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.
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SOURCE BMO Financial Group