Personal Finance

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

Deal Addict
Dec 27, 2013
2146 posts
957 upvotes
john.canad wrote: I'm sure there are others who feel the same with BMO
Probably... ymmv on this, of course.. I've dealt with all big 5 banks, and Scotia is the worst by far (in my opinion!).
Deal Fanatic
User avatar
Jul 22, 2007
9449 posts
11799 upvotes
Calgary
Why don’t they end this? I cancelled my bmo card and would like the chance to apply for the next promotion.
Newbie
Dec 21, 2017
91 posts
9 upvotes
RunnerForDeals wrote: Fees apply if you:

Deposit less than $1,500 into your chequing account, don't make a purchase with your credit card or don't keep your savings account open – $12.95 fee for that month

Do a transaction (withdrawal, transfer, etc.) in a branch or by phone with a BMO associate that could have been done online or at a BMO ATM – $2.50 each

This deal seem cold to me when you can get a PC Account or Tangerine account with better services and ALWAYS free.
PC is crappy bank as they close people's accounts without notice and without any reason, so I wouldn't rely on them, on the had Coast Capital offers completely free checking accounts with unlimited transactions.
Newbie
Dec 21, 2017
91 posts
9 upvotes
I bet People who downvote this post never used BMO bank, just because they dealt with one bank they feel it's the best although they don't know nothing about BMO.
I bank with lots of banks, so far no issues with BMO
Member
Oct 10, 2017
210 posts
150 upvotes
I have been with PC/Simplii Financial for 11 years and their customer service has been spectacular. I still hold them at the top and i have been with RBC, BMO, CIBC and TD throughout my life. I too have signed up for the Unlimited Banking Plan that gets me the World Elite MC with no annual fee indefinitely. I have mentioned some experiences with BMO when i applied for the BMO World Elite MC so here's a little more experience.

1. Getting a hold of a BMO CSR by phone is painstakingly long. I think i have had the pleasure of calling about six times and easily the wait time is 20 minutes or longer. I have never had to wait so long at any other bank and especially at Simplii Financial.
2. Someone has mentioned this already but yes your savings account is open when you sign up but if the balance is $0.00 at the beginning they consider it inactive so i got charged the monthly fee of $12.95. I did call, waited over 20 minutes and got them to reverse the monthly fee.
3. Within this same phone call the CSR also said that she could transfer a small amount to the savings account but what i failed to realize was a transfer is a debit so there was a service charge of $2.50 so i got charged $2.50 to transfer $2.00 from a chequing account to a savings account. The CSR didn't happen to mention that i would be charged this which i thought was strange. I only found this out a week later as of course the fee isn't posted automatically which is a practice that's shady onto itself. I called BMO back, waited over 20 minutes and got them to reverse the charge.

I do like the fact that with Simplii you can get things done online OR on the phone and there are no fees for either. Even cheques are free. BMO's cheques are not but yes who uses cheques much anymore.

The main thing to remember i guess is the BMO Bank Unlimited Plan is only free and unlimited online or at the ATM. Lesson learned. It is just a game after all and the perks can be quite beneficial.
Deal Fanatic
Aug 21, 2007
6054 posts
853 upvotes
Markham
so is this thing still ongoing?

worth it to sign up now?
Deal Addict
Dec 1, 2016
1546 posts
1600 upvotes
Did anybody who banked with BMO try to get this promo? Currently on premium plan but looking for a free account (free up 6k that i have sitting and doing nothing...). I meet all requirements except the new customer one of course.
Deal Expert
User avatar
Nov 16, 2004
26683 posts
15290 upvotes
Toronto
I'm in this weird limbo state, where my plan says "Performance Plan" yet we aren't charged anything (when we should be).

Debating whether to encourage them to correct this now or just keep going like this lol
RedFlagDeals Addict
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Deal Expert
User avatar
Nov 16, 2004
26683 posts
15290 upvotes
Toronto
Bubblegum86 wrote: Did anybody who banked with BMO try to get this promo? Currently on premium plan but looking for a free account (free up 6k that i have sitting and doing nothing...). I meet all requirements except the new customer one of course.
Generally, I believe the answer is no, they did not try. Can double check this thread.
Maybe get a family member you can benefit from?

Thing is, with the World Elite changing, the climate around these accounts have changed, for many. If you're an existing customer, than obviously you may see more benefits than some.
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Wash your car at Petro-Canada? Think again! Car damaged and nobody cares
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Deal Addict
Dec 1, 2016
1546 posts
1600 upvotes
Yeah i have been with them for almost 10 years now. Slowly moving my Money away to questrade etc. Will give them a ring and see if they can switch to this plan...
Deal Addict
Jul 20, 2010
4846 posts
2018 upvotes
Ottawa
Bubblegum86 wrote: Did anybody who banked with BMO try to get this promo? Currently on premium plan but looking for a free account (free up 6k that i have sitting and doing nothing...). I meet all requirements except the new customer one of course.
Bubblegum86 wrote: Yeah i have been with them for almost 10 years now. Slowly moving my Money away to questrade etc. Will give them a ring and see if they can switch to this plan...
New customers only. You can try calling in, but many of them do not even know about this plan.
Deal Expert
User avatar
Nov 16, 2004
26683 posts
15290 upvotes
Toronto
Spoke to someone with BMO today about our account (at a branch). They actually informed me that that account has a note that says the account fee is not charged.

Well, if that's the case, I will let it be :)
RedFlagDeals Addict
Wash your car at Petro-Canada? Think again! Car damaged and nobody cares
Esso Price Privileges Card, 25% Off - save some money on gas
Newbie
Mar 27, 2009
38 posts
6 upvotes
New Westminster, BC
I was in my branch the other day and the teller mentioned there had been a glitch with people not being charged their monthly fee. She brought it up with me cause she didn't see one coming out of my account... then she brightly added "oh do you have one of those online accounts"... just a heads up for y'all...
Deal Fanatic
User avatar
Jul 22, 2007
9449 posts
11799 upvotes
Calgary
I just tried applying after cancelling my World Elite card last month, rejected. Looks like you must have to be out of BMO for 6 months maybe.
Newbie
Jul 15, 2017
15 posts
61 upvotes
Has anyone managed to switch between cards within this promo and still get the annual fee waived for the new card?
Im planning to switch from the cashback mastercard to the world elite, and the customer service said I will have to pay for the WE annual fee because i opened the Bank Unlimited Plan with the cashback mastercard. The CSR didnt seem to know about this plan.
Thanks
Deal Expert
User avatar
Nov 16, 2004
26683 posts
15290 upvotes
Toronto
Mhs2017 wrote: Has anyone managed to switch between cards within this promo and still get the annual fee waived for the new card?
Im planning to switch from the cashback mastercard to the world elite, and the customer service said I will have to pay for the WE annual fee because i opened the Bank Unlimited Plan with the cashback mastercard. The CSR didnt seem to know about this plan.
Thanks
We haven't yet but I'm assuming that's the future perk of this plan. It says a $150 credit, which should mean, get any card you want and they will pay $150.

Watch BMO come out with a $175 card now, just to squeeze $25 out of everyone.
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Wash your car at Petro-Canada? Think again! Car damaged and nobody cares
Esso Price Privileges Card, 25% Off - save some money on gas
Deal Fanatic
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Jul 22, 2015
6184 posts
4811 upvotes
Saint-Hubert, QC
Is this offer now standard? I don't see any dates on BMO website.
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Newbie
Oct 18, 2010
52 posts
54 upvotes
Coquitlam
I tried to switch from cashback to rewards CC today, the CSR had no clue, and her manager had no clue as well. Said I had to pay the difference in the annual fees and I declined.

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