About bank
BMO Harris is a financial institution that operates as a subsidiary of BMO Financial Group, one of the largest banks in Canada. BMO Harris provides a wide range of financial services to consumers and businesses across the United States, being the eighth-largest bank in North America in terms of assets.
The bank has its roots in the Chicago area, where it was founded in 1882 as the N.W. Harris & Co. It grew rapidly over the next century, expanding its operations and acquiring other banks and financial institutions. In 1984, the bank merged with the Bank of Montreal to form Harris Bankcorp, which was renamed BMO Harris Bank in 2011. In February 2023, the BMO family welcomed Bank of the West, acquiring it from BNP Paribas.
Today, BMO Harris operates more than 1,100 branches across the United States, with a particularly strong presence in the Midwest. The bank offers a variety of products and services, including personal and business checking and savings accounts, credit cards, loans, mortgages, wealth management, and investment services.
BMO Harris is known for its focus on customer service and commitment to building long-term relationships with its clients. The bank has received numerous awards for its customer service, including recognition as one of the best banks for customer service by Newsweek magazine.
In addition to its focus on customer service, BMO Harris has a strong commitment to community involvement and philanthropy. The bank supports various charitable organizations and causes, including education, healthcare, and the arts. BMO Harris has also made a commitment to environmental sustainability, with initiatives to reduce its carbon footprint and promote renewable energy.
BMO Harris is a respected and well-established financial institution with a strong commitment to customer service, community involvement, and sustainability. Its broad range of products and services make it a convenient choice for individuals and businesses seeking comprehensive financial solutions.
Key Features
BMO Harris offers a wide range of financial products and services to consumers and businesses in the United States. Some of its key features include:
- Checking and savings accounts. BMO Harris offers a variety of free checking and savings accounts to meet the needs of its customers. Its checking accounts come with features such as online and mobile banking, debit cards, and overdraft protection. Its savings accounts offer competitive interest rates and convenient access to funds.
- Credit cards. BMO Harris offers a range of credit cards with features such as cash-back rewards, travel rewards, and low-interest rates. Its credit cards are designed to meet the needs of different types of customers, from those just starting to build credit to those looking for premium benefits and rewards.
- Loans and mortgages. BMO Harris provides a range of loans and mortgages to help individuals and businesses achieve their financial goals. Its loan products include personal loans, auto loans, and home equity loans, while its mortgage products include fixed and adjustable rate mortgages, jumbo mortgages, and government-backed loans.
- Investment services. BMO Harris offers various investment services to help clients grow and manage their wealth. Its services include investment management, financial planning, retirement planning, and trust and estate services.
- Commercial banking. BMO Harris provides various banking services to businesses, including deposit accounts, lending and financing, treasury management, and international services.
- Online and mobile banking. BMO Harris offers convenient online and mobile banking services that allow customers to manage their accounts, pay bills, transfer funds, and deposit checks from their smartphones or other mobile devices.
- Customer service. BMO Harris is known for its focus on customer service and its commitment to building long-term relationships with its clients. The bank offers a range of support channels, including phone, email, and live chat, as well as in-person support at its branch locations.
Requirements
BMO Harris has different requirements for its various financial products and services. However, here are some general requirements that you should be aware of:
- Checking and savings accounts. To open a checking or savings account with BMO Harris, you will need to provide personal information such as your name, address, social security number, and date of birth. You may also need to provide a government-issued ID and proof of address. Depending on the type of account you want to open, you may also need to meet minimum balance requirements or pay monthly fees.
- Credit cards. To apply for a BMO Harris credit card, you must provide personal information and income details. Your credit score and credit history will also be evaluated as part of the application process.
- Loans and mortgages. To apply for a loan or mortgage with BMO Harris, you must provide personal and financial information, such as your income, employment status, and credit history. You may also need to provide documentation such as pay stubs, tax returns, and bank statements.
- Investment services. BMO Harris' investment services are available to clients who meet certain requirements, such as a minimum investable asset level or a minimum annual fee. To get started, you can speak with a financial advisor to discuss your goals and needs.
- Commercial banking. BMO Harris' commercial banking services are designed for businesses with varying needs and requirements. You can contact BMO Harris to discuss your specific business needs to learn more.
In general, BMO Harris prioritizes providing its customers with a positive experience and personalized service. If you have any questions or concerns about the requirements for a particular product or service, you can contact BMO Harris for assistance.
Access on the Go
BMO Harris offers convenient access to its products and services through its online and mobile banking platforms. Here's what you need to know about accessing BMO Harris on the go:
- Online banking. BMO Harris' online banking platform allows you to access your accounts, pay bills, transfer funds, and view your transaction history from your desktop or laptop computer. You can also set up account alerts, manage your budget, and track your spending.
- Mobile banking app. BMO Harris' mobile banking app is available for both iOS and Android devices. The app allows you to access your accounts, view balances, make transfers, and deposit checks using your smartphone or tablet. You can also use the app to pay bills, find ATM and branch locations, and set up account alerts.
- Mobile wallet. BMO Harris supports mobile wallets such as Apple Pay, Samsung Pay, and Google Pay. You can add your BMO Harris debit or credit card to your mobile wallet to make purchases at participating merchants using your smartphone or another mobile device.
- Telephone banking. BMO Harris offers a 24/7 telephone banking service that allows you to check your account balance, transfer funds, and make payments using a touch-tone phone.
- ATMs and branches. BMO Harris has more than 1,100 branches and over 2,300 ATMs across the United States. You can use the BMO Harris website or mobile app to find the nearest ATM or branch location.
With these convenient access options, you can manage your BMO Harris accounts on the go, from anywhere, and at any time.
BMO Harris products
BMO Harris offers a wide range of financial products and services to meet the needs of both individuals and businesses. Here are some of the products offered by BMO Harris:
- Checking accounts. BMO Harris offers various checking accounts, including the Smart Advantage checking account, Premier, and Smart Money accounts. Each account has different features and benefits, such as no monthly maintenance fees as long as you choose e-statements instead of paper statements or unlimited ATM reimbursements.
- Savings accounts. BMO Harris offers savings accounts, including Savings Builder, Health Savings, and Money Market accounts, for you to manage your personal finance. Each account offers competitive interest rates and easy access to your funds.
- Credit cards. BMO Harris offers several credit card options, including cash back, travel rewards, and premium credit cards. Each card has its own benefits and features, such as bonus rewards, low-interest rates, and no annual fees.
- Mortgages. BMO Harris offers a variety of mortgage options, including fixed-rate, adjustable-rate, and jumbo mortgages. It also offers government-backed mortgages, such as FHA and VA loans. BMO Harris also offers refinancing options to help you lower your monthly payments.
- Loans. BMO Harris offers personal loans, auto loans, and home equity loans. Personal loans can be used for a variety of purposes, such as debt consolidation, home improvements, or major purchases. With competitive interest rates and flexible terms, auto loans are available for new or used cars. Home equity loans allow you to use the equity in your home for significant expenses.
- Investments. BMO Harris offers a variety of investment options, including mutual funds, stocks, bonds, and annuities. BMO Harris offers investment management services and financial and retirement planning.
- Business banking. BMO Harris provides banking services to businesses of all sizes, including checking and savings accounts, credit cards, lending and financing, and treasury management services.
These are just a few of the many financial products and services offered by BMO Harris. Depending on your financial needs, BMO Harris likely has a product or service to help you achieve your goals.
Which associations does BMO Harris belong to?
BMO Harris is a member of several industry associations and organizations. Here are some of the associations that BMO Harris is a part of:
- American Bankers Association (ABA). BMO Harris is a member of the ABA, which is the most extensive banking trade association in the United States. The ABA represents banks of all sizes and charters and advocates for the banking industry.
- Consumer Bankers Association (CBA). BMO Harris is a CBA member representing retail banks and financial services companies. The CBA focuses on issues such as consumer protection, regulatory reform, and innovation in banking.
- Chicago Federal Reserve Bank. BMO Harris is a Chicago Federal Reserve Bank member, one of the 12 regional Reserve Banks in the Federal Reserve System. The Chicago Fed serves the Seventh Federal Reserve District, which includes Illinois, Indiana, Iowa, Michigan, and Wisconsin.
- National Community Reinvestment Coalition (NCRC). BMO Harris is a member of the NCRC, a nonprofit organization that promotes access to credit and capital, economic fairness, and community development in underserved communities.
By being a member of these associations, BMO Harris can stay up-to-date on the latest industry trends and best practices, participate in advocacy efforts and collaborate with other members to support the broader financial services industry.
Bank Reliability
BMO Harris is generally considered to be a reliable and trustworthy bank. Here are a few reasons why:
- Strong financial stability. BMO Harris is a subsidiary of the Bank of Montreal, one of the largest banks in Canada. BMO Harris has a strong financial position, with high capitalization and liquidity levels, and has consistently received high credit ratings from rating agencies such as Moody's, Standard & Poor's, and Fitch.
- Long-standing history. BMO Harris has been in operation for over 130 years and has a long-standing reputation as a stable and reliable financial institution.
- Industry recognition. BMO Harris has received recognition from various industry organizations, such as J.D. Power, which ranked BMO Harris as one of the top banks in customer satisfaction in its 2020 U.S. Retail Banking Satisfaction Study.
- FDIC-insured. BMO Harris is a member of the Federal Deposit Insurance Corporation (FDIC), which provides deposit insurance to protect depositors in the event of a bank failure. The FDIC insures deposits up to $250,000 per depositor, per account ownership category.
- Strong security measures. BMO Harris takes security and fraud prevention seriously and uses industry-standard encryption and other security measures to protect customer data and transactions. BMO Harris also offers a range of security features, such as two-factor authentication and biometric login options, to help protect customer accounts.
BMO Harris has a solid reputation as a reliable and trustworthy bank. However, as with any financial institution, it's important to do your own research and due diligence before choosing to bank with BMO Harris or any other bank.
BMO Harris vs. Chime
BMO Harris and Chime are two different types of banks with different business models and target markets. Here are some key differences between BMO Harris and Chime:
- Banking model. BMO Harris is a traditional brick-and-mortar bank that also offers online banking services. It has physical branches and ATMs where customers can access their accounts and make deposits or withdrawals. Chime, on the other hand, is an online-only bank that does not have any physical branches. Instead, it is entirely app-based, and customers can access their accounts and manage their money through the Chime mobile app.
- Fees. BMO Harris charges fees for some of its products and services, such as monthly maintenance fees for some checking accounts and overdraft fees. On the other hand, Chime does not charge monthly, overdraft, or foreign transaction fees.
- Interest rates. BMO Harris offers interest-bearing accounts such as savings accounts and CDs, but their interest rates are generally lower than what some other online-only banks like Chime offer. Chime offers higher interest rates on their savings accounts and no fees, which may make them more attractive to customers looking to earn higher interest on their deposits.
- Target market. BMO Harris primarily serves customers in the Midwest and other areas of the United States. It offers a range of banking products and services for individuals and businesses of all sizes. Chime, on the other hand, is aimed at a younger, tech-savvy audience and focuses on offering mobile banking services that are simple and easy to use.
- Additional features. Chime offers a range of unique features that are not available at BMO Harris, such as early access to direct deposits, automatic savings tools, and fee-free cash withdrawals at over 60,000 ATMs in the United States. BMO Harris offers other features that may be more attractive to some customers, such as investment services, retirement planning, and business banking products.
In summary, BMO Harris and Chime are two different types of banks with different strengths and weaknesses. While BMO Harris is a traditional bank with physical branches and a range of products and services, Chime is an online-only bank focusing on simplicity, convenience, and no fees. Which bank is right for you will depend on your individual needs and preferences.
BMO Harris vs. Marcus
BMO Harris and Marcus are two different types of banks with different business models and product offerings. Here are some key differences between BMO Harris and Marcus:
- Banking model. BMO Harris is a traditional bank with physical branches and ATMs, while Marcus is an online-only bank with no physical branches. Customers of Marcus can access their accounts and manage their finances entirely through their online portal or mobile app.
- Interest rates. Marcus offers competitive interest rates on savings accounts, CDs, and personal loans. BMO Harris also offers interest-bearing accounts, but their interest rates are generally lower than those provided by Marcus.
- Fees. BMO Harris charges fees for some of its products and services, such as monthly maintenance fees for some checking accounts, overdraft fees, and other transaction fees. On the other hand, Marcus has no monthly fees or transaction fees for their savings accounts, CDs, or personal loans.
- Product offerings. BMO Harris offers a wide range of banking products and services, including checking accounts, savings accounts, CDs, personal loans, credit cards, and business banking services. Marcus focuses primarily on savings accounts, CDs, and personal loans and does not offer as wide a range of banking products as BMO Harris.
- Customer service. Both BMO Harris and Marcus are known for their high levels of customer service. BMO Harris has a large network of branches and ATMs, and their customer service can be accessed in person or over the phone. Marcus has a dedicated customer service team that can be reached by phone or email.
In summary, BMO Harris and Marcus are two different types of banks with different strengths and weaknesses. BMO Harris is a traditional bank with physical branches and a wide range of products and services. At the same time, Marcus is an online-only bank that offers competitive interest rates on savings accounts, CDs, and personal loans. Which bank is right for you will depend on your individual needs and preferences.
BMO Harris vs. Capital One
BMO Harris and Capital One are two different types of banks with different business models and product offerings. Here are some key differences between BMO Harris and Capital One:
- Banking model. Both BMO Harris and Capital One are traditional banks with physical branches, ATMs, and an online banking platform. Capital One's online banking platform is known for its user-friendly interface and its ability to integrate with other financial apps.
- Interest rates. BMO Harris offers interest-bearing accounts such as savings accounts and CDs, but their interest rates are generally lower than what Capital One offers. Capital One offers competitive interest rates on their savings accounts, CDs, and credit card products.
- Fees. Both BMO Harris and Capital One charge fees for some of their products and services, such as monthly maintenance fees for some checking accounts and overdraft fees. However, Capital One has a broader range of fee-free banking products and services, including some checking accounts and credit cards.
- Product offerings. BMO Harris offers a range of banking products and services, including checking accounts, savings accounts, CDs, personal loans, credit cards, and business banking services. Capital One also offers a wide range of banking products and services, including checking accounts, savings accounts, CDs, personal loans, credit cards, and investment accounts.
- Rewards programs. Capital One is known for its rewards credit card programs, which offer cash back, points, or miles for every purchase made with the card. BMO Harris also offers credit card products, but their rewards programs are not as extensive as those offered by Capital One.
In summary, BMO Harris and Capital One are two different types of banks with different strengths and weaknesses. BMO Harris is a traditional bank with physical branches and a range of banking products and services. At the same time, Capital One has both traditional branches and a strong online banking platform and is known for its rewards credit card programs. Which bank is right for you will depend on your individual needs and preferences.
BMO Harris vs. CitiBank
BMO Harris and Citibank are two different types of banks with different business models and product offerings. Here are some key differences between BMO Harris and Citibank:
- Banking model. Both BMO Harris and Citibank are traditional banks with physical branches, ATMs, and an online banking platform. Citibank is more international, with branches and ATMs in more countries than BMO Harris.
- Interest rates. BMO Harris offers interest-bearing accounts such as savings accounts and CDs, but their interest rates are generally lower than what Citibank offers. Citibank offers competitive interest rates on its savings accounts, CDs, and credit card products.
- Fees. Both BMO Harris and Citibank charge fees for some of their products and services, such as monthly maintenance fees for some checking accounts and overdraft fees. However, Citibank has a broader range of fee-free banking products and services, including some checking accounts and credit cards.
- Product offerings. BMO Harris offers a range of banking products and services, including checking accounts, savings accounts, CDs, personal loans, credit cards, and business banking services. Citibank also offers a wide range of banking products and services, including checking accounts, savings accounts, CDs, personal loans, credit cards, investment accounts, and business banking services.
- International presence. Citibank has a more significant international presence than BMO Harris, with branches and ATMs in more countries worldwide. This makes it a good option for people who frequently travel or do business internationally.
In summary, BMO Harris and Citibank are two different types of banks with different strengths and weaknesses. BMO Harris is a traditional bank with physical branches and a range of banking products and services. At the same time, Citibank has a strong international presence, physical branches, and a wide range of banking products and services. Which bank is right for you will depend on your individual needs and preferences and your international banking requirements.
