About bank
Bank of Montreal or BMO is the fourth-largest bank in Canada by market capitalization and assets. With over 200 years of history, BMO is the oldest bank in Canada founded in 1817 in Quebec as Montreal Bank. BMO serves more than 12 million customers worldwide.
BMO operates as BMO Bank of Montreal in Canada and as BMO Financial Group in the U.S. BMO Financial Group owns BMO Harris Bank, the United States personal and commercial banking services provider. Bank of Montreal also has operations in the UK, Switzerland, Germany, China, Singapore, India, Mexico, Barbados, Brazil, and Australia.
Features
Bank of Montreal provides personal and commercial banking, wealth management, and investment services to individuals, businesses, and institutions. It has three “client groups” serving the following segments:
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Personal and commercial client group providing retail banking and financial solutions in Canada (BMO Bank of Montreal) and the U.S. (BMO Harris Bank)
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Investment banking group or BMO Capital Markets providing investment and corporate banking along with trading products lines of business
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Private client group providing a variety of wealth management solutions, including insurance products
Pros and cons
Pros
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A vast network of branches and ATMs across Canada and the U.S.
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Both the U.S. and Canadian personal and commercial banking solutions
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A variety of ways to bank — through online banking, from a mobile device, at an ATM, or in person at your local branch
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Affordable new account opening deposits
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A variety of rewards to suit your lifestyle
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A range of educational resources and useful links on the website
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Services for individuals, families, and businesses alike
Cons
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In the U.S., BMO branches are available only in 8 states
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Relatively low-interest rates on savings accounts
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High overdraft fees
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Minimum account balance requirements to waive the monthly fees
Products
Bank of Montreal offers a range of products for individuals:
- Bank accounts — chequing accounts for everyday banking operations and interest-bearing savings accounts.
- Credit cards featuring rewards and cash back, low-interest rates, or low to zero annual fees.
- Mortgage solutions to help you purchase your first or another property or refinance your existing mortgage.
- Loans and lines of credit — lending solutions with flexible payment schedules and competitive interest rates for a variety of your borrowing needs.
- Investment solutions to increase your earnings including accounts to save for the future and hold securities like GICs, stocks, mutual funds, or ETFs there.
- Insurance products to help you pay off your financial obligations or travel-related expenses in case of unforeseen situations
The products for businesses are:
- Plans and business accounts for daily banking operations and growing your cash through earning interest on it.
- Credit cards to pay for your personal and business expenses separately while earning the rewards that suit your preferences.
- Loans and commercial mortgages — credit tools for a variety of your company’s needs.
- Asset-based lending solutions to access the required capital by leveraging the value of your business assets.
- Equipment financing and leasing solutions under personalized guidance from BMO’s experts, whatever your industry is.
Services
Individuals can reach out to the Bank of Montreal for the following services:
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Financial planning — customized strategies crafted by BMO financial planners to help you protect your money and maximize your earnings
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Wealth management services to help identify the right set of investments to grow your wealth and ensure financial security for your family
For businesses, BMO offers a range of commercial banking services:
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Cash flow management — solutions for making and receiving payments, sending money across Canada and internationally, and paying employees
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Business advisory services to identify a company’s financial goals and create an actionable plan for their achievement through the right financing options, mergers, and acquisitions
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Services for importers and exporters to help businesses secure payments and ensure compliance with contractual obligations by all parties to the process
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Loans syndication and agency services — outsourcing the development of the right loan structure to BMO experts to avoid working with multiple lenders
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Risk management — currency, debt, interest rate, and commodity solutions to help your company mitigate risks of market changes and ensure financial security
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Wealth management — customized strategies on how to maximize the earnings of your company with the right investments
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Subordinated debt and equity services to help middle-market companies carry out shareholder changes, undergo business expansion, acquisitions and enable further business growth
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Capital market services provide access to global capital market resources, implement the right investment strategies, manage market risks and maximize the efficiency of your assets