Personal Finance

BMO Minimum Monthly Balance to Waive Monthly Fee Increase

  • Last Updated:
  • Dec 21st, 2016 4:25 pm
Deal Expert
Feb 29, 2008
23721 posts
2884 upvotes
Montreal
On a related note, what the fastest easiest way to close your BMO account? Minimal human contact preferred.
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Feb 25, 2014
2170 posts
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Mississauga
I think you have to go to branch for all big 5's
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Jr. Member
Apr 26, 2016
191 posts
58 upvotes
Toronto, ON
BMO must be at the branch from my recent experience. Service teller speaks to branch manager and comes back minutes later with the details.

TD can cancel accounts via telephone. takes 10 mins as long as the accounts are showing a balance of $0.00
Deal Addict
Jul 24, 2011
1091 posts
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Only have a LOC with BMO now. and I'm able to pay it through Tangerine.
Koodo client 10G / $60 Month.
Tangerine client.
Jr. Member
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Oct 25, 2016
167 posts
90 upvotes
Bank Plan will no longer apply to BMO CashBack® World or BMO AIR MILES World MasterCard®* cardholders.
I talked to the agent today as I wanted to make sure I understood everything. It appears that the annual fee for the World Elite cards will still be waived if you have the premium accounts. The key changes are
  1. Additional World Elite cards cost $50 yearly. So if you and your wife have a card, there will be a fee :( I will be canceling my wifes card.
  2. The balance on the premium account is increased to $6000

It is unfortunate, I am wondering if there is a point to having this card at all if my wife cannot use the account.
Member since Feb 19, 2008
Deal Addict
May 17, 2012
2317 posts
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ontario
Vinotintazo wrote: Only have a LOC with BMO now. and I'm able to pay it through Tangerine.
how do you access (take money from) the LOC? cheques?
Deal Addict
Jul 24, 2011
1091 posts
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esoxhntr wrote:
Vinotintazo wrote: Only have a LOC with BMO now. and I'm able to pay it through Tangerine.
how do you access (take money from) the LOC? cheques?
yes.
Koodo client 10G / $60 Month.
Tangerine client.
[OP]
Member
User avatar
Jun 17, 2007
209 posts
68 upvotes
Will the additional $50 for supplementary cards apply on anniversary date or effective Dec 1st for existing card holders? I was thinking of getting my wife a supplementary card since I already got my annual fee waived and will use the card for the rest of the year.
ElliottGalt wrote:
Bank Plan will no longer apply to BMO CashBack® World or BMO AIR MILES World MasterCard®* cardholders.
I talked to the agent today as I wanted to make sure I understood everything. It appears that the annual fee for the World Elite cards will still be waived if you have the premium accounts. The key changes are
  1. Additional World Elite cards cost $50 yearly. So if you and your wife have a card, there will be a fee :( I will be canceling my wifes card.
  2. The balance on the premium account is increased to $6000

It is unfortunate, I am wondering if there is a point to having this card at all if my wife cannot use the account.
Jr. Member
User avatar
Oct 25, 2016
167 posts
90 upvotes
Will the additional $50 for supplementary cards apply on anniversary date or effective Dec 1st for existing card holders
If memory serves it is on the anniversary date. You may want to call to double check.
Member since Feb 19, 2008
Member
Oct 31, 2009
366 posts
123 upvotes
Vancouver
ElliottGalt wrote:
Will the additional $50 for supplementary cards apply on anniversary date or effective Dec 1st for existing card holders
If memory serves it is on the anniversary date. You may want to call to double check.
They charged me when they introduced it in June/July?.
Deal Addict
Jul 21, 2005
1151 posts
217 upvotes
Thanks OP for bringing this to the attention of the forum community. I wouldn't have found out about this until they charged me on Dec 1st.
Deal Guru
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Aug 8, 2012
10198 posts
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BC
Warped wrote: Thanks OP for bringing this to the attention of the forum community. I wouldn't have found out about this until they charged me on Dec 1st.
LOL you made me wonder if we are already screwed if they charge Dec 1 based on Nov balance! ... but then I remembered they charge the fees on the last day of the month. So you wouldn't get charged til Dec 31 ;)

That would have been 'awesome' if they changed the rule as of Nov 30th and retroactively screwed you over if you didn't add $1k by Nov 1st :D
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May 17, 2012
2317 posts
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ontario
ace604 wrote:
LOL you made me wonder if we are already screwed if they charge Dec 1 based on Nov balance! ... but then I remembered they charge the fees on the last day of the month. So you wouldn't get charged til Dec 31 ;)

That would have been 'awesome' if they changed the rule as of Nov 30th and retroactively screwed you over if you didn't add $1k by Nov 1st :D
yes, that's my interpretation too as they seem to charge the fee on the last day of the month.

I think you need to have the minimum in your accnt by Dec 1 (and maintain it all month) so you don't get hit with a fee on Dec 31st.

btw, you need to keep the minimum PLUS the fee for your banking plan. I 'only' have the $4 plan, and I need to make sure I will have $2004 on Dec 31st. They still charge a fee but then credit it back as two separate transactions on the last day. If you keep only 2000, the fee will drop it below the minimum and you won't get the credit. ask me how I know.
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Feb 25, 2014
2170 posts
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Mississauga
Oh you guys have to go through so much hassle..that is a BMO effect LOL
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee

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