What Is BMO Harris Bank?
There’s a multitude of information out there concerning BMO Harris bank reviews, making it difficult for individuals to assess the bank’s services properly. Instead of relying on scattered and mixed information, it’s better to come straight to a consolidated source. This article will give an overview of the basic information you need to know about BMO Harris Bank.
The institution operates in more than 600 branches, with approximately 1,300 ATMs throughout the U.S. Residents of eight different states have access to the institution. Those states are Arizona, Florida, Kansas, Illinois, Indiana, Minnesota, Missouri, and Wisconsin. The institution is also present and widely popular in Canada.
The bank offers a few basic options such as checking, savings, and credit cards. It also has more specialty options like the BMO Harris Health Savings account for qualified medical expenses. This account has no minimum opening deposit or monthly fees.
The website offers BMO Harris credit card rewards for qualified customers. You can visit its website to apply online as well as take advantage of its mobile app.
Image Source: BMO Harris Bank
Checking Account Options:
- BMO Harris Everyday Checking: for basic checking account needs
- BMO Harris Select Checking: earns interest and offers special discounts
- BMO Harris Portfolio Checking: earns higher interest and other benefits
Credit Card Options:
- BMO Harris Bank Platinum Rewards MasterCard: This card has no yearly fee and gives you two points per $1 spent on gas or groceries. Bonus points don’t expire and can be used for traveling, gift cards, and more. This is one of the more basic credit card options that many people will qualify for.
- BMO Harris Bank Premium Rewards MasterCard: There are no foreign transaction fees and only a low annual fee, which is waived for your first year. The card offers three points for every dollar spent on dining, hotels, or flights.
- BMO Harris Bank Cash Back MasterCard: This card offers cash back rewards for spending. Get money back when you do your shopping for groceries or spend money on gas.
History – BMO Harris Reviews
BMO Harris Bank was established in 1882 by Norman Walt Harris. It was originally started as N.W. Harris & Co., which was eventually bought out by BMO Financial Group, formerly known as the Bank of Montreal in 1984.
BMO Harris Bank reviews state that the institution has gone on to become one of the Midwest’s largest banking companies. Since its humble beginnings, it has proceeded to grow, currently serving personal, high-earning, and commercial customers.
The institution offers solutions for basic banking needs as well as more complex financial matters. BMO Harris Bank offers a wide variety of financial products and personal banking solutions. It caters to a multitude of individual needs, ranging from average citizens to extremely wealthy businesspeople. BMO Harris reviews, like this one, can help you find out how the bank can assist you as well.
BMO Harris Bank is a subsidiary of another institution, the Canadian Bank of Montreal. Previous to this, it was known as Harris Trust and Savings Bank in 1907. This bank has a long history and remains a strong business.
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Financial Plans – BMO Harris Bank Reviews
BMO Harris Bank believes in a disciplined method that leads to personalized financial solutions. It offers financial advice from professionals who will help you find a balance in planning while employing a step-by step method which includes the following:
- Clarify: BMO Harris’s system encourages clients to identify their goals exactly. Without defining specific goals, working toward them is not possible.
- Assess: The pros at BMO Harris will show you where you stand and how far you have to go in accomplishing your goals. You will also be advised of the challenges you may face along the way.
- Create: The advisors will put together a specific, step-by-step financial plan that takes into consideration your individual circumstances.
- Evaluate: There are a lot of investment options available out there, and it’s easy to get overwhelmed. You don’t have to be a particularly financially-savvy person to discover what works for you. The financial professionals at BMO Harris will help you determine the best options.
- Implement: Personalized solutions will help you learn how to balance the risks and rewards of your financial ventures. Instead of relying on hearsay, you can allow an expert to guide you through the best plans for accomplishing your goals.
- Manage: Allow the professionals at BMO Harris to notify you when it’s time to make changes to your accounts and ensure that your situation still fits your needs. Your goals may change as time goes on, and their adaptable solutions will help your investments change alongside you.
We are all bound to make mistakes every now and then. It’s easy to lose track of something, forget to transfer funds, or simply lose track of the amount in your account (and the fees that go with it). For these reasons, BMO Harris has two policies that protect its customers from hefty overdraft fines:
- Overdraft Protection Credit Line: This will transfer money from an existing line of credit that you have open at the bank.
- Overdraft Funding: This allows you to transfer money from a linked account to protect you from fees should you overdraw.
These are both optional services that you only have to pay for when you need them. These overdraft protection services can also be useful for transferring funds to pay a check, ACH (Automated Clearing House), or bills as well as with money transfers, ATM withdrawals, and any other debit card transactions you may need.
BMO Harris makes sure these are easy options available for everyone. Since these are free services, and you only pay for them when needed, they are a smart choice. Overdraft fees can be quite damaging, so taking advantage of protection options is wise.
Company Values – BMO Harris Reviews
BMO Harris offers financial services based around personal relationships. It understands that each individual has their own unique situation and story. Therefore, its goal is to make sure each financial professional you encounter will work to understand your background and help you accordingly.
The dreams you hold for your future, your financial goals, and your own unique challenges are all things that the professionals at BMO Harris take into consideration. If you only have basic banking needs, they can help you with those, and if you’re in need of more complex and detailed plans, assistance in those areas is also available.
If you decide to hire a financial advisor after reading BMO Harris Private Banking reviews, they will speak at length with you personally about your situation. After assessing your unique needs and goals, your advisor will help you formulate a plan. The tailored financial plans offered by the bank’s specialists should provide you with one that is a perfect fit, regardless of your situation.
BMO Harris Private Banking Reviews
Customer reviews online include the following:
Customers have posted BMO Harris Private Banking reviews online which detail their being pleased with how their former bank accounts merged with new accounts. These customers also reported that the checking accounts offered by the bank are superior to those of their previous banking experiences.
In addition, several clients stated that when BMO Harris was new to the area, they received bonus offers in the mail for opening an account with the bank. These customers reported back a few years later to say that they were happy they had joined. Some customers reported using the institution for over a decade and remaining satisfied. The customer service is described as wonderful in numerous online BMO Harris Bank reviews.
Other BMO Harris Bank reviews describe appreciation of the mobile app. You can use this app for depositing a check or paying bills over the Internet. The online banking experience at BMO Harris is also reported to be satisfactory and easy to use, though clients suggested keeping your account amount above the fee line to avoid unnecessary and inconvenient charges.
Statements taken from Wallethub.com as recently as August 2015, regarding BMO Harris reviews, awarded the company 4 out of 5 stars overall as of 2015. It was given 3.5 out of 5 stars for customer service and 3.5 out of 5 stars for problem resolution. Both clear disclosures and the application processes were given 3 out of 5 stars.
Reviews taken from Mybanktracker.com on February 2014 state that BMO Harris Bank was unwilling to cooperate in negotiating mortgage rates and home equity reassessments. Complaints were also made in January of 2016 about the quality of customer service given by BMO Harris.
BMO Harris Bank Reviews and Awards
Since the inception of the company in 1884, the bank has won many prestigious awards for its services and efforts. To this day, it continues to win awards quite frequently.
- Global Banking and Finance Review gave BMO Harris the honor of being named the best private bank in all of Canada for four years in a row. This award acknowledges the excellent financial management solutions and great client relationships offered by the bank. Highly personal products and above-average services were also recognized in this award.
- On March 29, 2010, BMO Harris earned Crain’s Chicago Business Awards Honorable Mention in The Best Places to Work Survey.
- BMO Harris won the number-one brand position in the 2011 American Banker/Reputation Institute Survey.
- It won a spot on the list of the Top 50 Green Power Partners, along with the Green Power Leadership Award, by the Environmental Protection Agency. The company makes sure to stay environmentally conscious at all times.
BMO Harris Credit Card Rewards
Credit card points earned with BMO Harris can be used for a variety of perks, including cruises, hotel stays, or flights. They can also be used for purchasing name-brand merchandise or gift cards. You choose the rewards you want.
Image Source: BMO Harris Bank
- Vacation and travel rewards: BMO Harris Credit Card Rewards offer flight redemption for points as well as hotel stays. The online point redemption option allows you to select where you want to go and you use your points to get there.
- Retail rewards: An online shopping portal allows you to use your points for many different purchases. Among these choices are home décor items, electronics, health and beauty, sports products, and baby items. With BMO Harris Credit Card Rewards, you can even buy luggage and hand bags for traveling.
- Cash back and statement credit: You have the option to redeem your points for rewards mentioned above or you can receive cash back. You can also opt for statement credit that will be applied to your card. You earn 1% cash back for every dollar you spend, and all cash back is earned in U.S. dollars.
- Gift cards: Among the gift card options offered for your points are Amazon, Target, Best Buy, iTunes, Kohl’s, Starbucks, and Shell gas station cards. These can be used for digital purchases as well as physical items. You can also use them for Barnes & Noble or various restaurants such as Red Lobster.
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