BMO Harris Bank, a subsidiary of the Bank of Montreal, is a prominent financial institution serving customers across the United States. With a rich history dating back to 1882, BMO Harris Bank has established itself as a significant player in the American banking sector, offering a wide range of financial products and services. As with any financial institution, BMO Harris Bank comes with its own set of advantages and disadvantages that potential customers should carefully consider before engaging with their services.
| Pros | Cons |
|---|---|
| Extensive ATM network | Low interest rates on savings accounts |
| Diverse product offerings | Limited physical branch presence in some regions |
| Strong digital banking platform | Higher fees for certain services |
| Competitive mortgage rates | Stringent requirements for premium accounts |
| Robust business banking services | Mixed customer service reviews |
| Innovative financial tools | Complex fee structure |
Advantages of BMO Harris Bank
Extensive ATM Network
BMO Harris Bank boasts an impressive network of ATMs, providing customers with convenient access to their funds across the United States. This extensive network includes:
- Over 40,000 fee-free ATMs nationwide
- Participation in the Allpoint ATM network, expanding access even further
- ATM locator tool integrated into the mobile app for easy navigation
The vast ATM network significantly reduces the likelihood of incurring out-of-network fees, making BMO Harris Bank an attractive option for frequent travelers or those who prioritize cash accessibility.
Diverse Product Offerings
BMO Harris Bank offers a comprehensive suite of financial products and services, catering to a wide range of customer needs:
- Personal and business checking accounts
- Savings accounts and certificates of deposit (CDs)
- Credit cards with various rewards programs
- Personal and business loans
- Mortgage and home equity products
- Investment and wealth management services
- Insurance products
This diversity allows customers to consolidate their financial activities under one roof, potentially simplifying their financial management and opening doors to relationship-based benefits.
Strong Digital Banking Platform
In an era where digital banking is increasingly important, BMO Harris Bank has invested heavily in its online and mobile banking capabilities:
- User-friendly mobile app with high ratings on both iOS and Android platforms
- Comprehensive online banking portal with robust features
- Mobile check deposit functionality
- Bill pay and person-to-person payment options
- Budgeting and financial tracking tools
The bank’s commitment to digital innovation positions it well in the competitive landscape of modern banking, appealing to tech-savvy customers who prefer managing their finances on-the-go.
Competitive Mortgage Rates
BMO Harris Bank has gained recognition for offering competitive mortgage rates, making it an attractive option for prospective homebuyers:
- Various mortgage types available, including fixed-rate, adjustable-rate, and jumbo loans
- Special programs for first-time homebuyers
- Refinancing options with potentially lower rates
- Online mortgage application and pre-approval processes
The bank’s strong presence in the mortgage market, coupled with its competitive rates, can translate into significant savings for borrowers over the life of their loans.
Robust Business Banking Services
For entrepreneurs and business owners, BMO Harris Bank provides a comprehensive suite of business banking solutions:
- Business checking and savings accounts tailored to different company sizes
- Merchant services and payment processing solutions
- Business credit cards with rewards programs
- Commercial real estate financing
- Treasury management services
- International banking services for businesses with global operations
The bank’s focus on business banking makes it a strong contender for companies looking for a financial partner that can scale with their growth.
Innovative Financial Tools
BMO Harris Bank has introduced several innovative tools to help customers manage their finances more effectively:
- Total Look: A financial aggregation tool that provides a holistic view of accounts across multiple institutions
- Auto Save: An automatic savings feature that helps customers build their savings effortlessly
- BMO Harris Bank Masterpass: A digital wallet solution for secure online and in-app payments
- Financial Insights: Personalized financial advice and spending analysis tools
These innovative features demonstrate the bank’s commitment to leveraging technology to enhance the customer experience and promote better financial management.
Disadvantages of BMO Harris Bank
Low Interest Rates on Savings Accounts
One of the most significant drawbacks of BMO Harris Bank is the relatively low interest rates offered on their savings accounts:
- Standard savings account rates often fall below the national average
- Even premium accounts with higher balances may not offer competitive yields
- Limited high-yield savings options compared to online-only banks
For customers prioritizing growth on their savings, BMO Harris Bank’s low rates may be a deterrent, especially in a low-interest-rate environment where maximizing returns is crucial.
Limited Physical Branch Presence in Some Regions
While BMO Harris Bank has a strong presence in the Midwest, its physical branch network is limited in other parts of the United States:
- Concentrated branch presence in Illinois, Wisconsin, Indiana, Kansas, Missouri, and Minnesota
- Sparse or no branch coverage in many states, particularly on the East and West coasts
- Potential inconvenience for customers who prefer in-person banking services
This limited geographical footprint may be problematic for customers who value face-to-face interactions or require frequent access to physical banking locations.
Higher Fees for Certain Services
BMO Harris Bank imposes higher fees for some services compared to its competitors:
- Monthly maintenance fees on certain checking accounts unless minimum balance requirements are met
- Out-of-network ATM fees that can add up for frequent users
- Wire transfer fees that are on the higher end of the industry spectrum
- Overdraft fees that can be substantial, although the bank offers overdraft protection services
These fees can significantly impact the overall cost of banking for customers, especially those who frequently use services that incur additional charges.
Stringent Requirements for Premium Accounts
To access the best features and lowest fees, customers often need to meet strict requirements:
- High minimum balance requirements for premium checking accounts
- Substantial combined balances across multiple accounts to waive certain fees
- Direct deposit thresholds that may be challenging for some customers to meet consistently
These stringent requirements can make it difficult for average consumers to fully benefit from the bank’s premium offerings, potentially leading to higher banking costs.
Mixed Customer Service Reviews
Customer service experiences with BMO Harris Bank have been mixed, with some customers reporting:
- Long wait times when calling customer support
- Inconsistent experiences across different branches or representatives
- Challenges in resolving complex issues or disputes
While many customers report positive experiences, the inconsistency in service quality can be a concern for those who value reliable and efficient customer support.
Complex Fee Structure
BMO Harris Bank’s fee structure can be complex and difficult to navigate:
- Multiple tiers of accounts with varying fee structures
- Different requirements for fee waivers across account types
- Additional fees for services that may be free at other institutions
This complexity can make it challenging for customers to understand the true cost of their banking relationship and may lead to unexpected charges if not carefully managed.
In conclusion, BMO Harris Bank offers a comprehensive range of banking services with several notable advantages, including an extensive ATM network, diverse product offerings, and a strong digital banking platform. These features make it an attractive option for customers seeking a full-service bank with modern capabilities. However, potential clients should carefully consider the drawbacks, such as low savings rates, limited branch presence in some areas, and a complex fee structure. By weighing these pros and cons against their individual financial needs and preferences, consumers can make an informed decision about whether BMO Harris Bank is the right financial partner for them.
Frequently Asked Questions About BMO Harris Bank Pros and Cons
- What are the main advantages of banking with BMO Harris?
The main advantages include an extensive ATM network, diverse product offerings, a strong digital banking platform, competitive mortgage rates, robust business banking services, and innovative financial tools. - Are BMO Harris Bank’s savings account rates competitive?
Generally, BMO Harris Bank’s savings account rates are not considered highly competitive. They often fall below the national average, especially when compared to online-only banks. - Does BMO Harris Bank have a good mobile banking app?
Yes, BMO Harris Bank offers a well-rated mobile banking app for both iOS and Android platforms. It includes features like mobile check deposit, bill pay, and financial tracking tools. - What types of accounts does BMO Harris Bank offer?
BMO Harris Bank offers a wide range of accounts including personal and business checking, savings accounts, CDs, credit cards, loans, mortgages, and investment accounts. - Are there any significant drawbacks to banking with BMO Harris?
Some drawbacks include low interest rates on savings accounts, limited physical branch presence outside the Midwest, higher fees for certain services, and stringent requirements for premium accounts. - How does BMO Harris Bank’s customer service compare to other banks?
Customer service reviews for BMO Harris Bank are mixed. While many customers report positive experiences, there have been complaints about long wait times and inconsistent service quality. - Is BMO Harris Bank a good choice for business banking?
BMO Harris Bank offers robust business banking services, making it a strong option for businesses of various sizes. They provide a range of business accounts, loans, and treasury management services. - How extensive is BMO Harris Bank’s ATM network?
BMO Harris Bank offers access to over 40,000 fee-free ATMs nationwide, including participation in the Allpoint ATM network, providing extensive coverage across the United States.