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[BMO] Free unlimited bank account for new customers only

Deal Addict
User avatar
Apr 6, 2007
2265 posts
195 upvotes
Toronto
Very well could be the case.

I did not have any problems whatsoever.
Newbie
User avatar
Oct 7, 2016
13 posts
Anyone got the first statement yet? Any $200 bonus applied??!
Sr. Member
Jul 20, 2010
981 posts
115 upvotes
Vancouver
wra45mon wrote:
Apr 19th, 2017 7:12 pm
Hmm still wondering if I should pull the trigger.
Seems like there are a lot of issues when applying.
Or is this a case where people only write when there are problems and there are actually a lot more successful applications but just not documented here.
Or you could just be focusing on the negative posts because there actually has been a number of successful applications being talked about on here. Try it, if it works, then it's meant to be
Deal Guru
Nov 16, 2004
12908 posts
874 upvotes
Toronto
wra45mon wrote:
Apr 19th, 2017 7:12 pm
Hmm still wondering if I should pull the trigger.
Seems like there are a lot of issues when applying.
Or is this a case where people only write when there are problems and there are actually a lot more successful applications but just not documented here.
I think we only hear from complainers. Even my own issues (currently experiencing) are not really issues everyone will experience (I would hope). Go for it if the perks interest you.
Last edited by DaVibe on Apr 19th, 2017 8:16 pm, edited 1 time in total.
"Deal of the Day" addict
Sr. Member
Jul 20, 2010
981 posts
115 upvotes
Vancouver
KeusGod wrote:
Apr 19th, 2017 8:06 pm
Anyone got the first statement yet? Any $200 bonus applied??!
1 user did
Member
Jul 13, 2009
373 posts
KeusGod wrote:
Apr 19th, 2017 8:06 pm
Anyone got the first statement yet? Any $200 bonus applied??!
I received my first statement, but i don't see the $200 bonus credit, can anyone verify as well
Deal Fanatic
User avatar
Aug 8, 2012
7335 posts
2527 upvotes
BC
I just called BMO with the 14-digit reference number from credit card application from initial email 3 weeks ago expecting them to say something like "we don't see your application" or some crap.
Especially since I'd read people saying they had two inquiries on their file and I only saw one.

Well ...

Turns out I was already approved for the card, and it was mailed out the Friday before last so I should see it any day now if it's not lost in the mail :)

Went back to my Equifax to see if it showed a 2nd inquiry. It did not.

I had only one inquiry from the original date I applied for the 'bankup' promo and then there was a soft inquiry made yesterday.
Hmm, actually the original inquiry is dated Sat. April 1st. Curious. I applied late in the evening (pacific time) March 30th.
Fri. March 31st morning I went into branch to verify ID.

Perhaps this step avoided the credit check for the bank account opening and then Sat. Apr 1st was the credit card application inquiry?

It shows as:
2017-04-01 BMO 2203 (800)263-2263

Under soft inquiries, which I assume are ongoing random ones done by the bank, it shows:
2017-04-18 BANK OF MONTREAL (877)304-4121

Anyone else able to get the account and card with only one actual inquiry?
POLL: How many credit cards do you CARRY?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
User avatar
Dec 17, 2008
1509 posts
419 upvotes
Winnipeg
SHR3WD wrote:
Apr 17th, 2017 11:35 am
So it's safe to deposit cash at the counter without getting charged?

I'm supposed to desposit some money today. I was thinking if I should do it in person or by ATM. ATM usually puts a temporary hold so I'd prefer over the counter since it's a big amount.
Paroxetine wrote:
Apr 17th, 2017 11:45 am
If I remember correctly, BMO now does not put a hold on ATM cash deposit of up to $500.
angel_wing0 wrote:
Apr 17th, 2017 12:05 pm
Deposits never get charged because you are giving the bank money. It doesnt make sense if you need to pay them money to give them money :lol:

Your account opening letter should indicate what your account hold limits are. I have no holds on deposits. Cash or Cheque.
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Member
Nov 13, 2009
328 posts
161 upvotes
Ajax
wra45mon wrote:
Apr 19th, 2017 7:12 pm
Hmm still wondering if I should pull the trigger.
Seems like there are a lot of issues when applying.
Or is this a case where people only write when there are problems and there are actually a lot more successful applications but just not documented here.
I never had a problem with this offer but my brother is facing problem opening an account.
So it looks like it depend and each case is different.
Newbie
Jul 24, 2016
7 posts
5 upvotes
wra45mon wrote:
Apr 19th, 2017 7:12 pm
Hmm still wondering if I should pull the trigger.
Seems like there are a lot of issues when applying.
Or is this a case where people only write when there are problems and there are actually a lot more successful applications but just not documented here.
In my particular case the application process was smooth.
Deal Addict
User avatar
Dec 17, 2008
1509 posts
419 upvotes
Winnipeg
wra45mon wrote:
Apr 19th, 2017 7:12 pm
Hmm still wondering if I should pull the trigger.
Seems like there are a lot of issues when applying.
Or is this a case where people only write when there are problems and there are actually a lot more successful applications but just not documented here.
I had no issues in applying, for me the online process went smoothly. My main issues were with receiving the credit cards and debit card PINs in the mail. But they quickly sent me new cards and everything is set up fine now.
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Deal Addict
User avatar
Dec 17, 2008
1509 posts
419 upvotes
Winnipeg
shawguy wrote:FIRST UPDATE:

I applied on March 23 (Two Weeks Ago today). Everything was approved online and I have been able to use online banking since the moment I opened the accounts on the 23rd.

-On March 31 I received my BMO Debit card in the mail
-On April 3 I received my BMO MasterCard PIN in the mail.
-On April 5 I received my BMO MasterCard in the mail. (Package was tampered with - had to order new card on phone - start the waiting process over)
The envelope was open and it was in a clear plastic envelope from Canada Post stating they found the mail item damaged in their mail stream. Now I am sure it would have been fine to use the credit card...but to be safe they said they would send me a new one. Apparently the pin they previously sent me will work with the new card they are sending me, and the card number already changed in online banking. The only thing in the envelop was the card and the letter - no benefits guide or information about the card. I complained about having to wait for 2 weeks already and they offered to courier the card at no charge. So I am hoping it shows up tomorrow, but most likely will show up Monday or Tuesday (She said 2 to 3 days).

Today April 6, I still had not received the PIN for the debit card so I called the call centre at 1 800 363-9992 and they told me that I should have the debit card pin by now and to go to a branch to reset my PIN. I went to a branch.....well apparently when you have a new card sent on a new account they cannot change the PIN...so they had to cancel my personalized debit card and give me a temporary debit card without my name on it....I changed the PIN and then he ordered me a 3rd debit card (personalized) and it is being sent in the mail. I am going to be so annoyed if the PIN comes in the next few days for the original card because if I had known all this was going to happen I would have just waited. (The Rep on the phone told me I could just change the PIN....if I knew new cards would be ordered I would have waited another week)

So long story short....if Canada Post didn't damage and lose my mail I would be already all set up with no need to go to the branch but because Canada Post is unreliable I had to visit a branch (and now they have my ID on file). LOL
shawguy wrote:UPDATE 2:

-on April 7 I received the couriered BMO MasterCard to my home address. I was quite impressed since I spoke with them on the phone about 7pm EST on April 5th when they ordered me the new card. It came by UPS and I had to sign for it, but 1.5 days - VERY impressed that they did that for me to get the card in my hands. The PIN from the first MasterCard that came in the mail worked for this second new card...I went to an ATM and changed the PIN.

-on April 10 I received the PIN to the Debit card I received on March 31. But as stated I had gone into the branch on April 6th and I have a different debit card now and am waiting for a 3rd debit card to come in the mail now, but I can still use the 2nd debit card in the meantime (the one I got at the branch). For those keeping track, I opened these accounts on March 23 so the debit card came 8 days later and the PIN came 18 days later.... that's a long time. The longest of any bank I ever dealt with.

Initial reactions to the account have been mixed; I like that you can see pending transactions on the MasterCard, and I like that in online banking they keep all your e-documents (such as account opening, etc) as PDF files so they don't have to mail you copies. I also like that when you sign documents in the branch they appear under e-documents immediately. The descriptions on the account when you do transactions are very basic and it does not show any customization of names you may have made like some of the other banks do when transactions post.

I noticed that the BMO MasterCard is not automatically linked to the debit card (to view at the ATM) so I requested that in online banking. They assured me it was completed, however I could not see the credit card account at the ATM. I even went to the branch and they came to the ATM with me and basically they said they don't know - because it is showing linked on the computer. I called the call centre tonight and they manually removed the whole credit card from my online banking and debit card and then re-added it and now it is linked (I checked at the ATM tonight). But what disappoints me....is I thought you would be able to transfer from Chequing to Mastercard at the ATM, etc....but in realty all you can do is VIEW the account balance....I am used to RBC where all the accounts linked you can actually use at the ATM. So in reality there is no real reason to have the MasterCard linked to the ATM Card. The MasterCard appears to have the ability to have checking and savings accounts linked to it as well - but I didn't ask and there is no need for this, unless it means I wouldn't have to carry my debit card (I know CIBC can do that from past experience when I had an account with them in 2009)

I also tested linking one of my other banks to BMO savings account - and I can confirm that even though the documentation states otherwise on BMO's site - the Premium savings account can do pre-authorized debits and credits. I was able to pull and send money to the savings account. I know the savings account is almost no interest and I don't have a use for it....I just wanted to test the functionality of the account. The Savings account is not accessible for point of sale though. You can withdraw funds from the account directly at the ATM and do transfers instantly from or to savings at the ATM, on the phone, or online. You also cannot pay bills from the savings account....however you can transfer from the savings account to the MasterCard and the funds will instantly update your available credit (same from Chequing to MasterCard).

If you pay your BMO MasterCard using the "pay bills" feature - it will NOT update your available credit instantly and it will take 2 business days before the payment posts. I did a payment on Saturday (so technically Monday by banking standards) and the payment just posted this evening (Tuesday) yet the transfers done at the exact same time on Saturday - posted instantly (in pending transactions).

You can view cheque images for free on the BMO site, and there is an option to save as a PDF if you wish to keep a copy. (no I did not purchase cheques from BMO as they wanted $66 for 50 cheques - I used ASAP-Cheques as I got 200 cheques for $36)

So once I get the last debit card in the mail, I think I will be all set up. I am still waiting for the Credit card documentation as well as it was missing from the initial credit card due to the Canada Post error.

Finally for those that have their pay at Tangerine or EQ and transferring back and forth..... I didn't do the same, but instead I have my pay deposited at BMO now and I have transfers set up to withdraw funds the same day and pull the money to the other bank (and I didn't want that setup I could always just use the free e-transfers they offer to move money wherever).
UPDATE 3:

-Received my final debit card today (April 19). Finally got all my cards and documenation at this point. Originally opened the account on March 23.

-First Statements for the Chequing and Savings Accounts posted. They are viewable as PDF's. They are separate statements, they are not combined like some banks do. Even though I did pre-authorized payments on the savings account, I was not charged for them as they appear to be included as part of the Bank Unlimited Plan. I thought you would see the monthly fee on the statement and then have it refunded but there is no entry for any monthly fee on the statements.

-The Credit Card statement has not printed yet. So I don't know if I am getting 1.75% Cashback or if I am getting 4% for the first four months. Also the annual fee / rebate has not posted yet.

I will post a final update when the credit card statement and annual fee rebate posts.
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Sr. Member
Jan 2, 2013
836 posts
71 upvotes
Etobicoke
KeusGod wrote:
Apr 19th, 2017 8:06 pm
Anyone got the first statement yet? Any $200 bonus applied??!
CptBen wrote:
Apr 19th, 2017 9:03 pm
I received my first statement, but i don't see the $200 bonus credit, can anyone verify as well
It's not a 200$ bonus credit. It's 20,000 points on your BMO reward profile to be used against travel (or whatever) purchases that is worth 200$. You will not see anything on your statement.
Deal Addict
Dec 16, 2005
2199 posts
448 upvotes
apoorv wrote:
Apr 20th, 2017 9:57 am
It's not a 200$ bonus credit. It's 20,000 points on your BMO reward profile to be used against travel (or whatever) purchases that is worth 200$. You will not see anything on your statement.

you should see 20,000 pts accrued on the statement.
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