• Last Updated:
  • Apr 1st, 2019 10:55 pm
[OP]
Newbie
Aug 30, 2010
35 posts
Toronto

BMO business account

Hi all,

I have a small business and i signed up for a small business account with BMO (the $6 a month one). I have been taking square and depositing them into my personal account but the bank recently called me and said i have to send the payments to my business account. When i asked if the amount of transfers are unlimited (like monaris) the branch manager didn't know. I than went to another branch and they didn't know as well. I finally email the person that sold me the account and received a reply from someone else saying that that person doesn't work there anymore. They said they are too busy to answer and i should call the 1800.... can you believe this?

Does anyone have any experience taking square as a business? Im thinking of switching to a credit union out of spite... what a shit experience.
2 replies
Member
User avatar
Jan 7, 2019
320 posts
306 upvotes
Moneris (Owned 50/50 with RBC/BMO) is the only POS provider that won't consider the deposits as a credit to your account. Everything else will take it as a transaction and reduce your monthly amount.
Remember to always Thumbs Up good responses! Spread positively.
Newbie
User avatar
Oct 8, 2010
6 posts
2 upvotes
Toronto ON
I switched to RBC from TD Canada Trust last year -- I like the per transaction pricing. It is very cost effective for the way I run my business (very few transactions, free etransfers in, no monthly fee etc.

The RBC account has been processing in my Square payments without issue.

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