BMO Harris Business Checking Review 2023
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 over 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 in 40,000-plus Allpoint and BMO Harris ATMs nationwide.
What We Like
- Waivable monthly fees; a 93-day temporary fee waiver after account opening
- Variety of checking account options
- $259 or $400 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) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
N/A | $2,000 free, then 25 cents per $100 per statement cycle | None at 40,000-plus BMO Harris and Allpoint ATMs; $3 for non-BMO ATMs plus operator fees | $100 | |
N/A | $5,000 free, then 30 cents per $100 per statement cycle | $3 per transaction at any non-PNC Bank ATM | $100 | |
 | N/A | $2,500 free, then 30 cents per $100 per statement cycle | None at U.S. Bank ATMs and MoneyPass, $2.50 at nonnetwork | $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 $250 or $400 as a reward to new account holders as long as conditions are met.
- Businesses that receive wire transfers frequently: When you open a Digital Business Checking or Elite Business Checking account, you can benefit from free incoming wire transfers.
- Business owners who perform ACH transactions often: If you have a Digital Business Checking account with BMO Harris Bank, you can benefit from unlimited free ACH transactions.
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 more than 500 branches, it’s currently limited to eight states―Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, 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 2.0% APY for qualifying deposits on balances up to and including $250,000.
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. C corporations (C-corps) S corporations (S-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 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 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 monitor your expenses easily 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.
Reviews for BMO Harris Bank’s mobile banking app are superb on the App Store (4.8 stars out of 5) and Google Play (4.6 stars out of 5). Clients appreciate the intuitive navigation and convenient features of the app, but some complained about login errors and not receiving push notifications after the latest update.
Business Services
- Payroll processing: BMO Harris Bank helps reduce your business costs by offering a 10% discount on payroll and human resources (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 a 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 | Noninterest bearing for Simple Business Checking |
| Fee-free banking at 40,000-plus 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 nonnetwork ATMs |
BMO Harris Bank offers both in-person and online banking, providing convenience to business owners. You can also bank at more than 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 nonnetwork ATM. Its basic Simple Business Checking account also doesn’t bear interest.
BMO Harris Bank User Reviews
| PROS | CONS |
|---|---|
| Convenient mobile app for loan payments | High overdraft fees |
| Great credit card limits and perks | Promotion code is not provided when you open an account online |
| Good car loan interest rates | Tedious customer verification procedures |
| Places holds on external transfers | |
| Auto payment setup takes time | |
BMO Harris Bank has a 3.6 out of 5 rating on WalletHub (around 720 reviews). Users said that they like using the bank’s credit cards for its high credit card limits, rewards, and no annual fee feature. They also find it convenient to make payments using the mobile app. One client also remarked that they appreciate BMO’s good auto loan rates, having secured multiple car loans successfully.
However, many customers noted that they’re dissatisfied with the bank’s subpar customer service. They stated that customer verification procedures are repetitive and time-consuming, and some experienced disconnected calls and not receiving callbacks. Further, others claimed that they were charged costly overdraft fees.
Alternatives To BMO Harris Bank Business Checking
While BMO Harris Bank has a superb array of business checking products, it might not be your best option if you’re looking for a business checking account with a high APY, prefer to receive ATM fee refunds when transacting in nonnetwork ATMs, and want to utilize bookkeeping tools for tracking expenses. It’s best to consider the alternatives below.
- TIAA Bank is best for business owners needing ATM fee reimbursements when they use nonnetwork ATMs. BMO Harris doesn’t offer ATM fee refunds.
- Found* is best for freelancers wanting to capitalize on bookkeeping and tax planning tools. It’s part of our list of best bank accounts for self-employed professionals for its detailed expense tracking feature.
- Bluevine* is best for businesses wanting a free checking account that earns a substantial 2.0% APY for qualified deposits. BMO Harris only offers a negligible APY rate for its highest-tier checking.
*Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership (Piermont Bank for Found and Coastal Community Bank for Bluevine).
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.
