BMO (formerly BMO Harris) is an excellent choice for businesses looking for various business checking account options. It is a Federal Deposit Insurance Corp. (FDIC)-insured traditional bank that offers a digital checking account for those who often transact online, two checking accounts for businesses with low transaction volumes and balances, and one high-tier checking account for businesses seeking more benefits through a relationship package.
All provide a free debit card, waivable monthly maintenance fees, and access to digital banking. You can open an account online if you are a sole proprietor, C corporation (C-corp), S corporation (S-corp), or limited liability corporation (LLC).
Pros
- Only $100 average collected balance requirement to waive $10 basic account monthly fee
- 100 fee-free transactions for basic account
- Online account opening available for select business entity types
Cons
- Only 0.01% APY for interest-earning account
- $3 per out-of-network ATM transaction, plus third-party operator fees
- $30 for outgoing domestic wire transfers; $50 for outgoing international wire transfers
Features
- Free debit Mastercard
- Digital banking
- Unlimited incoming wire transfers (BMO Digital Business Checking and BMO Elite Business Checking)
- Unlimited ACH credits (BMO Digital Business Checking)
- BMO Elite Business Checking relationship packages
- Specialty business checking accounts
- Business savings accounts and certificates of deposit (CDs)
- Robust lending options, such as Small Business Administration (SBA) loans, lines of credit, equipment leasing, real estate lending, and specialty financing
- Discounted payroll services through Paychex
How BMO Stacks Up With Its Competitors
When BMO Is a Good Fit
- Your business has a low transaction volume: With BMO’s Simple Business Checking, small businesses can get up to 100 free transactions and $2,000 cash deposits per month.
- You can maintain an average collected balance of $1,500 or less: Most BMO accounts require fairly low average collected balances to waive their monthly maintenance fees. The required average balance is $100 for BMO Simple Business Checking, $500 for BMO Digital Business Checking, and $1,500 for BMO Premium Business Checking.
- You receive wire transfers frequently: The bank offers free incoming wire transfers when you open a BMO Digital Business Checking or BMO Elite Business Checking account, resulting in more savings.
- You make ACH transactions regularly: With a BMO Digital Business Checking account, you get unlimited fee-free ACH transactions.
When To Choose a BMO Alternative
- You’re looking for a higher cash deposit limit: With Simple Business Checking, you get a low fee-free cash deposit limit. Other banks offer much higher limits, like Bank of America, which provides up to $7,500 in free cash deposits. Our Bank of America business checking review covers the bank’s checking account’s details.
- You want an interest-bearing checking account with unlimited transactions: The bank only extends an APY to its high-tier account, BMO Elite Business Checking, and limits free monthly transactions to 500. A good alternative is Bluevine, which offers 2.0% APY for qualifying balances up to $250,000 for its standard business checking account. Read our review of Bluevine business checking to see how it helps small businesses save more.
- You send wire transfers regularly: Outgoing BMO wire transfers cost $30 for domestic recipients and $50 for international recipients. If you’re looking for affordable wire transfer fees, consider Mercury. This financial technology (fintech) company provides fee-free domestic and international wire transfers. Check out our review of Mercury business checking for more details.
BMO Bank Business Checking Overview
BMO Business Checking Requirements
You can visit BMO branches to open a business checking account. S-corps, C-corps, LLCs, and sole proprietors can open some accounts online.
Click on your business type to see the BMO business checking requirements:
- Two forms of personal identification, one of which is issued by a government agency, such as a driver’s license or passport
- Taxpayer identification number (TIN): Employer identification number (EIN) for business and Social Security number for individuals
- Photocopies of all beneficial owners’ personal identification and physical address and date of birth
- EIN for corporation
- Filed copy of articles of incorporation, corporation articles of amendment, or current corporate annual report filing
- Doing-business-as (DBA) name, if applicable
- Current certificate of good standing verification (obtained by BMO Harris Bank)
- Corporate resolution (provided by BMO Harris Bank)
- EIN for partnership
- Signed partnership agreement
- Wisconsin: Limited partnership accounts need to register with the Wisconsin Department of Financial Institutions; entity to provide a copy of filed registration
- Illinois and Arizona: LLPs only—certificate of existence
- DBA, if applicable
- Current certificate of good standing verification (obtained by BMO Harris Bank)
- Partnership/LLP/limited partnership/LLLP resolution (provided by BMO Harris Bank)
- EIN for LLC; for some single-member LLCs, the individual’s Social Security number is used; if using Social Security number, the account must be set up as a DBA
- Filed copy of articles of organization
- DBA, if applicable
- Current certificate of good standing verification (obtained by BMO Harris Bank)
- LLC resolution (provided by BMO Harris Bank)
- EIN
- Letter of authorization including the complete name of the nonprofit organization, the name and title of the people designated to be the authorized signers on the account, language of the account that will be opened, and the signature and title of person authorized to act on behalf of the entity
- Not-for-profit corporation/association resolution (provided by BMO Harris Bank)
- EIN
- Filed copy of articles of incorporation, corporation articles of amendment, or current corporate annual report filing
- DBA, if applicable
- Current certificate of good standing verification (obtained by BMO Harris Bank)
- Not-for-profit corporation/association resolution (provided by BMO Harris Bank)
BMO Business Checking Features
BMO business checking account features include welcome bonuses, digital banking, and business checking relationship packages.
BMO Elite Business Checking Relationship Packages
BMO offers Elite Business Checking Relationship Packages. You are required to open a BMO Elite Business Checking account to access its benefits. The package grants tiered benefits, rebates, and higher interest rate earnings on Business Prime Money Market accounts.
Elite Silver | Elite Gold | Elite Platinum | Elite Diamond | |
|---|---|---|---|---|
Less than $100,000 | $100,000 to $249,999.99 | $250,000 to 499,999.99 | $500,000 and above | |
Earns Interest | ✓ | ✓ | ✓ | ✓ |
Debit Card With Mastercard® Benefits | ✓ | ✓ | ✓ | ✓ |
Free Incoming Wires | ✓ | ✓ | ✓ | ✓ |
Outgoing Wire Transfer Fee Rebate | ✕ | Up to $30 per month | Up to $60 per month | Up to $120 per month |
Overdraft Fee Rebate | ✕ | ✕ | ✕ | 1 fee per month |
Business Prime Money Market (Higher Interest Rates) | ✕ |
Welcome Bonus
BMO offers a cash back reward for opening a new BMO business checking account.
To qualify, you must open a new BMO Digital Business Checking, BMO Simple Business Checking, BMO Premium Business Checking, or BMO Elite Business Checking account, then make 10 qualifying electronic transactions within 120 days of account opening.
The amount you earn depends on the average collected balance you maintain for 120 days after account opening:
- Balances from $4,000 to $9,999.99 earn $300
- Balances from $10,000 to $29,999.99 earn $500
- Balances of $30,000 and up earn $1,000
Free BMO Debit Card
BMO provides a secure BMO Business Debit Mastercard®. It lets users:
- Track purchases through a detailed transaction record on the checking account statement
- Earn rebates and cash back from participating merchants by joining the Mastercard Easy Savings® program
- Organize and categorize expenses easily through Mastercard Receipt Management®, a software allowing you to capture business receipts with your mobile device
- Access fraud detection and online security protection services through Mastercard Zero Liability Protection, Mastercard ID Theft Protection®, and Mastercard SecureCode®
- Set up alerts and controls for monitoring and limiting debit card access
- Use a digital wallet since it integrates with Apple Pay, Google Pay, and Samsung Pay
Digital Banking
With BMO digital banking, you can:
- View bank statements
- Transfer funds
- Track spending
- Set up automatic payments
- Streamline billing process
- Manage accounts and cards on any device
On the App Store[1], BMO’s mobile banking app has a 4.8 rating (based on around 73,000 reviews). Meanwhile, the Android version has 4.8 stars on Google Play[2] (based on about 28,000 reviews). Most clients found the app user-friendly and convenient. However, several users said that they found the mobile check deposit function unreliable. Others reported that the app made it difficult to log in and was slow to load.
Other BMO Business Products
BMO offers specialty checking accounts, savings products, credit cards, lending products, and business services.
- Business Checking Analyzed: This account suits businesses with greater transaction volumes and balances and more complex cash management needs. A variable earnings credit based on the average collected balance is given. An earnings credit can offset its $20 monthly maintenance fee and variable balance admin fee.
- Nonprofit Small Business Checking: Designed for nonprofit organizations, this account does not collect a monthly maintenance fee. It offers the first 200 monthly transactions for free and charges $0.40 beyond that. Depositing up to $5,000 is also fee-free each statement period.
- Business Savings Builder: This account requires a minimum deposit of $100 and provides $10 extra monthly earnings if you save $500 or more for the first year. It also earns a variable interest rate. Its $10 monthly maintenance fee is waived if you maintain a $500 or more average collected balance per statement period.
- Business Prime Money Market: For those with larger excess funds, this account offers a 1.00% APY if you maintain a minimum balance of 1 cent. You can earn even greater interest if you are a BMO Elite Business Checking account holder.
- Business CDs: With a minimum opening deposit requirement of $1,000 and no monthly fee, you can open a Business CD. Terms range from seven months to four years.
BMO offers two business credit cards with no annual fees:
- BMO Business Platinum Rewards Credit Card: This offers non-expiring points for everyday purchases, up to 5x points for every dollar spent.
- BMO Business Platinum Credit Card: This has a 0% introductory APR for purchases made within 18 months from the account opening date. You can check out our review of the BMO Platinum Credit Card for more information.
BMO has various SBA loans, typically with longer terms, amortizations, and lower down payments:
- SBA loan (7)a: You can apply for up to a $5 million loan for working capital, equipment, and business acquisitions for up to 10 years. Commercial real estate (CRE) qualifies for up to 25 years. To learn more, read our guide on SBA 7(a) loan requirements, rates, and terms.
- SBA Express: The available loan amount is up to $350,000 and $500,000 for Export Express. The revolving line of credit has a term of up to seven years, equipment up to 10 years, and CRE extends up to 25 years. Our article on SBA Express loans covers what they are and how to apply.
- 7(a) small loan: Similar to SBA Express, the loan amount offered is up to $350,000 with term periods of up to 10 years for working capital, equipment, and business acquisitions. CRE and construction can reach up to a 20 year-term.
- SBA 504: Fifty percent (50%) financing is provided by BMO while the 40% debenture financing is covered by a Certified Development Company (CPC) up to a maximum of $5 million. The remaining 10% comes from the borrower, which may be higher for startups or special-purpose real estate. For more on how this works and who should get one, refer to our guide on SBA 504 loans.
- SBA CAPLine: Lines of credit are available up to $5 million with a term of 10 years. Our piece on CAPLine rates, terms, and qualifications provide more insight into the types of lines of credit and eligibility requirements.
- SBA export working capital: Businesses can borrow up to $5 million under a maximum term of three years.
- International trade loans: This is available for exporters only. The loan amount is up to $5 million, with term periods of up to 25 years for CRE and up to 10 years for permanent working capital and equipment.
BMO offers low loan rates and flexible loan options:
- Business loans: To finance your business, you can apply for a loan amount from $100,000 to $1 million with competitive and fixed interest rates for up to a 10-year term. For collateral, there are multiple options available.
- Business lines of credit: A loan amount from $10,000 to $1 million is available for more capital to boost growth and cover costs. The interest rate is variable, and you can secure it with any combined business assets.
- Business flex loans: Those who seek financing flexibility can borrow $100,000 to $1 million for large business purchases, such as equipment. The initial draw period is six or 12 months, and interest is collected once the fund is used.
- Business real estate lending: To acquire or refinance an owner-occupied CRE, you can access a loan from $100,000 to $1 million. Rates are fixed with up to 10-year terms for commercial mortgages.
- Equipment leasing: Businesses can secure financing up to 100% with two to five-year term periods for lease equipment, vehicles, and technology, including maintenance and warranties.
The bank offers access to capital, educational resources, and partnerships for specific businesses through its specialty lending program, BMO Zero Barriers to BusinessTM:
- Women in business
- Black and Latino/Latina businesses
- Native-owned businesses
- Dental practice financing
- Trucking financing
- Payroll processing: BMO helps reduce your business costs by offering a 10% discount on payroll and HR services from Paychex. If you sign up for Business Online Payroll®, you’ll receive a two-month service fee waiver.
- Card payments processing: Small businesses can benefit from secure point-of-sale (POS) systems provided by Worldpay from FIS®. You can accept debit and credit card payments and use your mobile device as a convenient card payment solution. You can also gain full website support for ecommerce processing and use wireless or virtual terminals. To learn more about the provider, read our review of Worldpay.
- Cash management: BMO helps simplify cash management processes through online bill payments, wire transfers, and BMO digital banking.
- Remote deposit capture (RDC): Business owners can save time and money by depositing checks at their business location. Single-feed and multifeed scanners are available at different prices.
- BMO Bank at Work & Group Banking Services: BMO extends free customized financial planning expertise and financial education services. Complimentary seminars are performed by a bank representative at your company or virtually.
- Health savings account (HSA): You can present your employees with a great benefits package through an HSA program with tax-free investing options.
BMO Business Checking Reviews From Users
Only a few customers have given a BMO business checking review on user review platforms. Most reviews instead discussed the bank’s lending products and customer service quality. On WalletHub[3], the bank has an overall rating of 2.9 (based on 1,600-plus reviews).
The majority of recent reviews came from Bank of the West clients who were forced to transition to BMO after the 2023 acquisition. Reviewers expressed that the bank could not transfer their data efficiently and that customer service representatives failed to adapt to the change or educate themselves on the acquired bank’s policies.
Many also complained about locked and frozen accounts because of suspicious transactions. Others claimed that the bank’s faulty payment system led to customers making late payments. They also stated that calling customer service was difficult since different information was given each time.
Bottom Line
BMO combines the accessibility of in-person banking and the convenience of digital banking. It stands out from its competitors with its multiple business checking options, welcome bonus, free incoming wire transfers, and easy-to-waive monthly maintenance fees.
Microbusinesses can start with basic checking accounts and switch to the high-tier BMO Elite Business Checking account as the business grows to maximize the benefits of relationship banking. However, if you seek a higher free cash deposit limit, unlimited transactions aside from ACH, and substantial APY, you can consider the other alternatives we listed above.
User review resources:
1App Store
2Google Play
3WalletHub
