Ongoing Deal Discussion

[BMO] Free unlimited bank account for new customers only

Deal Guru
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Aug 8, 2012
10198 posts
3815 upvotes
BC
john.canad wrote:
Aug 2nd, 2017 7:43 pm
I can't believe that BMO can't do recurring bill payments... why are they so behind?!

Anyways, what are people doing in terms of setting up regular withdrawals from the account? I've set my payroll to deposit in the unlimited account, but unsure how to transfer it out regularly
LOL, I didn't realize they can't do recurring bill payments. LOOOL. They also can't do recurring transfers from savings to chequing (I think it was one-way they could do it, maybe not both ... or you had to pay a fee to set it up or something stupid?)

Anyways, add that to the list like angel said ... no mobile cheque deposits either.

In terms of automating the requirements, I've done $750 twice a month from payroll and scheduled 2 recurring $750/mo transfers on EQ's side to pull from BMO on the 16th and last day of the month.
I've also setup quarterly transfers of $1 into BMO savings from EQ, and then back out a week later. You have to keep the savings account open to qualify ... if you don't use it ever it could go inactive and dormant (see above futility for reason to schedule it recurring from external and not internal :D)
POLL: How frequent is your RRSP-matching?
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
Dec 16, 2001
1465 posts
473 upvotes
Toronto
I scheduled reoccurring penny from BMO chequing to savings account monthly... Does that count as keeping the Savings account active?

For the $1500 condition I setup a reoccurring push of $1500 first of every month into the BMO chequing and a manual EMT to myself of $1500 (withdrawal) the same day it lands in BMO chequing.

Curious to know if it'd be possible to setup a reoccurring pull of $1500 out of the BMO chequing on the 2nd of the month, or would I risk NSF if the 1st or 2nd feel in a weekend???
ace604 wrote:
Aug 2nd, 2017 10:05 pm
LOL, I didn't realize they can't do recurring bill payments. LOOOL. They also can't do recurring transfers from savings to chequing (I think it was one-way they could do it, maybe not both ... or you had to pay a fee to set it up or something stupid?)

Anyways, add that to the list like angel said ... no mobile cheque deposits either.

In terms of automating the requirements, I've done $750 twice a month from payroll and scheduled 2 recurring $750/mo transfers on EQ's side to pull from BMO on the 16th and last day of the month.
I've also setup quarterly transfers of $1 into BMO savings from EQ, and then back out a week later. You have to keep the savings account open to qualify ... if you don't use it ever it could go inactive and dormant (see above futility for reason to schedule it recurring from external and not internal :D)
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3815 upvotes
BC
Kursor17 wrote:
Aug 2nd, 2017 11:00 pm
I scheduled reoccurring penny from BMO chequing to savings account monthly... Does that count as keeping the Savings account active?

For the $1500 condition I setup a reoccurring push of $1500 first of every month into the BMO chequing and a manual EMT to myself of $1500 (withdrawal) the same day it lands in BMO chequing.

Curious to know if it'd be possible to setup a reoccurring pull of $1500 out of the BMO chequing on the 2nd of the month, or would I risk NSF if the 1st or 2nd feel in a weekend???
That's the problem with recurring push + pull ... if you don't spread them out by 3-4 days you might hit a weekend or long-weekend and the 1st and 3rd might both end up being the next business day (4th). Then what?

That's why I like the recurring payroll since they always deposit EARLY if the date falls on a weekend. So I can safely set the recurring pull for the 16th and know it's safe because the pay got deposited on the 15th or earlier.
Same for last day of month pull.

Plus direct deposit is there ON that day, and pulls from EQ take a day to go through the system, so the money ends up at BMO a couple days (and at EQ for some of that time too - money in both spots).
POLL: How frequent is your RRSP-matching?
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...)
Sr. Member
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Jul 4, 2005
644 posts
41 upvotes
CDNPatriot wrote:
Aug 1st, 2017 9:52 pm
For the BMO cashback card does the Auto Club cover just the primary card holder or the secondary/supplementary one as well?
I called them and they said they only cover the primary driver.
Member
User avatar
May 17, 2012
323 posts
109 upvotes
Montreal
john.canad wrote:
Aug 2nd, 2017 7:43 pm
I can't believe that BMO can't do recurring bill payments... why are they so behind?!

Anyways, what are people doing in terms of setting up regular withdrawals from the account? I've set my payroll to deposit in the unlimited account, but unsure how to transfer it out regularly
Ok, this is probably a silly question but I genuinely want to know ; what type of recurring bill payments would you setup from your BMO account and not the vendor/company's (i.e. Bell, Rogers, Gas, Electricity company, etc.)? I agree it's stupid BMO doesn't support it but I absolutely have never used the feature with Desjardins and was wondering what people use this for, for me all gets "pulled" from other companies and not "pushed" from my bank account.

As for regular withdrawals ; sadly I keep my Tangerine account open and "pull" from BMO a day after every paycheque comes in.

EDIT : For recurring transfer from chequing to savings, that you CAN set up within the BMO website. I put it to put a couple bucks in BMO Savings the day after every paycheque comes in to "keep it active".
Deal Guru
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Aug 8, 2012
10198 posts
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BC
bennyboy84 wrote:
Aug 3rd, 2017 9:30 am
Ok, this is probably a silly question but I genuinely want to know ; what type of recurring bill payments would you setup from your BMO account and not the vendor/company's (i.e. Bell, Rogers, Gas, Electricity company, etc.)? I agree it's stupid BMO doesn't support it but I absolutely have never used the feature with Desjardins and was wondering what people use this for, for me all gets "pulled" from other companies and not "pushed" from my bank account.
Things I have used recurring bill payments for in the past:
  • To pay a fixed amount monthly bill like a utility bill in an equal payment plan
  • To contribute regularly to a brokerage account
  • To pay certain fixed expenses that appear on credit cards from certain accounts each month. e.g. Pay $xx.xx/mo towards credit card ABC from a joint account for recurring bill XYZ that shows up on credit card ABC monthly.
POLL: How frequent is your RRSP-matching?
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
Jul 20, 2010
1583 posts
298 upvotes
Vancouver
bennyboy84 wrote:
Aug 3rd, 2017 9:30 am
Ok, this is probably a silly question but I genuinely want to know ; what type of recurring bill payments would you setup from your BMO account and not the vendor/company's (i.e. Bell, Rogers, Gas, Electricity company, etc.)? I agree it's stupid BMO doesn't support it but I absolutely have never used the feature with Desjardins and was wondering what people use this for, for me all gets "pulled" from other companies and not "pushed" from my bank account.

As for regular withdrawals ; sadly I keep my Tangerine account open and "pull" from BMO a day after every paycheque comes in.

EDIT : For recurring transfer from chequing to savings, that you CAN set up within the BMO website. I put it to put a couple bucks in BMO Savings the day after every paycheque comes in to "keep it active".
I have recurring credit card bills with other banks
Newbie
Oct 14, 2012
48 posts
35 upvotes
Toronto
ace604 wrote:
Jul 11th, 2017 11:09 pm
Why not just go to the branch? A bunch of us had to do that even if the application worked.
I work full-time plus 2 part time jobs so I really didn't want to visit a branch, but I'd really like a 2% cc with no annual fee so I begrudgingly set up an appointment after talking to a BMO rep. Anyways, it was another horrid experience, went there and the person I had an appointment with wasn't even there...

I look pretty young for my age and I could pass for a highschool student, the bank teller who "assisted" me, had a condescending attitude and called me a "leng jai" (informal term for Kid in Cantonese) to one of the financial service managers who then tried to help me. That made me wonder if this was a bank or HK cafe. I spent the next hour sitting there waiting for them to try and figure out how to set up the account. In the end, they were unable to get it set up. I have to wait for them to email me again and I may have to go in another time to sign some documents.

So far every experience I've had with BMO has been negative and my impression of BMO can be described with one word, unprofessional.

Hopefully once I get my account up and running I will never have to talk to a BMO rep again.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3815 upvotes
BC
john.canad wrote:
Aug 3rd, 2017 2:35 pm
I have recurring credit card bills with other banks
I guess his question was though "why?" ... do you set the min. balance amount to pay recurring so you never miss that?

In my case I used to do this for one card that had fixed expenses as part of the total on the card and I wanted those expenses paid form one specific account, but other than that, or the min. balance ... it's tough to set a recurring payment to cover a bill since the amount of the bill will vary all the time ... unless it's for just the min. payment for a balance transfer offer? (which falls under my first question I suppose)
POLL: How frequent is your RRSP-matching?
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
Jul 20, 2010
1583 posts
298 upvotes
Vancouver
ace604 wrote:
Aug 3rd, 2017 8:47 pm
I guess his question was though "why?" ... do you set the min. balance amount to pay recurring so you never miss that?

In my case I used to do this for one card that had fixed expenses as part of the total on the card and I wanted those expenses paid form one specific account, but other than that, or the min. balance ... it's tough to set a recurring payment to cover a bill since the amount of the bill will vary all the time ... unless it's for just the min. payment for a balance transfer offer? (which falls under my first question I suppose)
Yeah, I just have it pay the minimum balance on the off-chance that I might miss payment for the month
Deal Addict
Oct 27, 2009
3437 posts
4440 upvotes
Ontario
boing388 wrote:
Aug 3rd, 2017 7:39 pm
I work full-time plus 2 part time jobs so I really didn't want to visit a branch, but I'd really like a 2% cc with no annual fee so I begrudgingly set up an appointment after talking to a BMO rep. Anyways, it was another horrid experience, went there and the person I had an appointment with wasn't even there...

I look pretty young for my age and I could pass for a highschool student, the bank teller who "assisted" me, had a condescending attitude and called me a "leng jai" (informal term for Kid in Cantonese) to one of the financial service managers who then tried to help me. That made me wonder if this was a bank or HK cafe. I spent the next hour sitting there waiting for them to try and figure out how to set up the account. In the end, they were unable to get it set up. I have to wait for them to email me again and I may have to go in another time to sign some documents.

So far every experience I've had with BMO has been negative and my impression of BMO can be described with one word, unprofessional.

Hopefully once I get my account up and running I will never have to talk to a BMO rep again.
Thanks for sharing that bank staff don't realize the impact of their words on clients/potential clients. It's bad enough your bank contact was not at the appt., but the informal phrase use and 1 hour loss of your time to me equals "take your business elsewhere." If staff cannot treat you respectfully while you are respectful, show up on time for appointment and are ready to sign up for an account (considering recent press about bank staff having quotas to maintain for upselling services or adding on things to accounts), you have to let the staff know what the bank has done has failed to impress you that it wants your business.

Did the bank manager or staff explain why your bank contact was not in the bank at the appointed time?
Surfing 2017. Fall, show me the roll-out of prizes!
Newbie
May 11, 2012
76 posts
14 upvotes
CALGARY
Has anyone successfully changed their CB to WE travel?
Jr. Member
May 23, 2016
120 posts
47 upvotes
Hexane wrote:
Aug 4th, 2017 11:18 am
Has anyone successfully changed their CB to WE travel?
I went to a branch and converted over, CC number was the same and CB rewards was credited to statement so nothing was lost... not sure how the points would convert going from WE to CB though .... if anyone does that let me know thanks :)
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User avatar
Mar 23, 2004
36499 posts
3333 upvotes
Markham
wongcf wrote:
Aug 4th, 2017 11:49 am
not sure how the points would convert going from WE to CB though .... if anyone does that let me know thanks :)
Dont think it gets converted. It will probably be the same as cancelling the card...90 days after conversion to use else you lose them.
「もし、奇跡を起こせたら……」
Jr. Member
Oct 15, 2015
121 posts
73 upvotes
BC
I'm considering switching from the CB to WE as well, but the only thing keeping me with the CB for now is the Roadside Assistance. I actually had to use it for the 1st time a few weeks ago for a dead battery. I do have free roadside through the Home Trust Visa as well though, so the switch is tempting. But the Home Trust roadside isnt' as good as the BMO one.

People with the WE, how's your experience booking travel through BMO?

If you read the comments section of this review (http://www.greedyrates.ca/blog/bmo-worl ... rd-review/), a lot of people seem to have had horrible experiences booking through BMO. Article is 2 years old, but a lot of the negative comments are fairly recent.

Thanks in advance for the feedback.

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