Now let me be the first to say how stupid I am for not doing this a long time ago. I have lost hundreds in interest just over the last few months >
Oh well, I'm still young.
So now that I've created an account, I have to send them a cheque from my existing chequing account? What if I only have a savings account at the moment (with BMO)? Do I have to convert that to a chequings account, get cheques, and then send it to them? Or is there an easier way?
You need a personalized check with your name and acct. number on it (pre-printed, not just written by hand), if you plan to link it. You might want to check with BMO if they would offer checks with a savings acct. Otherwise you need to change to a checking acct.
On a side note, if you end up changing to a checking acct., you can have the monthly fees waived if you keep $1500 (initial plan) or $3000 (i.connect/standard plan) in your acct.