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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.

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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

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