BMO Harris Business Checking Review 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
BMO Harris Bank is a traditional bank with more than 500 branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. It offers business owners four checking accounts: Digital Business Checking, Simple Business Checking, Premium Business Checking, and Elite Business Checking. All have waivable monthly fees, access to online and mobile banking, and a free debit card that can be used at more than 40,000 Allpoint and BMO Harris ATMs nationwide.
BMO Harris
What We Like
- Waivable monthly fees; a 93-day temporary fee waiver after account opening
- Variety of checking account options
- $300 or $500 account opening bonus
What's Missing
- Few free transactions and only $2,000 free cash deposit for Simple Business Checking
- No APY except for highest tier (Elite Business Checking)
- Branches limited to eight states: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin
Features
- Free debit card
- Transfer funds, pay bills online, and deposit checks via BMO Harris Bank’s mobile app
- Online and mobile banking
- Unlimited incoming wire transfers (Digital Business Checking and Elite Business Checking)
- Unlimited automated clearing house (ACH) credits (Digital Business Checking)
- Payroll services through Business Online Payroll and Paychex
How BMO Harris Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Simple Business Checking | N/A | Up to $2,000 per month free, then 25 cents per $100 per statement cycle | Free at 40,000+ BMO Harris and Allpoint ATMs, $3 for non-BMO ATMs | $100 |
 Business Complete Banking | N/A | Up to $5,000 monthly free, then $2.50 per $1,000 per statement cycle | $2.50 per transaction at any non-Chase ATM, plus ATM operator fees | None |
 Business Advantage Fundamentals Banking | N/A | Up to $7,500 per month free, then 30 cents per $100 per statement cycle | Free at 16,000+ ATMs nationwide; $2.50 per transaction out-of-network | $100 |
When BMO Harris Bank Is a Good Fit
- New businesses with a low transaction volume: The bank’s Simple Business Checking fits small businesses with its 100 free transactions and $2,000 cash deposit per statement cycle.
- Business owners looking for a bank that offers a welcome bonus: BMO Harris Bank gives out $300 or $500 as a reward to new account holders as long as conditions are met.
- Businesses receiving wire transfers frequently: When you open a Digital Business Checking or Elite Business Checking account, you can benefit from free incoming wire transfers.
When BMO Harris Bank Is Not a Good Fit
- Businesses that need in-person banking but are based outside the eight states BMO Harris has physical locations: While the bank has over 500 branches, it’s currently limited to eight states: Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. You can consider Wells Fargo, Bank of America, and Chase Bank, which have branches nationwide.
- Businesses looking for a higher fee-free transaction limit and cash deposit: With the Simple Business Checking, you’re given a low number of fee-free transactions and cash deposits. Other banks offer higher fee-free limits, such as PNC Bank with a 150 transaction limit and up to $5,000 in cash deposits and Bank of America with 200 and up to $7,500, respectively.
- Businesses that want an interest-bearing checking account: BMO Harris Bank only extends an APY to its highest tier, Elite Business Checking account. A good option is Bluevine, generating a 1.5% APY if your checking account balance qualifies.
Check out our guide to the best small business checking accounts for more recommendations.
BMO Harris Bank Business Checking Overview
BMO Harris Bank Business Checking Requirements
You can visit BMO Harris Bank 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:
Owners, Key Executives & Partners
- Two forms of personal identification, one of which 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
Corporation
- 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)
Partnership/Limited Liability Partnership (LLP)/Limited Partnership/Limited Liability Limited Partnership (LLLP)
- 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)
LLC or Low-profit LLC (L3C)
- 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)
Nonprofit Organization
- 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)
Nonprofit Corporation
- 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 Harris Bank Business Checking Features
BMO Harris Bank’s business checking accounts feature a free debit card, remote deposit, cash management services, and fee-free banking at Allpoint and BMO Harris Bank ATMs.
BMO Harris Bank Debit Mastercard BusinessCard
BMO Harris Bank provides a secure Mastercard debit card that can easily monitor your expenses through a detailed record of transactions on your checking account.
Online & Mobile Banking
Enrolling in BMO Digital Banking lets you manage all your accounts and cards through any device. You can skip bank trips and view your bank statements, transfer funds, receive money, track spending, and set up automatic payments. Mobile banking is available by downloading BMO Harris Bank’s app on App Store and Google Play.
Business Services
- Payroll processing: BMO Harris Bank 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. Check these conditions prior to subscribing.
- Card payments processing: Small businesses can benefit from secure point-of-sale systems provided by Worldpay. You can accept cash, mobile, and debit and credit card payments. You can also gain full website support for ecommerce processing and use wireless or virtual terminals.
- Cash management: BMO Harris helps you simplify cash management processes through online bill payments, wire transfers, and BMO digital banking.
- Remote deposit capture: Business owners can save time by depositing checks right at their business location. Single-feed and multi-feed scanners capable of receiving 30 to 100 checks are available at different prices.
- BMO Harris Bank at Work: BMO Harris Bank extends customized financial planning expertise and financial education services for free.
- Health savings account (HSA): You can present your employees with a great benefits package, which includes an HSA program to save for tax-free medical expenses.
Business Checking Analyzed
This checking account is suitable for businesses with greater transaction volumes, balances, and cash management needs. A variable Earnings Credit based on the average collected balance is given. A $20 monthly maintenance fee and balance admin fee will be collected.
Nonprofit Small Business Checking
This checking account is designed for nonprofit organizations and doesn’t collect a monthly fee. It comes with 200 free transactions and fee-free cash deposits of up to $5,000 per statement period.
Other Banking Products
BMO Harris Bank has several banking products beneficial for small businesses.
- Business savings: Business Savings Builder, Business Prime Money Market
- Credits cards: BMO Harris Business Platinum Rewards Mastercard, BMO Harris Business Platinum Mastercard
- Lending: Business loans and lines of credit, business real estate loans, Small Business Administration (SBA) loans
- Specialty financing: Dental practice financing, trucking financing, Black and Latinx businesses, Women in business
BMO Harris Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| In-person and online banking | Non-interest bearing for Simple Business Checking |
| Fee-free banking at 40,000+ BMO Harris and Allpoint ATMs nationwide | Monthly fees are waived only when specific balances are met |
| Business savings, credit cards, and lending products | No ATM fee refunds for using non-network ATMs |
BMO Harris Bank offers both in-person and online banking, providing convenience to business owners. You can also bank at over 40,000 BMO Harris and Allpoint ATMs nationwide without incurring a fee. In addition, you can get business financing, track your business purchases, and earn interest from a savings account.
As for drawbacks, the bank requires a fixed average balance to waive the monthly fees and doesn’t reimburse ATM fees when you use a non-network ATM. Its basic Simple Business Checking account also doesn’t bear interest.
Alternatives to BMO Harris Bank Business Checking
While BMO Harris Bank has a superb array of business checking accounts, it might not be your best option if you’re looking for a basic checking account with APY and higher fee-free transaction and cash deposit limits. If you also prefer to receive ATM fee refunds when you transact outside the bank’s network, then it’s best to consider the alternatives below.
- TIAA Bank: Best for business owners needing ATM fee reimbursements when they use non-network ATMs.
- Bank of America: Best for businesses seeking a higher free transaction and cash deposit limit under a basic checking account.
- Bluevine: Best for businesses wanting a free checking account that earns a substantial APY.
Bottom Line
BMO Harris Bank has outstanding business checking options that combine the accessibility of in-person banking and the convenience of online banking. If your business needs can be satisfied with online services, you can open a Digital Business Checking account. Newer businesses with fewer transactions can opt for the Simple Business Checking and switch to Premium or Elite Business Checking as their business needs change. This variety of checking products and features makes BMO Harris Bank a great choice.
