How To Close A BMO Bank Account (Steps and Fees)

Looking to close your BMO bank account? You’ll learn how to do just that in this post.

The post will start off by telling you what you need to do exactly, the applicable fees and some of the steps to take before you close your BMO account or any other bank account in Canada.

Let’s begin…

How To Close Your BMO Account

You have 2 options to close your BMO bank account. You can either:

  • Visit one of their branches; or
  • Call their phone number (1-877 CALL BMO (225-5266)) if your account balance is $0

Your available funds, if any, can be transferred to your new bank account or withdrawn over the counter once the account is closed.

BMO Bank of Montreal customer service is open 24 hours a day all through the week. The service is available in both English and French. Cantonese and Mandarin is also available through 1-800-665-8800.

how to close a BMO bank account, including a checking account, and the fees

Things to do before closing your BMO account

Before you actually close your Bank of Montreal account, there are some things you need to consider and do if they are applicable to you.

1. Shop Around for another bank

This step may not be relevant to you especially if you have several other bank accounts. If you don’t, then you probably want to start by looking at the account offerings at other financial institutions.

Decide on the features and benefits you’re looking for, the monthly and transaction fees, then choose a bank that best meets your needs.

Are you a newcomer to Canada? Check here for the best bank accounts for newcomers.

Related Post: Best Personal Finance Products and Services For Canadians

2. Update your payment and deposit information

Do you have any direct deposits or pre-authorized debits for some of your bills that go into the account? You should update your banking details to avoid missing any payments or deposits and paying NSF fees.

Some of the direct deposits and pre-authorized debits you should check and update include: Bills payments (phone, utilities, credit cards etc), Paycheques, Government payments (tax refunds, GST/HST refund, Child Benefits and so on)

Scan through your bank statements for the past few months to be sure you’re not missing anything. Also, replace any cheques you’ve given out from the account or wait for them to be paid before closing your BMO account.

3. Transfer Your Money from BMO

You have two options: transfer your funds out of the account yourself or wait for BMO to do the transfer after the account is closed.

If you go with the first option, try to move the money out on the first day of the month. This way, there won’t be any accrued interest to deal with if the account earns interest.

Note that there’s a charge of $20 if BMO is transferring your account balance to another financial institution. More on the applicable fees below.

Are there fees to close a BMO bank account?

The fees for closing your BMO bank account depends on how long you’ve held the account and if you want your balance transferred to another financial institution.

Here are the relevant fees:

  • Account closed after 90 days of opening: Free
  • Closed within 90 days of opening: $20
  • Transfer account balance to another financial institution: $20

Another relevant fee is for dormant accounts. The fee charged depends on how long your account has been dormant:

  • 2-year notice of dormant account: $20
  • 5-year notice of dormant account: $30
  • Transfer of balance to Bank of Canada after 10 years: $40

You’ll be sent a notice of account dormancy after each period. If you acknowledge the notice, the fees above will not be charged.

After 10 years, your fund is deemed to be an “unclaimed balance” and it’ll be transferred to Bank of Canada.

In summary, you can avoid the account closing fees if you close the account after 90 days of opening it.

Can I Keep my Credit Card if I close my BMO Checking Account?

You can keep your MasterCard or VisaCard branded credit cards even if you decide to close your BMO checking account.

This is because credit cards are usually a separate product that can be used independently of the banks’ other offerings.

So if you like the current rewards or points you get from your BMO Credit card, you can keep it and only close the deposit accounts.

Can you close your BMO account online?

You can’t close your BMO account online. You have to either visit one of their branches or place a call to 1-877 CALL BMO (225-5266) (available 24/7).

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Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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