives
Before settling on BMO Harris, it’s wise to explore other banking options. Here are some suggestions:
- Online Banks: Online banks often offer competitive interest rates on savings accounts and potentially lower fees. However, they typically lack a physical branch network.
- Credit Unions: Credit unions are member-owned cooperatives known for their focus on customer service and often offer competitive rates and fees.
- Regional Banks: Regional banks operate in specific geographic areas and may offer unique products or services tailored to your local market.
The Bottom Line: Make an Informed Decision
Choosing the right bank is a personal decision. By understanding BMO Harris’s strengths and weaknesses, along with considering your banking needs and priorities, you can make an informed decision.
Here are some resources that might be helpful in your research:
- BMO Harris Bank Website: https://www.bmo.com/en-us/main/personal/ways-to-bank/online-banking/
- National Fair Credit Reporting Act (FCRA): https://www.ftc.gov/legal-library/browse/statutes/fair-credit-reporting-act (Provides information on your rights regarding accessing your credit report)
- National Credit Union Administration (NCUA): https://ncua.gov/ (Helps locate credit unions in your area)
Remember, the best bank for you is the one that aligns with your financial goals and offers the features and services you require to manage your money effectively.
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Some Important Point/ Frequently Asked Questions on Various Online Platforms Like Google, Quora, Reddit and others
Q: Is BMO Harris a real bank?
A: Yes, BMO Harris Bank is a real, legitimate bank operating in the United States.
Q: What is the full form of BMO Harris Bank?
A: The full legal name is BMO Harris Bank N.A., though it is rebranding to just BMO Bank N.A. in September 2023.
Q: Who owns BMO Harris Bank?
A: BMO Harris Bank is owned by the Bank of Montreal (BMO), a major Canadian bank and financial services company.
Q: What type of bank is BMO Harris?
A: BMO Harris is a national bank and subsidiary of BMO that provides consumer, commercial and wealth management banking services.