BMO Harris Bank Review: Pros and Cons

Dena Standley | October 27, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: BMO Harris Bank provides various financial services that make them a bank and lender of choice for many consumers. But is it the right financial institution for you? It could be if you want to open a basic checking and savings account or borrow between $1,500 to $35,000. Learn more about them below.

With countless banks available to serve you, it can be both exciting and confusing to know the best bank to open an account. In addition, you would also want a bank that can give you a loan at a reasonable interest rate and a credit card with fair terms. BMO bank has won favor with numerous consumers across North America because of its large ATM network, low fees, and diverse loan offers.

However, some consumers would not recommend opening an account with them because of the poor customer service and excessive charges. To help you decide whether BMO Harris is the bank you should use for acquiring a loan or maintaining a savings account, SoloSuit will give you more information about them, how they work, and the reviews they’ve received from various platforms.

Having debt troubles? Consider debt settlement.

Settle with SoloSettle

Make an Offer

What is BMO Harris Bank?

BMO Harris is a financial institution that offers multiple banking services to businesses, organizations, and individuals. It is among the oldest and largest banks in MidWest, having been in business for over 116 years. It received its accreditation from the Better Business Bureau (BBB) on 4/8/1997.

BMO’s headquarter in Chicago, with over 716 locations countrywide. The various services they provide include:

  • Checking and savings account
  • Credit cards
  • Mortgages
  • Investment
  • Persona and auto loans
  • Wealth management solutions

BMO’s online banking was ranked #1 in June 2023 by the J.D. Power 2023 Canada Online Banking Satisfaction Study. The following table outlines other advantages and a few drawbacks of their services.

BMO Harris Bank Pros and Cons
Pros Cons
Nationwide and free ATM network Low rate on savings account
No monthly fees for checking accounts You must have a high credit score to get a loan
Reasonable interest rate on loans The maximum loan you can borrow is $35,000
The minimum opening deposit is $25 Application fee applies for borrowing

How does BMO Harris Bank work?

Opening a checking or savings account with BMO is straightforward. You can do it online or at a branch near you. Afterward, you can access most of their services faster and with better rates than if you did not have an account. Follow these steps if you seek a loan with BMO and you do not have an account with them:

  1. Visit a local BMO branch or go to their website and access the loan application form.
  2. Provide your financial, personal, and prior debt information, including your employment details, monthly expenses, and other sources of income.
  3. Specify the loan you seek and the amount you wish to borrow. Consider your debt payment history, credit score, and income before quoting an amount.
  4. Give BMO Harris Bank time to run a credit check and calculate your debt-income ratio. This process will determine if you are eligible for the loan.
  5. Once approved, BMO will give you documents to fill out that contain the loan terms, including repayment period, interest rates, and applicable fees.
  6. Once you sign the agreement, BMO Harris will send the money to your account.

Sometimes you may take a loan confident you'll make the payments and clear the debt. But things can go sideways, and you default on payments for months. Listen to this success story of how Mason won his lawsuit after being sued by a debt collection agency.

How I won my credit card debt lawsuit (Interview)

BMO Harris Bank customer reviews

Having been in business for over a century, BMO Harris Bank has had poor reviews from various customers country-wide. For example, on the BBB page, they have a 1.06-star rating from many reviews. In addition, the BBB and Consumer Financial Protection Bureau have received more than thousands of complaints against BMO Harris Bank in the last three years alone. Here is an example of a consumer complaint from the BMO Harris Bank BBB profile:

“I had a credit card, and I paid off the balance and requested the credit card be canceled. There was an overpayment on the account. It has been several months of requesting the overpaid amount be returned. I have not received any correspondence or refund. I have tried calling customer service but always transferred several times, and I got no assistance. I have also tried internal messaging through my account with an automatic response that does not resolve the problem. My remaining balance is still owed.”

On other platforms, Trustpilot records a 1.4-star rating from 52 reviews, and Bankrate gives them a 3.5-star rating.

SoloSuit can help

At SoloSuit, many consumers have contacted us to help them win their cases or stop calls from debt collectors who ask them to pay a cleared debt or the amount is exaggerated.

Are you in such a situation? If so, send our Debt Validation Letter requesting them to break down the debt information. You can also use our Answer document to respond to a lawsuit and use affirmative defenses that will cause the creditor to withdraw the case. Finally, if you want to settle your debt, SoloSettle can help you negotiate a settlement that works for you and your financial circumstances.

What is Solo?

Solo makes it easy to resolve debt with debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt. SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

SoloSettle can help you contact your debt collector or creditor and negotiate the debt to settle for less, all online. It simplifies and streamlines the process to settling your debt.

No matter where you find yourself in the debt collection process, Solo is here to help you resolve your debt.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Debt collector guides

Are you being contacted by a debt collector? We’re making guides on how to resolve debt with each one.

Arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Bankruptcy

Bankruptcy is a great way to legally resolve debt, but it's usually best to consider it as a last resort. Here are some bankruptcy guides to help you decide which debt resolution option is best for you.

Check your case status

Don’t have time to go to your local courthouse to check the status of your case? We’ve created state guides on how to check the status of your case throughout the US, complete with online search tools and court directories.

Credit

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt, along with other credit-related resources.

Debt collection FAQs

Find answers to some of our the most commonly-asked questions about debt collection below.

Debt collection documents and templates

If you're dealing with debt, these documents and templates will help you respond, protect your rights, negotiate, and resolve your debts.

Debt relief

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt settlement

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created state guides on debt settlement. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

Eviction

Facing an eviction? The following guides will help you navigate your situation with confidence.

Federal debt collection laws

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Legal aid

Helping people find access to justice is at the heart of Solo's misison. If you're dealing with a legal debt issue, the following guides will help you through it.

Medical debt

Having a health challenge is stressful, but dealing with medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Personal finance

Learn how to manage your finances and overcome crushing debt. Check out our personal finance guides below.

State debt collection laws

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote guides on each state’s statutes and more.

Stop collection calls

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Wage garnishment

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in your state, plus other wage garnishment resources.

The Debt Hotline

Hosted by Team Solo, The Debt Hotline breaks down debt and personal finance topics with help from attorneys, financial experts, and industry pros. We respond to real questions to help you navigate debt with knowledge and courage.

Other debt resources




It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.


"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather



Get Started

Contents

Affordable Legal Help
Trustpilot

Respond to Your Debt Lawsuit

Get your professionally reviewed Answer in minutes. No expensive lawyers needed.

loading...
Get My Answer
Affordable Legal Help
Trustpilot

Respond to Your Debt Lawsuit

Get your professionally reviewed Answer in minutes. No expensive lawyers needed.

loading...
Get My Answer
loading...
Get My Answer