Ongoing Deal Discussion

[BMO] Free unlimited bank account for new customers only

Deal Addict
Aug 23, 2004
1204 posts
4 upvotes
Do they run the credit check during the application? Can everything (application) be done online? It looks like some people had to go to the branch.
Does the transfer from TD account to BMO account count as deposit? Is it easy to link them up - i.e. can be done online?
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Apr 24, 2017
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Vancouver
Raven_007 wrote:
Aug 5th, 2017 6:43 pm
Do they run the credit check during the application? Can everything (application) be done online? It looks like some people had to go to the branch.
Does the transfer from TD account to BMO account count as deposit? Is it easy to link them up - i.e. can be done online?
Yes. There will be 2 credit checks for chequing account and credit card.
Yes but YMMV. I was a brand-new customer and I finished everything online. No need to visit a branch.
Yes. Everything from other banks/cash count as deposit. It is very easy to link between BMO and Tangerine online. Not possible to link between BMO and TD.
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Mar 23, 2004
35980 posts
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Markham
Raven_007 wrote:
Aug 5th, 2017 6:43 pm
Does the transfer from TD account to BMO account count as deposit?

Is it easy to link them up - i.e. can be done online?
Yes it does.

Not possible.
「もし、奇跡を起こせたら……」
Newbie
Oct 15, 2015
97 posts
64 upvotes
BC
ace604 wrote:
Aug 5th, 2017 12:38 pm
The credit card has to have monthly activity. The chequing account has to have $1500/mo in deposits (not net). The savings account can't go inactive (not sure on how many months makes it inactive so I have quarterly transfers in/out in case it is 6 months).
Regarding the savings account, i believe it just needs to be open and in good standing. Did u see it somewhere that the savings account can't go inactive? I'm curious cause i just switched from the CB card to WE card so my cashback won't get automatically transferred to my savings acct anymore.

From the Bank Unlimited Plan document (https://www.bmo.com/pdfs/BankUnlimitedP ... ils_EN.pdf)

Your Savings Account remains open and in
good standing (for example, it cannot be in
an unauthorized overdraft).
Deal Guru
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Aug 8, 2012
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Rudeepoo wrote:
Aug 6th, 2017 12:18 am
Regarding the savings account, i believe it just needs to be open and in good standing. Did u see it somewhere that the savings account can't go inactive? I'm curious cause i just switched from the CB card to WE card so my cashback won't get automatically transferred to my savings acct anymore.

From the Bank Unlimited Plan document (https://www.bmo.com/pdfs/BankUnlimitedP ... ils_EN.pdf)

Your Savings Account remains open and in
good standing (for example, it cannot be in
an unauthorized overdraft).
So this makes it sound like non-$0 balance solves your problem...
"i. Inactive Accounts
Accounts with a balance of $0 and no Customer Activity for a period of at least one year, will be closed.
"

but...
"j. Dormant Accounts
Accounts with no Customer Activity for two years or more, will be considered Dormant.
"

https://www.bmo.com/pdf/Agreements_Bank ... anking.pdf

So if you want it to remain "open" you can't let it go inactive or dormant.

It took me 30 seconds to setup a recurring quarterly transfer of $1 into the savings account and then $1 back out (from EQ mind you, because BMO itself doesn't offer this basic functionality for free - LOL).
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
Aug 23, 2004
1204 posts
4 upvotes
EdisonL299 wrote:
Aug 5th, 2017 7:35 pm
Yes. There will be 2 credit checks for chequing account and credit card.
Yes but YMMV. I was a brand-new customer and I finished everything online. No need to visit a branch.
Yes. Everything from other banks/cash count as deposit. It is very easy to link between BMO and Tangerine online. Not possible to link between BMO and TD.
Two credit checks seem excessive - are they not getting the same information? I guess that is how BMO does things.
So, without going through the third bank, if one does not want to deposit paycheque to BMO is to deposit $1500 in cash and than withdraw it a few days later/pay bills, correct?

Thanks!
Deal Addict
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Apr 24, 2017
1709 posts
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Vancouver
Raven_007 wrote:
Aug 6th, 2017 1:01 pm
Two credit checks seem excessive - are they not getting the same information? I guess that is how BMO does things.
So, without going through the third bank, if one does not want to deposit paycheque to BMO is to deposit $1500 in cash and than withdraw it a few days later/pay bills, correct?

Thanks!
IMO there is nothing to worry about unless you are applying for mortgage.
You can still do it online manually. E-transfer 1.5k from TD to BMO, then within the same day you can e-transfer it back to your TD account. Just in case I always leave the money in BMO a bit longer (1-2 days) then transfer out.
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Deal Addict
Aug 23, 2004
1204 posts
4 upvotes
EdisonL299 wrote:
Aug 6th, 2017 1:17 pm
IMO there is nothing to worry about unless you are applying for mortgage.
You can still do it online manually. E-transfer 1.5k from TD to BMO, then within the same day you can e-transfer it back to your TD account. Just in case I always leave the money in BMO a bit longer (1-2 days) then transfer out.
I have closing date on the 30th, would not apply before than; but it shouldn't be an issue to apply on 31st I guess?
Newbie
Oct 15, 2015
97 posts
64 upvotes
BC
ace604 wrote:
Aug 6th, 2017 3:26 am
So this makes it sound like non-$0 balance solves your problem...
"i. Inactive Accounts
Accounts with a balance of $0 and no Customer Activity for a period of at least one year, will be closed.
"

but...
"j. Dormant Accounts
Accounts with no Customer Activity for two years or more, will be considered Dormant.
"

https://www.bmo.com/pdf/Agreements_Bank ... anking.pdf

So if you want it to remain "open" you can't let it go inactive or dormant.

It took me 30 seconds to setup a recurring quarterly transfer of $1 into the savings account and then $1 back out (from EQ mind you, because BMO itself doesn't offer this basic functionality for free - LOL).
Thanks for the info.

I honestly thought just leaving some $ in the savings acct and letting the interest be deposited into the same savings acct automatically was enough. However, based on your comments, I'll set up an automatic transfer from Tangerine just in case.

thanks!
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Apr 24, 2017
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Raven_007 wrote:
Aug 6th, 2017 1:36 pm
but it shouldn't be an issue to apply on 31st I guess?
If I were you I wouldn't do that because of the following term:
"The monthly Plan fee will be waived for the month you open your Chequing and Savings Accounts if you open your accounts after the first day of the month."

I feel more comfortable applying on any day between 2nd and 25th.
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EdisonL299 wrote:
Aug 5th, 2017 7:35 pm

Yes. There will be 2 credit checks for chequing account and credit card.
Yes but YMMV. I was a brand-new customer and I finished everything online. No need to visit a branch.
Yes. Everything from other banks/cash count as deposit. It is very easy to link between BMO and Tangerine online. Not possible to link between BMO and TD.
Raven_007 wrote:
Aug 6th, 2017 1:01 pm
Two credit checks seem excessive - are they not getting the same information? I guess that is how BMO does things.
So, without going through the third bank, if one does not want to deposit paycheque to BMO is to deposit $1500 in cash and than withdraw it a few days later/pay bills, correct?

Thanks!
If everything goes smoothly online all-in-one application I don't think you get two credit checks. I didn't.

*Any* kind of deposit will count as long as it comes from outside of BMO.
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...)
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Mar 23, 2004
35980 posts
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Maplecountry wrote:
Aug 5th, 2017 12:56 am
Got charged $5 for cancelling an e transfer...
ace604 wrote:
Aug 5th, 2017 2:09 am
TD also charges $5 to cancel Interac e-Transfers.
Interesting, RBC doesnt charge anything to cancel emt.
「もし、奇跡を起こせたら……」
Deal Addict
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Dec 17, 2008
1772 posts
534 upvotes
Winnipeg
BMO Doesn't charge if it is cancelled before 11:59pm EST on the same day it was sent. They charge $5 after that time. Which sucks, because other banks like RBC don't charge at all to cancel.
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Member
Nov 13, 2009
433 posts
193 upvotes
Ajax
Raven_007 wrote:
Aug 6th, 2017 1:01 pm
Two credit checks seem excessive - are they not getting the same information? I guess that is how BMO does things.
So, without going through the third bank, if one does not want to deposit paycheque to BMO is to deposit $1500 in cash and than withdraw it a few days later/pay bills, correct?

Thanks!
EdisonL299 wrote:
Aug 5th, 2017 7:35 pm
Yes. There will be 2 credit checks for chequing account and credit card.
Yes but YMMV. I was a brand-new customer and I finished everything online. No need to visit a branch.
Yes. Everything from other banks/cash count as deposit. It is very easy to link between BMO and Tangerine online. Not possible to link between BMO and TD.
For me there is only one credit check with Transunion and I had to visit a branch to complete ID verification
Deal Addict
Aug 26, 2004
1625 posts
25 upvotes
I can't believe that I would not be able to set bill payments for my credit cards and other bills via my account like with other banks. I'm currently with HSBC and they had this feature for over ten years. Not all credit card companies or vendors accept DBD. This is hard to believe and most likely a deal breaker.
Last edited by CDNPatriot on Aug 7th, 2017 1:15 pm, edited 1 time in total.

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