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.
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
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
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:
Visit a local BMO branch or go to their website and access the loan application form.
Provide your financial, personal, and prior debt information, including your employment details, monthly expenses, and other sources of income.
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.
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.
Once approved, BMO will give you documents to fill out that contain the loan terms, including repayment period, interest rates, and applicable fees.
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.
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.”
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.
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.
Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.
Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.
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 all 50 states.
Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.
Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.
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.
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.
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