BMO Harris: Choosing the right bank is an important decision. Banking institutions play a crucial role in managing your finances, so it’s essential to select one that meets your needs and expectations. BMO Harris Bank is a well-known financial institution in the United States, but before entrusting them with your money, it’s essential to read honest and unsponsored reviews to make an informed decision.
An Overview
BMO Harris Bank, a subsidiary of the Bank of Montreal (BMO), is a prominent player in the American banking industry. Established in 1882, the bank has a rich history and has grown to have a significant presence in several states. With its wide range of financial products and services, BMO Harris Bank serves both individual customers and businesses.
The Importance of Honest and Unsponsored Reviews
When researching a bank, it’s common to come across various reviews and testimonials online. However, many of these reviews can be sponsored or biased, making it challenging to gauge the true customer experience. To make an informed decision, it’s essential to seek out reviews that are honest and unbiased.
These reviews are typically written by real customers who have no vested interest in promoting the bank’s services.
Pros of BMO Harris Bank
1, Extensive Branch Network
BMO Harris Bank boasts a significant presence in several states, with numerous branches and ATMs. This extensive network makes it convenient for customers to access their accounts, speak with a representative, or withdraw cash without incurring additional fees.
2. Diverse Financial Products
BMO Harris offers a wide range of financial products, including savings and checking accounts, loans, credit cards, and investment services. This diversity allows customers to find solutions that match their financial goals.
3. Mobile Banking:
The bank has invested in a user-friendly mobile banking app, providing customers with a convenient and secure way to manage their accounts. Features like mobile check deposit and account alerts make banking on the go a breeze.
, Customer Service:
Many reviews highlight the bank’s excellent customer service. Representatives are often praised for their professionalism, knowledge, and willingness to assist customers.
5. Online Banking
BMO Harris Bank offers robust online banking services, including bill pay, money transfers, and the ability to set up automatic payments. This can save customers time and effort when managing their finances.
Cons
- Fees: Some customers have raised concerns about the fees associated with certain BMO Harris accounts. While many banks charge fees, some customers have found that the fees at BMO Harris are slightly higher than expected.
- Interest Rates: BMO Harris Bank’s interest rates on savings accounts have been criticized for not being as competitive as those offered by some online-only banks. This means that customers looking for high-yield savings may need to explore other options.
- Account Minimums: The bank has minimum balance requirements for some of its accounts. Customers who do not maintain the required minimum balance may incur fees.
- Limited Geographic Reach: BMO Harris Bank’s branch network is concentrated in the Midwest and some select states. This can be limiting for customers who prefer a bank with a more extensive national presence.
In the quest for an honest and unsponsored evaluation of BMO Harris Bank, it’s clear that the bank has both positive and negative aspects. With a strong branch network, diverse financial products, and excellent customer service, it caters to a wide range of customer needs. However, the higher fees and less competitive interest rates may not align with everyone’s financial goals.
The key takeaway is that your banking experience with BMO Harris Bank will depend on your individual needs and priorities. Reading honest and unsponsored reviews, conducting research, and, if possible, talking to current customers can provide valuable insights to help you make the right decision for your financial future. Ultimately, the best bank for you will be the one that meets your unique financial goals and preferences.
FAQs and answers
What types of accounts does BMO Harris Bank offer?
BMO Harris Bank provides a comprehensive range of personal banking products, including checking and savings accounts, certificates of deposit (CDs), credit cards, mortgages, and personal loans. They also offer business banking services and wealth management solutions.
What are the pros and cons of banking with BMO Harris?
Pros:
- Wide range of financial products and services.
- Extensive network of branches and ATMs across multiple states.
- User-friendly mobile banking app with features like mobile deposit and account aggregation.
Cons:
- Savings account interest rates may be lower compared to some competitors.
- Overdraft fees are still in place, whereas some banks have eliminated them.
- Branch locations are primarily concentrated in the Midwest, which may be inconvenient for customers in other regions.
How does BMO Harris Bank’s mobile app perform?
The BMO Harris mobile banking app is well-regarded for its robust features, including mobile check deposit, debit card-free ATM withdrawals, and a “Total Look” feature that allows users to view all their BMO and non-BMO accounts in one place. These functionalities enhance the convenience of managing finances on the go.
Are BMO Harris Bank’s fees competitive?
BMO Harris offers checking accounts with low or no monthly fees, and provides several ways to waive them. However, it’s important to note that the bank still charges overdraft fees, which some competitors have chosen to eliminate. Additionally, their savings accounts offer relatively low interest rates compared to other institutions.
What is BMO Harris Bank’s reputation among customers?
BMO Harris Bank has received mixed reviews from customers. While some appreciate the wide range of products and services offered, others have expressed concerns about customer service experiences and fee structures. It’s advisable to read multiple reviews and consider your personal banking needs when evaluating the bank.
How accessible are BMO Harris Bank’s branches and ATMs?
BMO Harris Bank operates over 600 branches and more than 1,300 ATMs across eight states in the U.S., primarily in the Midwest. This extensive network provides ample access for customers within these regions. However, individuals outside these areas may find branch and ATM access limited.
How does BMO Harris Bank support small businesses?
BMO Harris Bank offers a variety of services tailored to small businesses, including business checking and savings accounts, loans, credit cards, and merchant services. They also provide resources and programs aimed at supporting minority-owned businesses, such as the BMO Women in Business Credit Program and the Black and Latinx Small Business Program, which focus on increasing access to capital and educational resources.
