You can close a BMO savings account by phone, in person, or online, depending on your account type and what BMO branch you use

BMO offers three main routes to close a savings account: calling their customer service line, visiting a branch in person, or using online banking if your account type supports it. The fastest method is usually a phone call, which takes about 10 to 15 minutes. Before you close, make sure your account balance is zero or transfer any remaining funds to another account — BMO will not close an account with money in it. You will also need your account number and a form of ID ready.

The process itself is straightforward, but the timing of when your account actually closes depends on whether you have pending transactions or automatic payments linked to it. If you have direct deposits, automatic bill payments, or pending transfers, tell BMO about those before you initiate the closure so they can advise you on timing and help you avoid missed payments or bounced transactions.

Key Takeaways

  • Call BMO at 1-800-363-9992 (U.S.) or 1-800-363-9992 (Canada) to close your account by phone, which is the fastest method for most people.
  • Your account must have a zero balance before BMO will close it, so transfer or withdraw any remaining funds first.
  • If you have automatic payments or direct deposits tied to the account, notify BMO before closing so you can redirect them to avoid missed payments.
  • In-person closure at a BMO branch requires a valid ID and your account number, and the branch can close most accounts on the same day.
  • Online closure through BMO's digital banking platform is available for some account types, but phone or in-person closure is more reliable if you encounter issues.

Closing your account by phone

Call BMO's customer service line at 1-800-363-9992 (U.S.) or 1-800-363-9992 (Canada). Have your account number and a government-issued ID ready — the representative will ask you to verify your identity before proceeding. This usually takes two to three minutes.

Tell the representative you want to close your savings account. They will confirm your account balance and ask whether you want any remaining funds transferred to another account or mailed to you as a check. If you choose a transfer, provide the routing number and account number of the receiving bank. If you choose a check, BMO will mail it to your address on file within 5 to 10 business days.

After the representative processes the closure, ask for a confirmation number. Write it down — this is your proof that you requested closure. The account will typically close within 1 to 3 business days, though BMO may take longer if there are pending transactions or if the account is linked to other products like credit cards or lines of credit.

Closing your account in person at a BMO branch

Visit any BMO branch with your valid ID and account number. Tell a teller you want to close your savings account. They will pull up your account, confirm the balance, and ask how you want to handle any remaining funds — transfer to another account, receive a check, or deposit to another BMO account you have open.

The teller will print a closure form for you to sign. Review it to make sure the account number and closure method are correct before signing. Once signed, the account is flagged for closure. Most BMO branches close accounts the same day, though if there are pending transactions or linked services, the branch may tell you it will take 1 to 3 business days to fully process.

Ask the teller for a receipt or confirmation number. Keep this with your records. If you have automatic payments or direct deposits, ask the teller to note that in your file so BMO's system flags any incoming or outgoing transactions and can contact you if needed.

What to do before you close: redirect automatic payments and direct deposits

If your paycheck or other income deposits directly into this savings account, contact your employer's payroll department or the organization sending the deposit and provide them with your new account number at least one week before you close the account. Direct deposit changes usually take one to two pay periods to take effect, so do this early.

If you have automatic bill payments set up from this account — utilities, insurance, loan payments, subscriptions — log into your online banking or contact each biller directly to update your payment method. Do not rely on BMO to redirect these; if a payment tries to process after closure, it will be rejected and you may face late fees or service interruptions.

Check your account for any pending transactions. If you initiated a transfer or payment that has not yet cleared, wait for it to complete before closing, or ask BMO to hold off on closure until it does. Closing an account with a pending transaction can cause it to fail.

What happens to your debit card and online access

Your BMO debit card linked to this savings account will stop working once the account closes, usually within 1 to 3 business days. If you have other BMO accounts, your debit card may still work for those accounts — BMO will clarify this when you close. If this is your only BMO account, destroy your debit card or contact BMO to request they deactivate it.

Your online banking login will remain active if you have other BMO accounts. If this savings account was your only account, your online access may be deactivated after closure. You can reactivate it later if you open a new account.

What to do if you have a linked credit card or line of credit

If your BMO savings account is linked to a credit card or line of credit — for example, as the account where payments are drawn from — closing the savings account may affect those products. Call BMO before you close to ask whether closing this account will impact your credit card or line of credit payments.

BMO may require you to set up a new payment method for your credit card or line of credit before you close the savings account. Do this first, then close the savings account. If you do not set up an alternative payment method, your credit card or line of credit payments may fail after closure.

What to do if BMO will not close your account

BMO will not close an account that has a balance, whether positive or negative. If your account has a positive balance, transfer or withdraw the funds. If your account is overdrawn (negative balance), you must pay the overdraft amount first. Contact BMO to ask what the exact amount owed is, including any overdraft fees.

If your account is linked to other BMO products — a credit card, line of credit, or mortgage — BMO may require you to close or modify those products first. Ask the representative which linked products are preventing closure and what you need to do to remove the link.

If you have a dispute or hold on the account, BMO will not close it until the dispute is resolved. Contact BMO's dispute department to find out the status and what you need to do to clear it.

Frequently Asked Questions

How long does it take for a BMO savings account to fully close?

Most accounts close within 1 to 3 business days after you request closure. If there are pending transactions, automatic payments, or linked products, closure may take up to 5 to 10 business days. BMO will provide a timeline when you initiate the closure.

Can I close my BMO savings account online?

Some BMO account types allow online closure through digital banking, but this is not available for all savings accounts. If the option does not appear in your online banking menu, call BMO or visit a branch. Phone and in-person closure are more reliable if you run into issues.

What happens to my debit card after I close my account?

Your debit card will stop working once the account closes, usually within 1 to 3 business days. If you have other BMO accounts, your card may still work for those. Destroy the card or contact BMO to request deactivation.

Do I need to close my account in person, or can I do it by phone?

Phone closure is faster and just as valid as in-person closure. You only need to visit a branch if you prefer to handle it face-to-face or if you want to receive your remaining balance as cash immediately instead of waiting for a check or transfer.

What if I have a negative balance when I try to close?

You must pay the overdraft amount, including any fees, before BMO will close the account. Contact BMO to confirm the exact amount owed, then pay it. After the payment clears, you can request closure again.