Want to close your Bank of Montreal (BMO) account?
Learn about how to do so below and the fees you may have to pay depending on the bank accounts you are closing.
Bank fees are a leading cause for why Canadians switch banks every year.
In fact, this year (while in the middle of a devastating pandemic), the biggest banks raised their chequing account fees.
While you can waive some bank fees by maintaining a minimum balance, it also means you have funds sitting pretty in a chequing account, earning zero returns.
How To Close Your BMO Account
Unfortunately, you can’t close a BMO account online.
To close your account, you need to visit your nearest BMO branch.
You can expedite the process by calling to book an appointment (1-877-225-5266 or 1-877-CALL-BMO).
If you want to cancel your BMO credit card or line of credit, follow these steps:
- BMO Credit Card: Call 1-800-263-2263 or visit your local BMO branch.
- BMO Line of Credit: Call 1-800-363-9992 or visit your local BMO branch.
Is There a Fee To Close a BMO Account?
If you close your BMO account within 90 days of opening it, a $20 fee applies.
For BMO chequing and savings accounts closed more than 90 days after opening, there is no fee.
When you transfer your RRSP or TFSA account from BMO to another financial institution, a $50 transfer fee is charged.
Dormant accounts with no activity incur a $20 fee in the second year, a $30 fee in the fifth year, and $40 in the tenth year.
What To Do Before Closing Your BMO Account
1. Shop around for a new bank: A no-fee bank account has no monthly fees and debit transactions, and Interac e-Transfers are often free.
Compare the offerings across online banks and the traditional big banks to see which ones best meet your needs.
Open your new account before closing the old one.
2. Update your banking information: Ensure your pre-authorized payments and contribution information is updated with your new banking details.
You don’t want cheques bouncing or your paycheque getting delayed.
Some banks offer tools that simplify the process of transferring your recurring payments. Examples include the Switch Kit offered by CIBC.
3. Transfer funds: Before closing your account, move your funds out of them.
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The Bank of Montreal is a top-five bank in Canada.
It was founded in 1817 and was formerly known as the Montreal Bank. BMO’s institution number is 001.
Close BMO Account FAQ
Can I close my BMO account online?
No, BMO accounts cannot be closed online. You need to visit a branch or call 1-877-225-5266 to book an appointment.
Is there a fee to close a BMO account?
BMO chequing and savings accounts that are older than 90 days can be closed free of charge. If your account is new and closed within 90 days of opening it, there’s a $20 fee.
How long can my BMO account be inactive?
If your BMO bank account is inactive for more than 10 years, it is automatically closed, and your funds are transferred to the Bank of Canada. The Bank of Canada holds unclaimed balances for up to 100 years.