Personal Finance

BMO Minimum Monthly Balance to Waive Monthly Fee Increase

  • Last Updated:
  • Dec 21st, 2016 4:25 pm
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Aug 9, 2013
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Toronto
ace604 wrote:
Oct 22nd, 2016 7:34 pm
MehtabS wrote:
Oct 22nd, 2016 7:27 pm
We have way too many banks
Take a look at the US :)
I was surprised seeing those banks accepting apple pay. All I can say is goddamn.
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Feb 14, 2006
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I wonder what the ceiling will be before there's an exodus to free alternatives or a change in how bank accounts operate.
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Troydabes wrote:
Oct 22nd, 2016 7:40 pm
ace604 wrote:
Oct 22nd, 2016 7:34 pm
MehtabS wrote:
Oct 22nd, 2016 7:27 pm
We have way too many banks
Take a look at the US :)
I was surprised seeing those banks accepting apple pay. All I can say is goddamn.
LOL ya. Good way to compare.

11 banks in Canada supporting Apple Pay.
Count 11 banks in US list and you barely get past the ones that start with "1" and into the "A"s. LOL

https://support.apple.com/en-ca/HT204916
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Sep 1, 2013
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Mississauga
I hope TD doesn't follow BMO here and implement similar increases... especially the $1000 increase to the minimum balance requirement for the highest-tier account; that's just ridiculous. They should try to grab some of BMO's ex-customers, instead.
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Dec 6, 2005
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So glad I ditched this bank a while back!
Do they have in-app cheque deposits yet? Doubt it.
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Mar 23, 2004
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Chew300ZX wrote:
Oct 23rd, 2016 7:47 pm
Do they have in-app cheque deposits yet? Doubt it.
Just realized that they dont. Wow, fail on so many levels indeed.
「もし、奇跡を起こせたら……」
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Jan 16, 2007
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They really don't? AHAHAHAHAHA. I did not know that. Not that I would ever go with BMO as I've heard enough horror stories from friends... but still. I would have thought in-app cheque deposit would be a given these days.
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Feb 14, 2006
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+1

I wish they integrated their IL products with the app too but that's a long shot.

I was surprised that they launched Apple Pay.
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Chew300ZX wrote:
Oct 23rd, 2016 7:47 pm
So glad I ditched this bank a while back!
Do they have in-app cheque deposits yet? Doubt it.
angel_wing0 wrote:
Oct 24th, 2016 9:48 am
Chew300ZX wrote:
Oct 23rd, 2016 7:47 pm
Do they have in-app cheque deposits yet? Doubt it.
Just realized that they dont. Wow, fail on so many levels indeed.
joshnet wrote:
Oct 24th, 2016 9:51 am
They really don't? AHAHAHAHAHA. I did not know that. Not that I would ever go with BMO as I've heard enough horror stories from friends... but still. I would have thought in-app cheque deposit would be a given these days.
LOLZORS. This is great. Now I have another amusing reason to give them for why I am closing my account after the promo. :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...)
[OP]
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Jun 17, 2007
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39 upvotes
Just an update, my branch FA was able to contact BMO M/C and after a couple business days they credited my statement with the $120 fee.
Ashock wrote:
Oct 21st, 2016 6:59 pm
You are supposed to get your $120 credit after two billing cycles. I'm at my third and also still haven't received mine. I'm asking my FA to follow up for me. You might want to check with your branch as well or call BMO MasterCard directly.
bubak wrote:
Oct 21st, 2016 6:40 pm
How does the credit card fee waiver work currently? They charged me the annual fee back in August, and still haven't reimbursed it. How long do you typically have to wait?

I'm definitely not keeping the Premium account. So far:
1) They once charged me the $30 monthly fee even though I maintained the minimum balance.
2) They charged me $56 for the "free" cheques.
3) They charged me a $120 annual fee for the credit card that was supposed to be waived.
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Oct 19, 2016
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Thanks to all the money printing going around the world, the value of $$$ is dropping. Nothing we can do except get smart about money.
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May 13, 2015
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Manotick, ON
I hope you guys know that $5,000 in 2006 is worth $6,000 today, 10 years later.

With that said, why are you guys all groaning and moaning? I believe BMO, TD, etc have kept that bar for over 10 years and will have to raise it due to inflation

I know that TD Select Service was at the $5,000 bar for over 10 years....so it's about time they raise that bar to keep up with inflation.
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Feb 25, 2014
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fccoup wrote:
Oct 28th, 2016 1:51 pm
I hope you guys know that $5,000 in 2006 is worth $6,000 today, 10 years later.

With that said, why are you guys all groaning and moaning? I believe BMO, TD, etc have kept that bar for over 10 years and will have to raise it due to inflation

I know that TD Select Service was at the $5,000 bar for over 10 years....so it's about time they raise that bar to keep up with inflation.
I think it's about time people ditch bmo and other banks for free banking
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
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fccoup wrote:
Oct 28th, 2016 1:51 pm
I hope you guys know that $5,000 in 2006 is worth $6,000 today, 10 years later.

With that said, why are you guys all groaning and moaning? I believe BMO, TD, etc have kept that bar for over 10 years and will have to raise it due to inflation

I know that TD Select Service was at the $5,000 bar for over 10 years....so it's about time they raise that bar to keep up with inflation.
You are right. Well, close. Almost $5900 according to BoC. 2008 $5000 TFSA limit is up to $5500 now so that's a nice gauge of inflation for the layperson as well :)

The minimum balances at BMO, TD, etc are all a joke anyways IMO. It's just a way to charge people a fee without calling it a fee. Psychologically some people don't mind it that way.

Like 4% back on Rogers MC foreign transactions (with a 2.5% FX fee) 'sounds better' than 1.75% back with no fee. But it's worse. It's all marketing.

"Free" this, "free" that (with $x min. balance) 'sounds much better' than "this and that for $10/mo in lost interest", or "this and that for $7/mo fee".
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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May 13, 2015
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Manotick, ON
ace604 wrote:
Oct 28th, 2016 6:08 pm

You are right. Well, close. Almost $5900 according to BoC. 2008 $5000 TFSA limit is up to $5500 now so that's a nice gauge of inflation for the layperson as well :)

The minimum balances at BMO, TD, etc are all a joke anyways IMO. It's just a way to charge people a fee without calling it a fee. Psychologically some people don't mind it that way.

Like 4% back on Rogers MC foreign transactions (with a 2.5% FX fee) 'sounds better' than 1.75% back with no fee. But it's worse. It's all marketing.

"Free" this, "free" that (with $x min. balance) 'sounds much better' than "this and that for $10/mo in lost interest", or "this and that for $7/mo fee".
First you have to understand that nothing in life is free. Once you accept that, then you will be a much happier person.

So now, you ask yourself: Would you rather have free banking at Tangerine (but no rep, no forex, no certified check, etc)

or keep $6000 in BMO ($10/month lost in 2% interest) for all that free stuff?

If it is worth it...then you do it, otherwise, you stick with the nofrills bank

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