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.
Pros
- Waivable monthly fees; a 93-day temporary fee waiver after account opening
- Variety of business checking account options
- $300 or $500 account opening bonus
Cons
- Limited branches
- No APY except for highest tier (BMO Elite Business Checking)
- Low free cash deposit limits
Features
- Free debit Mastercard
- Digital banking
- Unlimited incoming wire transfers (BMO Digital Business Checking and BMO Elite Business Checking)
- Unlimited automated clearing house (ACH) credits (BMO Digital Business Checking)
- BMO Elite Business Checking relationship packages
- Specialty business checking accounts
- 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 Business Online Payroll® and Paychex
How BMO Stacks Up With Its Competitors
New Account Cash Back Promo* | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Fees | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|
 BMO Simple Business Checking | Up to $500 bonus | 100 free transactions, then 40 cents per item | $2,000 free then 25 cents per $100 | $100 | |
 Business Advantage Fundamentals Banking | Up to $200 bonus | 200 items, then 45 cents per item | $7,500 free, then 30 cents per $100 | $100 | |
 Silver Business Checking | Up to $800 bonus | 125, then 50 cents per item | $2,500 free or 25 free cash transactions | $100 | |
*Qualifying activities apply. See our list of the best business bank account promos and offers for detailed information.
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 seek monthly fee waivers: BMO requires fairly low average balances to waive its 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 want a bank with a welcome bonus: BMO is part of our roundup of the best business bank account promos and offers since it offers up to a $500 cash back bonus for new accounts that meet qualifying activities.
- 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 perform ACH transactions often: You can benefit from unlimited free ACH transactions with a BMO Digital Business Checking account.
- You seek to maximize the benefits of a business checking relationship package: A BMO Elite Business Checking account allows you to start a business relationship. It offers four relationship packages—Elite Silver, Elite Gold, Elite Platinum, and Elite Diamond—that provide tiered benefits, rebates, and higher interest rate earnings when you have a Business Prime Money Market account.
When BMO Is Not a Good Fit
- Your business requires in-person banking but is based outside the nine states BMO has physical locations: While the bank has more than 500 branches, it’s currently limited to nine states: Arizona, California, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin. You can consider Chase, which has branches nationwide. See our review of Chase Business Checking to learn about its accounts and decide which fits your needs best.
- 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, generating a 2.0% APY for qualifying balances up to $250,000 and providing unlimited transactions. Read our review of Bluevine Business Checking to see how it helps small businesses save more.
Check out our guide to the best small business checking accounts for more recommendations.
BMO Bank Business Checking Overview
BMO Business Checking Requirements
You can visit BMO branches to open a business checking account. S corporations (S-corps) C corporations (C-corps), limited liability corporations (LLCs), and sole proprietors can open some accounts online.
Click on your business type to see the 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: Limited liability partnerships (LLPs) only—certificate of existence
- DBA, if applicable
- Current certificate of good standing verification (obtained by BMO Harris Bank)
- Partnership/LLP/limited partnership/limited liability 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)
Prior to account opening, read our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
BMO Business Checking Features
BMO business checking accounts feature a welcome bonus, digital banking, and business checking relationship packages.
Scalable Business Checking Accounts
BMO offers four business checking accounts designed for different business needs.
- Digital Business Checking: Suitable for businesses that mostly bank online, this account offers unlimited free ACH transactions and incoming wire transfers. Its $10 monthly maintenance fee is waived by maintaining an average balance of $500. Cash deposits up to $1,000 are free each month, but 25 cents per $100 will be charged after the limit.
- Simple Business Checking: This account is ideal for sole proprietors and microbusinesses with its fee-free monthly transaction limit of 100. Beyond that, a 40-cent fee per item is charged. Maintaining a fairly low average balance of $100 waives the $10 monthly maintenance fee. A free cash deposit limit of $2,000 is also given each month.
- Premium Business Checking: Offering a slightly higher free transaction limit of 200, this account is for businesses that still have a fairly low or average volume of transactions and want to maintain lower average balances―around $1,500 to waive the monthly maintenance fee of $15. Fee-free cash deposits are also available at $5,000 per month.
- Elite Business Checking: For businesses with higher monthly transactions, this provides a monthly fee-free transaction limit of 500 and $20,000 free cash deposits. Business owners can save more with free incoming wire transfers and earn a variable APY rate. Its $25 monthly maintenance fee is waived by maintaining a $10,000 average balance or a $25,000 monthly combined business balance for the previous month.
BMO Elite Business Checking Relationship Packages
BMO offers an Elite Business Checking Relationship Package, and to access its benefits, a BMO Elite Business Checking account is required. Customers are granted tiered benefits, rebates, and higher interest rate earnings when they open a Business Prime Money Market account.
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 for a $300 bonus, you must meet the following conditions:
- Open a new BMO Digital Business Checking, BMO Simple Business Checking, BMO Premium Business Checking, or BMO Elite Business Checking account between May 15, 2023, and Sept. 15, 2023
- Maintain a $4,000 average collected balance for 120 days after account opening
- Make 10 qualifying electronic transactions within 120 days of account opening
To qualify for a $500 bonus, you must satisfy the following conditions:
- Open a new BMO Digital Business Checking, BMO Simple Business Checking, BMO Premium Business Checking, or BMO Elite Business Checking account between May 15, 2023, and Sept. 15, 2023
- Maintain a $10,000 average collected balance for 120 days after account opening
- Make 10 qualifying electronic transactions* within 120 days of account opening
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®, software that allows 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
BMO Digital Banking allows its customers to:
- View bank statements
- Transfer funds
- Track spending
- Set up automatic payments
- Streamline billing process
- Manage accounts and cards on any device
On the App Store1, BMO’s mobile banking app has a 4.8 out of 5-star rating from about 53,300 reviews and a 4.7 out of 5 rating on Google Play2 from around 18,600 reviews. Clients find the online tools helpful and see the app as well-functioning and user-friendly. However, a few experienced login issues and glitches leading to a locked account.
Other BMO Business Products
- 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 40 cents 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.
BMO offers two business credit cards with no annual fees:
- BMO Harris Business Platinum Rewards Mastercard®: This offers nonexpiring points for everyday purchases, up to 5x points for every dollar spent.
- BMO Harris Business Platinum Mastercard®: This has a 0% introductory APR for purchases made within 18 months from the account opening date.
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. 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 commercial real estate 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. Commercial real estate 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 commercial real estate and up to 10 years for permanent working capital and equipment.
Read our guide on SBA loan types, rates, and requirements to learn more about these loans.
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 $1,000,000 with competitive and fixed interest rates up to a 10-year term. For collateral, there are multiple options available.
- Business lines of credit: A loan amount from $10,000 to $1,000,000 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 $1,000,000 for large business purchases, such as equipment. The initial draw period is 6 or 12 months, and interest is collected once the fund is used.
- Business real estate lending: To acquire or refinance an owner-occupied commercial real estate, you can access a loan from $100,000 to $1,000,000. 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.
You can check our article on what a business line of credit is and how it works to discover its pros and cons and how to choose one.
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 human processing (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 multi-feed 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
We didn’t find any BMO business checking reviews. However, on WalletHub3, the bank has a 3.1 out of 5 rating from around 1,450 reviews. Several users appreciated the bank’s good car loan interest rates, high credit card limits, and easy online payment system.
Still, many complained about locked and frozen accounts due to suspicious transactions. Others also 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
