Personal Finance

Free unlimited bank account for new customers only - Account no more

Jr. Member
Aug 16, 2011
107 posts
76 upvotes
MISSISSAUGA
I just got approved for this offer with WE card. I'll just etransfer $1500 every month from cibc smart chequine acct which also is a free etransfer. A lot better than keeping $5k balance on td all in acct just to waive visa infinite fees.
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User avatar
Apr 24, 2017
7313 posts
6265 upvotes
I got instantly approved. HAPPY!!!!!
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Deal Addict
Oct 23, 2007
1797 posts
145 upvotes
Toronto
baxter77 wrote: I just got approved for this offer with WE card. I'll just etransfer $1500 every month from cibc smart chequine acct which also is a free etransfer. A lot better than keeping $5k balance on td all in acct just to waive visa infinite fees.
Did you get the additional $200 sign up bonus for the cc?
Jr. Member
Aug 16, 2011
107 posts
76 upvotes
MISSISSAUGA
saberX wrote: Did you get the additional $200 sign up bonus for the cc?
I didn't see any bonus.
Deal Addict
Aug 6, 2004
1951 posts
711 upvotes
For those of you that need to deposit cheques: this is the last of the Big Five to hold out in mobile cheque deposits.

Welcome to 1999. Lol
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User avatar
Dec 22, 2010
2045 posts
638 upvotes
BC
Too many conditions apply. Coast Capital already gives me free everything with no conditions.
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Deal Addict
Nov 25, 2014
1739 posts
960 upvotes
Newton Brook, ON
goozy1 wrote: I don't understand the downvotes either. Look I get it. I used to have a PC financial account too when I was in school and my banking was less complicated (I still have the account open). But I had to eventually switch to RBC because there are times I need a "real" bank to get things done. Things like last minute cheque cashing, bank drafts, depositing USD cheques , withdrawing large sums of cash, foreign exchanges (when I have no time to go to a currency exchange), getting coins, and other things I can't recall right now. On average I usually go to the teller like 1-2 a month for things that PC financial would never allow me to do.
You answered your own question, I think. Many people would assume from the title, a free unlimited account from BMO (a "real bank") would include all of the above, but this one includes none of it.
goozy1 wrote: Yes I am aware of that. I do 99% of my banking online but I like having the option for the odd time I need something that can only be done through a teller. I don't mind paying the $2.50 fee in those occasions. Also note: it says you only need to pay that fee if it's something that can't be done online or through the ATM. Some of the things I listed are probably covered under that exception.
No, BMO has no USD ATMs, bank drafts aren't available online, etc. The only thing you listed above that could be done for free is cheque cashing, but you can do that already with a free account anywhere.

I would not advise this account for you. With your usage you never should have been paying for the $10.95 account in the first place. The best option here is a combination of a free online chequing account, plus a free savings account with RBC that gives you 1 free debit per month and costs $1.50 for each additional. Since you need this 1-2 times a month, that means paying $0 to $1.50 versus $2.50 to $5.00 with BMO. If you need e-Transfers, look at EQ Bank.

Make no mistake, this is a credit card deal, not a banking deal.
You need someone with an umbrella not a fork
Member
User avatar
Oct 15, 2015
242 posts
879 upvotes
BC
nmclean wrote: Make no mistake, this is a credit card deal, not a banking deal.
Well said. This is exactly what it is.

That being said, I got sucked in and applied (thanks OP). I've been wanting the World Elite Cashback card for the longest time. With BMO's somewhat recent increase in minimum monthly chequing balance to $6000 (from $5000), I thought for sure there was no way for me to get this card without having to pay the annual fee. I had no interest in parking $6000 in a chequing account just to get this credit card for free. I do applaud BMO's creative and alternative solution.

Now I'm going to downgrade my TD acct to the minimum acct so I don't have to park $5000 in there anymore and also cancel my TD Gold Elite. The TD Gold Elite really sucks in comparison to the BMO World Elite Cashback. Everyone who has the TD Gold Elite only gets it for their deluxe roadside assistance. The BMO roadside assistance is sufficient for my needs (I'm aware it's only basic coverage).

This is a great deal for those who really want one of their 2 premium cards.
Member
Sep 16, 2016
311 posts
296 upvotes
Toronto
Basically the point is that 1500$ into your account every month. You just need some cash to be able to deposit it to your account and then you can withdwaw or transfer your money to other bank. But if you don't have balance in your account, how can you take advantage of this free account?
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Banned
User avatar
Mar 4, 2011
660 posts
493 upvotes
Surrey
I came to downvote and say they are TERRIBLE, and nickel and dimed my wife all the time. I switched her to Tangerine. I hate BMO. I also had bad experiences with CIBC as well. TD ain't so bad, but still part of the big 5.
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Jr. Member
Feb 1, 2017
166 posts
141 upvotes
nmclean wrote: No, BMO has no USD ATMs, bank drafts aren't available online, etc.
There are actually specific USD atm's? Never used them. I bank with Tangerine, and I have deposited several USD cheques into various scotia bank atm's. If the cheque is for $100 US, I just enter $100 for my deposit, then the bank adjusts it for me whenever they physically process it.
Deal Addict
Nov 25, 2014
1739 posts
960 upvotes
Newton Brook, ON
yselfandi wrote: There are actually specific USD atm's? Never used them. I bank with Tangerine, and I have deposited several USD cheques into various scotia bank atm's. If the cheque is for $100 US, I just enter $100 for my deposit, then the bank adjusts it for me whenever they physically process it.
He also mentioned foreign exchange as one of the reasons he needed a real bank, so I assume he means cash. RBC and CIBC have ATMs with USD cash in them, BMO doesn't.

For USD checks, unlike Tangerine, PCF charges $7.50 or $15.00 for that. Probably one of the reasons he thought a $10.95 RBC account was worthwhile. Of course this would be free with Tangerine or a free RBC savings account.
You need someone with an umbrella not a fork
Newbie
Jul 14, 2012
83 posts
81 upvotes
Toronto Ontario Cana…
dukati wrote: Pretty sure BMO = Bank of Montreal :D
Good point.

For clarity: BMO = Bank of Montreal = worst bank in the solar system™
Newbie
User avatar
Aug 25, 2014
71 posts
60 upvotes
Airdrie, AB
Does anyone use the secured line of credit checking accounts which basically operate as a normal checking account but with no minimum balance requirements and no fees (not even for ordering more checks)? There is the slight danger of maxing out your available credit but aside from that, the no fees side has been great from my perspective. When I'm at the bank many tellers tell me that most bank employees use the same account type which tells me they are probably thinking the same thing I am.

Sorry if this is a bit off topic, but it does seem relevant if no fee accounts are "hot deals".

S
Deal Addict
Jul 29, 2004
2909 posts
396 upvotes
Insomuch wrote: Does anyone use the secured line of credit checking accounts which basically operate as a normal checking account but with no minimum balance requirements and no fees (not even for ordering more checks)? There is the slight danger of maxing out your available credit but aside from that, the no fees side has been great from my perspective. When I'm at the bank many tellers tell me that most bank employees use the same account type which tells me they are probably thinking the same thing I am.

Sorry if this is a bit off topic, but it does seem relevant if no fee accounts are "hot deals".

S
Bank employees all get free banking. That goes for BMO and every other bank so they wouldn't open an LoC for banking.

But the employee LoC rate is something cheap like prime +1.25% or something so I imagine a lot of employees may open one for that reason.
Newbie
User avatar
Aug 25, 2014
71 posts
60 upvotes
Airdrie, AB
komal wrote: Bank employees all get free banking. That goes for BMO and every other bank so they wouldn't open an LoC for banking.

But the employee LoC rate is something cheap like prime +1.25% or something so I imagine a lot of employees may open one for that reason.
Right, only I don't have to be an employee to get this free checking account disguised as a LoC.
Deal Addict
Aug 7, 2011
1942 posts
3072 upvotes
VANCOUVER
nmclean wrote: You answered your own question, I think. Many people would assume from the title, a free unlimited account from BMO (a "real bank") would include all of the above, but this one includes none of it.
The only thing this account doesn't include is the stuff you can do online or through an ATM. Even with this "online account", you can still walk into a BMO branch and ask a teller to do something for you. In the worst case scenario you have to pay $2. With PC/Tangerine you don't have that option. Try taking out a few thousand dollars from your PC account. or getting a cheque instantly cashed. Not possible.
nmclean wrote: No, BMO has no USD ATMs, bank drafts aren't available online, etc. The only thing you listed above that could be done for free is cheque cashing, but you can do that already with a free account anywhere.

I would not advise this account for you. With your usage you never should have been paying for the $10.95 account in the first place. The best option here is a combination of a free online chequing account, plus a free savings account with RBC that gives you 1 free debit per month and costs $1.50 for each additional. Since you need this 1-2 times a month, that means paying $0 to $1.50 versus $2.50 to $5.00 with BMO. If you need e-Transfers, look at EQ Bank.

Make no mistake, this is a credit card deal, not a banking deal.
Why does it matter if the stuff isn't available online? They are not going to turn you away at the counter because you have an online account. You are still a customer with access to all their services. BMO is the 4th largest bank in Canada with 1000 branches. The point that you are missing is that PC Financial and Tangerine are virtual banks with no tellers. And there are some things you just can't do with those banks. I don't know why it's hard for you to understand the limitations of those virtual banks.

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