BMO checking accounts have monthly fees that range from $0 to $15, depending on which account you choose, and most accounts have no minimum balance requirement

BMO offers several checking account options, each with different fee structures. The BMO Smart Advantage Checking account costs $12 per month with no minimum balance. The BMO Everyday Checking account is free if you maintain a $500 minimum balance; if your balance drops below $500, you pay $12 per month. The BMO Premium Checking account costs $25 per month and is designed for customers who want higher account limits and additional perks.

If you want to avoid monthly fees entirely, you have two paths: choose the Smart Advantage account and accept the $12 monthly charge, or keep $500 in your Everyday Checking account at all times. Some customers find it cheaper to pay the $12 monthly fee than to keep $500 sitting idle, especially if that money could earn interest elsewhere.

Key Takeaways

  • BMO Smart Advantage Checking charges $12 per month with no balance requirement, making it the simplest option if you do not want to maintain a minimum.
  • BMO Everyday Checking is free only when your balance stays at $500 or above; dropping below that triggers a $12 monthly fee.
  • BMO Premium Checking costs $25 per month and includes higher transaction limits and additional account features.
  • Overdraft fees, ATM fees, and wire transfer fees apply across all accounts and are separate from the monthly account fee.

How monthly fees work and when they are charged

BMO charges the monthly account fee on a set day each month, usually around the first of the month. The fee is deducted directly from your checking account balance. If you do not have enough money in the account to cover the fee, BMO may charge an overdraft fee on top of the monthly fee.

You can see which account you hold and what fee applies by logging into your BMO online banking or calling BMO customer service. The fee structure does not change mid-month, so if you are on the Everyday Checking plan, you know exactly when the $12 charge will hit if your balance falls below $500.

Overdraft and ATM fees that apply regardless of account type

Beyond the monthly account fee, BMO charges separate fees for overdrafts and out-of-network ATM use. An overdraft fee is charged when you spend more money than you have in your account. BMO's overdraft fee varies but typically ranges from $25 to $35 per overdraft transaction. You can have multiple overdraft fees in a single day if you make multiple transactions that overdraw your account.

Using an ATM outside the BMO network costs money as well. BMO charges a fee for using another bank's ATM, and that other bank may charge you a fee too, so you end up paying two fees for one withdrawal. The exact amount depends on which ATM you use, but it typically ranges from $2 to $3 per transaction. Using a BMO ATM is always free.

Wire transfer fees also apply. Sending a domestic wire transfer through BMO costs around $15 to $20, depending on whether you send it online or in person. Incoming wire transfers may have a fee as well, though some accounts waive this.

How to avoid or reduce fees

The simplest way to avoid the monthly fee is to choose the account structure that fits your spending and savings habits. If you can keep $500 in your Everyday Checking account without strain, that account is free. If you cannot reliably maintain that balance, the $12 monthly fee on Smart Advantage Checking may be cheaper than the risk of overdraft fees.

To avoid overdraft fees, set up account alerts through BMO online banking. You can receive a notification when your balance drops below a certain amount—say, $100—giving you time to transfer money in before a transaction overdrafts the account. Some customers also link a savings account to their checking account so that overdrafts automatically pull from savings instead of triggering a fee.

To avoid ATM fees, use BMO's ATM network whenever possible. BMO has thousands of ATMs across the United States, and using one is always free. If you travel frequently or live far from a BMO branch, check the ATM locator on BMO's website before opening an account to see whether ATMs are convenient for you.

Comparing BMO checking to other banks

Other banks offer free checking with no minimum balance, so BMO is not the only option. Ally Bank and Charles Schwab both offer checking accounts with no monthly fee and no minimum balance requirement. However, Ally is an online-only bank with no physical branches, and Charles Schwab reimburses ATM fees nationwide, which is a feature BMO does not offer.

Traditional banks like Chase and Wells Fargo also charge monthly fees for checking accounts, though they offer free options if you maintain higher minimum balances or set up direct deposit. The trade-off is that these banks have more physical branches and ATMs than online-only banks, which matters if you prefer in-person banking.

If you already have other accounts or products with BMO—a savings account, credit card, or mortgage—you may may have access to for fee waivers or discounts. Ask BMO directly whether bundling accounts reduces your checking fee.

What happens if you close your account

If you close a BMO checking account, you will not be charged a closing fee. However, you should make sure any pending transactions have cleared before you close the account, and you should update any automatic payments or direct deposits that were linked to that account. If a payment tries to go through after the account is closed, it will be rejected and may trigger a fee from the merchant or your employer.

BMO will send you a final statement showing any remaining balance. If there is money left in the account, BMO will mail you a check or transfer it to another account you specify. If there are outstanding fees or charges, BMO will deduct them from the remaining balance before sending it to you.

Frequently Asked Questions

Can I get the monthly fee waived if I set up direct deposit?

BMO does not automatically waive the monthly fee for direct deposit on most checking accounts. However, some promotional offers may waive fees for a limited time if you set up direct deposit. Contact BMO to ask whether any current promotions apply to your account type.

What if my balance drops below $500 for just one day?

If your balance on the Everyday Checking account drops below $500 on the day BMO calculates your balance for the month, you will be charged the $12 monthly fee. The fee is based on your balance on a specific date, not your average balance throughout the month, so even one day below the threshold can trigger the charge.

Do I pay overdraft fees and a monthly fee at the same time?

Yes. If you overdraft your account and your balance is also below the minimum (on Everyday Checking), you will be charged both the overdraft fee and the monthly account fee. These are separate charges and both will appear on your statement.

Can I switch from one BMO checking account to another without closing my account?

Yes. You can contact BMO and request to change your account type. This does not require closing your existing account or opening a new one. Your account number and routing number stay the same, so any automatic payments or direct deposits will continue without interruption.

Are there any BMO checking accounts with no fees and no minimum balance?

No. All BMO checking accounts either charge a monthly fee or require a minimum balance. The closest option is the Everyday Checking account, which is free as long as you keep $500 in it. If you want truly free checking with no strings attached, you may need to look at online banks or other financial institutions.