BMO Harris Bank Reduces Consumer and Small Business Banking Fees

Rhea-AI Summary

BMO Harris Bank has announced significant reductions to banking fees, eliminating non-sufficient funds (NSF) and overdraft transfer fees. Starting July 12 and August 23, customers will benefit from these changes, with overdraft fees reduced to $15 per occurrence later this fall. These adjustments aim to alleviate financial stress for consumers and small businesses amid rising costs. The bank's recent survey revealed that 80% of Americans are altering their spending habits due to inflation. This initiative aligns with BMO's commitment to support financial progress for customers.

Positive

• Elimination of non-sufficient funds and overdraft transfer fees enhances customer experience.
• Reduction of overdraft fees to $15 promotes financial stability for customers.
• Responding to economic pressures reflects BMO's commitment to its customers.

Negative

• None.

BMO Harris Bank will end non-sufficient funds fees, overdraft transfer fees, and cut overdraft fees by more than half

CHICAGO, June 30, 2022 /PRNewswire/ - BMO Harris Bank today announced reductions to its banking fees by eliminating both non-sufficient funds (NSF) and overdraft transfer fees and by significantly reducing overdraft fees. Customers will no longer see NSF fees on their accounts beginning Aug. 23 or overdraft transfer fees beginning on July 12. This fall, overdraft fees will be reduced to $15 per occurrence. These changes apply to both consumer and small business banking accounts.

"Our latest fee changes mark another significant milestone for BMO in our journey to empower customers to achieve their financial goals and to make real financial progress," said Paul Dilda, head of consumer strategy for BMO Harris Bank. "Given the current economic climate, we know it is more important than ever to help our consumer and small business customers work toward their financial goals."

In November 2021, BMO reduced the number of overdraft or NSF charges a customer may incur to three per day. The bank also eliminated consecutive day overdraft fees for accounts that remain overdrawn for an extended period.

BMO's Real Financial Progress Index, which measures Americans' sentiment around financial confidence, recently found that inflation and rising consumer costs are affecting Americans' behaviors, with 80% of Americans surveyed planning to change their everyday actions to offset the impact and save money. The changes being announced today will help alleviate some of the financial stress currently being felt by consumers and small businesses across the country.

NSF and Overdraft-related Fee Changes Part of BMO's Broader Low and No-Cost Offerings

BMO's suite of products and tools offer a powerful combination of low- and no-cost, convenient offerings and services that help clients budget, save, spend and borrow carefully and confidently. BMO's offerings include:

• Savings Builder Account - BMO chips in a cash reward to customer's savings balance when they meet monthly savings goals.
• BankOn Certified Account – BMO's Smart Money™ Account has been awarded Bank On certification for allowing access to safe, affordable financial products and services. Bank On standards include low costs, no overdraft fees, transaction capabilities such as a debit or prepaid card, and online bill pay.
• BMO Real Financial Progress Checks – Goal-based conversations that track customers' goals and ensures they have the right financial tools to meet them.
• Smart Progress - Online tools and advice available to BMO personal banking customers
• BMO Business Focus - Tips and tools for small businesses looking for more financial education specific to small businesses.
• Cash Back Rewards Cards – Refreshed this year, the cash back card offers increased rewards on everyday spending.
• Total Look - Money management tool in BMO Digital Banking that allows customers to view and manage their whole financial picture, including non-BMO Harris accounts, in one dashboard.
• BMO for Women in Business - Program designed for women entrepreneurs to increase access to capital, educational resources and meaningful networking opportunities.
• BMO for Black and LatinX Businesses - Program designed for Black and LatinX business owners to increase access to capital, educational resources and meaningful networking opportunities.

To learn more about BMO's products and services, visit: www.bmoharris.com/main/personal

About BMO Harris Bank

BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$1.04 trillion as of April 30, 2022.  

View original content:https://www.prnewswire.com/news-releases/bmo-harris-bank-reduces-consumer-and-small-business-banking-fees-301578941.html

SOURCE BMO Financial Group

FAQ

When will BMO end non-sufficient funds fees?

BMO will end non-sufficient funds fees starting on August 23.

What are the new overdraft fee amounts at BMO?

Overdraft fees will be reduced to $15 per occurrence this fall.

What date are overdraft transfer fees eliminated?

Overdraft transfer fees will be eliminated on July 12.

How is BMO responding to inflation's impact on consumers?

BMO is reducing fees to alleviate financial stress felt by consumers and small businesses.