Personal Finance

BMO Minimum Monthly Balance to Waive Monthly Fee Increase

  • Last Updated:
  • Dec 21st, 2016 4:25 pm
Deal Guru
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Aug 8, 2012
10198 posts
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BC
esoxhntr wrote:
Nov 5th, 2016 8:24 am
ace604 wrote:
Nov 4th, 2016 9:04 pm

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.
You probably had this happen to you in month 1?

I thought the same and followed this for Sep, but tested it out since then. I left $5020 in my account for Oct, it dropped to $4090 and then back to $5020 on Oct 31.

I am fine for Nov because the balance was never under $5000 in Nov.

I think maybe the first month handling is different because they might have to manually intervene.
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Member
Nov 23, 2012
425 posts
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Toronto
Ashock wrote:
Oct 21st, 2016 1:06 am

Also, The BMO credit card annual fee rebate included with the Premium
Bank Plan will no longer apply to BMO CashBack® World or BMO AIR MILES World MasterCard®* cardholders.
You will be charged the annual fee on your next anniversary date after December 1, 2016.

This gives me zero incentive to keep the account after I get my cashback as I'm using their BMO Cashback World Elite MC and really liking it so far.
Premium account does not cover BMO World mastercard, but cover World Elite mastercard.

Confirmed this by calling BMO and read it through.

Mind updating your post?
Penalty Box
Mar 28, 2007
2941 posts
388 upvotes
I have a question here.

I have a Bmo world elite Cashback mc and got my fee waived a few months ago. I have a minimum of $5000 in the bank currently to waive the charges of the account as well.

So now they need me to keep $6000 in the bank to waive those fees? What happens to the Bmo mc fee they waived? Might consider closing the account... Someone correct me if I'm wrong.
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[OP]
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Jun 17, 2007
194 posts
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Thanks I missed interpret originally. You are correct the World Elite cards are still covered. My original opinion comment may be misleading. I'll update it.
rliuthu wrote:
Nov 5th, 2016 9:23 pm
Ashock wrote:
Oct 21st, 2016 1:06 am

Also, The BMO credit card annual fee rebate included with the Premium
Bank Plan will no longer apply to BMO CashBack® World or BMO AIR MILES World MasterCard®* cardholders.
You will be charged the annual fee on your next anniversary date after December 1, 2016.

This gives me zero incentive to keep the account after I get my cashback as I'm using their BMO Cashback World Elite MC and really liking it so far.
Premium account does not cover BMO World mastercard, but cover World Elite mastercard.

Confirmed this by calling BMO and read it through.

Mind updating your post?
Member
Nov 23, 2012
425 posts
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Toronto
World Elite MasterCard fees are still covered. Only World mastercard is not covered.
blackdragon12 wrote:
Nov 9th, 2016 9:33 pm
I have a question here.

I have a Bmo world elite Cashback mc and got my fee waived a few months ago. I have a minimum of $5000 in the bank currently to waive the charges of the account as well.

So now they need me to keep $6000 in the bank to waive those fees? What happens to the Bmo mc fee they waived? Might consider closing the account... Someone correct me if I'm wrong.
Penalty Box
Mar 28, 2007
2941 posts
388 upvotes
rliuthu wrote:
Nov 10th, 2016 9:10 am
World Elite MasterCard fees are still covered. Only World mastercard is not covered.
Great. I guess i'll keep this BMO account then.
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Deal Addict
Jan 29, 2006
1342 posts
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the fee for additional card has been there even before this change for world and world elite... $35 and $50 respectively at least from June of this year.
Member
Mar 21, 2008
312 posts
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Calgary
I recall when the BMO Cashback World Elite MasterCard and the BMO AIR MILES World Elite MasterCard were launched in May 2015 that there was no fee for additional cards, only the primary card with a $120 annual fee. This June, just over a year after introducing the cards, there is now a $50 annual fee for additional cards.

Its going to be interesting to see what TD does now. TD raised their minimum balance requirements for their basic, mid range, and unlimited transaction accounts from $1,500/$2,500/$3,500 to $2,000/$3,000/$4,000 in the spring of 2015 but left the minimum balance for the premium all inclusive account at $5,000. We will have to wait and see...

I have an account at BMO and am friends with someone who works at a branch and had coffee with her the other day.

just to make things clear. Account fees are charged on the last business day of the month. Since December 31 is Saturday, the fees will be charged on December 30. So as long as you have the new minimum balance in your account by the end of the day on December 1, you are good.

With the AIR MILES bank plan you currently get 50 AIR MILES for every month in which you maintain a minimum balance of $3,000. That will change to $4,000 on December 1.

The annual fee waiver is ending for the Cashback and AIR MILES World MasterCard cards. Those are the gold cards that award 1.25% cash back or 1 AIR MILES / $15 and there aren't very many of those cards out there as most everyone has been converted to the World Elite vairants.

The annual fee waiver for the BMO Rewards, Cashback and AIR MILES World Elite MasterCard cards will continue!

On the positive side, the Premium Plan will have unlimited free interac e transfers (currently only 5/month free) and the Performance Plan and AIR MILES plan will have 2 interac e transfers/month free (currently none free for both accounts). Additional e transfers are $1.50 each.
Banned
Nov 29, 2015
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Brossard, QC
I hold a Premium account with BMO but no CC from BMO.
Member
Mar 21, 2008
312 posts
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Calgary
wxw2015 wrote:
Nov 16th, 2016 4:17 pm
I hold a Premium account with BMO but no CC from BMO.
If you have a BMO Premium account, it be wise to get one of BMO's World Elite MasterCards as you can get some rather generous rewards at no cost to you. Take advantage of BMO's offerings!

Your credit card choices include:

1. BMO Rewards World Elite MasterCard - 2% return redeemable for Travel booked through BMO Rewards website. You get $200 bonus on your first statement following your first purchase. Also premium insurance package + 4 airport lounger vouchers every year

2. BMO CashBack World Elite MasterCard - 1.75% cash back on all purchases. You can get a $150 bonus. $50 on your first statement following your first purchase plus $100 once you spend $3,000 on the card within 90 days of opening it. Also premium insurance package with 2 year extended warranty and roadside assistance

3. BMO AIR MILES World Elite MasterCard - 1 AIR MILE/$10 spent on all purchases. You get 2,000 bonus AIR MILES on your first statement flooding your first purchase. 25% discount on the number of AIR MILES required for flights within North America. 2,000 AIR MILES is a really good bonus can get you 2 short haul return flights (will have to pay taxes)

**It is important to note that you will be charged the annual fee ($120 for AIR MILES and CashBack, $150 for BMO Rewards) on your 1st statement and then will receive a credit for it 2 statements after**
Newbie
May 30, 2011
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Calgary
Finally got my $350 bonus posted yesterday.
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Jul 17, 2008
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Confirmed, 350$ deposited. We can close the account immediately now right? I know some banks have 90 days before you can close account as default (non promo), but calculating, it's been 5 months almost.

Need to free my 6k from the shackles plus my 350$ bonus :P
Member
Oct 27, 2012
279 posts
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GTA
Got the $350 bonus posted this morning. Went to the branch to cancel the account at 9am. No problem - walked out with $6350 in cash,
Penalty Box
Mar 28, 2007
2941 posts
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Messerschmitt wrote:
Dec 21st, 2016 3:32 pm
Confirmed, 350$ deposited. We can close the account immediately now right? I know some banks have 90 days before you can close account as default (non promo), but calculating, it's been 5 months almost.

Need to free my 6k from the shackles plus my 350$ bonus :P
ozzie16 wrote:
Dec 21st, 2016 3:35 pm
Got the $350 bonus posted this morning. Went to the branch to cancel the account at 9am. No problem - walked out with $6350 in cash,
What is this $350 bonus and how did you get it?
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