Started in 1882 as Harris Bank, BMO Harris Bank has grown to be one of the largest banks in the Midwest. BMO Harris Bank serves personal, commercial, and affluent customers. There are over 600 physical branches and over 1,300 ATMs. The BMO Harris Bank service can be found in eight states and includes banking, financing, and investing solutions.
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The Good

BMO Harris Bank offers a number of banking solutions for personal, small business owners, and commercial purposes. Their products include checking accounts that allow clients to manage day-to-day finances and savings and CDs for extra security. There are also credit cards available to meet all financial needs.

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Through BMO Harris Bank, clients have the option of choosing between three different account types. Despite the account a client decides to actually go with, all will enjoy the following benefits: online banking with bill pay, online account alerts, real-person assistance through chat and callback, over 1,300 BMO Harris ATMs, and over 600 BMO Harris locations. The actual accounts are broken down as follows:

  • BMO Harris Everyday Checking: meeting day-to-day checking account needs. Includes a chip-enabled debit card, minimum opening deposit of $100, and a monthly maintenance fee of $12. There are also overdraft services available as well.
  • BMO Harris Select Checking: earning interest and getting special discounts are all apart of this account option. It also comes with a chip-enabled debit card and minimum opening deposit of $100 and a $15 monthly maintenance fee.
  • BMO Harris Portfolio Checking: earning higher interest, getting special discounts and other benefits. This account earns interest and includes a chip-enabled debit card and a monthly maintenance fee of $25.

There are also a wide range of savings accounts to choose from. These accounts will allow clients to watch their savings grow, meet financial goals, and enjoy the confidence that comes with a financial cushion. The savings accounts include the following:

  • Statement Savings: Earn interest on your everyday savings and have the flexibility to access your funds whenever you need.
  • BMO Harris Select Money Market: Grow your investment with our high-yield money market account and maintain your liquidity.
  • Certificates of Deposit: Lock in competitive fixed interest rates for your long- and short-term savings goals.

Retirement planning and wealth management solutions include features like financial advisors, Financial advisors will sit down and plan through the many stages of life. As for wealth management, BMO Harris Bank advisors will help set goals that align with clients’ values and aspirations. The BMO Harris Bank premier services allow clients to enjoy the benefits of a highly personalized banking and investment relationship.

The Bad

The availability of the BMO Harris Bank service is a drawback. Since they do not service nationwide, that eliminates any client that does not reside in one of their states of operation. Despite being over 130 years old, the bank never made its way to the southern or western regions of the United States. Serviceable states include:

  • Illinois
  • Indiana
  • Arizona
  • Missouri
  • Minnesota
  • Kansas
  • Florida
  • Wisconsin

In addition to service area questions, another negative service item that needs to be pointed out includes the charging of monthly maintenance fees. For most checking and savings accounts, there is a maintenance fee charged for traditional services and management of accounts. There are ways for these fees to be waived each month, but certain requirements must be met. If these requirements are not met, the monthly fee will be assessed.

The Bottom Line

BMO Harris Bank provides checking, savings, retirement, credit card, and lending solutions to their varying clientele. Additionally, there are premier services, financial advisors, and wealth management options as well. Those who decide to bank with BMO Harris Bank can expect the following from the service:

  1. Wide range of checking and savings accounts
  2. Online and mobile banking
  3. Retirement and credit card solutions
  4. Limited availability
  5. Monthly maintenance fees

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