Personal Finance

BMO Personal Line of Credit

  • Last Updated:
  • Sep 11th, 2021 10:33 pm
[OP]
Newbie
Jun 26, 2015
40 posts
15 upvotes
Vancouver, BC

BMO Personal Line of Credit

Hey guys,
Did anyone have any experience with BMO Personal Line of Credit?
I have a credit card with them and accepted a pre-approved line of credit offer. They sent me some blank cheques, so I can withdraw money by writing a cheque to myself.

There are 2 weird things about this credit line:
- Apparently I can't access it online to see the account balance, the statements etc. When I login with my BMO credit card all I see is my credit card account. This is very different from the other banks. Is there any way around this?
- I tried to add it as a payee in my RBC or Tangerine online banking, but apparently that is not possible either. How the hell am I supposed to make payments? By cash in person only?
12 replies
Deal Addict
Apr 5, 2007
1619 posts
794 upvotes
Canada
Aboozer wrote: Hey guys,
Did anyone have any experience with BMO Personal Line of Credit?
I have a credit card with them and accepted a pre-approved line of credit offer. They sent me some blank cheques, so I can withdraw money by writing a cheque to myself.

There are 2 weird things about this credit line:
- Apparently I can't access it online to see the account balance, the statements etc. When I login with my BMO credit card all I see is my credit card account. This is very different from the other banks. Is there any way around this?
- I tried to add it as a payee in my RBC or Tangerine online banking, but apparently that is not possible either. How the hell am I supposed to make payments? By cash in person only?
You need a client card (i.e. debit card) to see/use all non-credit card accounts with BMO. It is a security feature designed to prevent having the credit card access to other assets you may have with the bank.
Deal Fanatic
Jan 19, 2017
5599 posts
3131 upvotes
Aboozer wrote: Hey guys,
Did anyone have any experience with BMO Personal Line of Credit?
I have a credit card with them and accepted a pre-approved line of credit offer. They sent me some blank cheques, so I can withdraw money by writing a cheque to myself.

There are 2 weird things about this credit line:
- Apparently I can't access it online to see the account balance, the statements etc. When I login with my BMO credit card all I see is my credit card account. This is very different from the other banks. Is there any way around this?
- I tried to add it as a payee in my RBC or Tangerine online banking, but apparently that is not possible either. How the hell am I supposed to make payments? By cash in person only?
When I opened my BMO loc a long time ago, they gave me a BMO MC attached to the loc. I can make online payment to that MC just like any credit card. Did you get a MC for your loc? Some other people said they don’t give the MC any more.
Jr. Member
Mar 18, 2006
187 posts
166 upvotes
Aboozer wrote:
- Apparently I can't access it online to see the account balance, the statements etc. When I login with my BMO credit card all I see is my credit card account. This is very different from the other banks. Is there any way around this?
- I tried to add it as a payee in my RBC or Tangerine online banking, but apparently that is not possible either. How the hell am I supposed to make payments? By cash in person only?
As others have mentioned, you will not be able to access it solely via your CC signon. You will need another option (don't know if they still give out dummy MC numbers for you to consolidate all your accounts). I still have the loc, with a dummy MC (which I could NOT use as bill payee externally). I got a CC after, which was consolidated in the same signon.

BMO and RBC loc's are the most restrictive when it comes to paying them. With BMO, your payment options are:
1. Pay from within BMO, using one of their bank accounts. If you don't bank with them, this is not applicable to you. No banking itself with BMO means you can't use their ATM to pay the loc.
2. Take cash/cheque to BMO teller. This requires keeping a note of branch hours.
3. Last option is to setup an external payment account via VOID cheque (only options here are min payment or full payment, nothing else). For this, you have to visit their branch for setup.

RBC is worse...only payment option is to visit a teller (unless you bank with them, where you can transfer to loc).
[OP]
Newbie
Jun 26, 2015
40 posts
15 upvotes
Vancouver, BC
Thank you for your replies. I actually have the same situation with Scotia (a credit card + personal credit line) and I have no problems accessing both under one online banking account with a credit card login. Also, Scotia has a separate VISA card assigned to the credit line, and it can be added as a payee in any online banking. So much more convenient. I'm surprised that BMO is so restrictive. I wonder if I could get their savings account and ask for a client card, would that work.
Deal Fanatic
Jan 19, 2017
5599 posts
3131 upvotes
sprinter wrote: As others have mentioned, you will not be able to access it solely via your CC signon. You will need another option (don't know if they still give out dummy MC numbers for you to consolidate all your accounts). I still have the loc, with a dummy MC (which I could NOT use as bill payee externally). I got a CC after, which was consolidated in the same signon.

BMO and RBC loc's are the most restrictive when it comes to paying them. With BMO, your payment options are:
1. Pay from within BMO, using one of their bank accounts. If you don't bank with them, this is not applicable to you. No banking itself with BMO means you can't use their ATM to pay the loc.
2. Take cash/cheque to BMO teller. This requires keeping a note of branch hours.
3. Last option is to setup an external payment account via VOID cheque (only options here are min payment or full payment, nothing else). For this, you have to visit their branch for setup.

RBC is worse...only payment option is to visit a teller (unless you bank with them, where you can transfer to loc).
Did you see my post above about my BMO MC attached to my LOC? BMO must have stopped that practice now if you opened your LOC recently.
Deal Addict
Mar 14, 2014
1030 posts
1345 upvotes
Aboozer wrote: I wonder if I could get their savings account and ask for a client card, would that work.
Yes, I have one for that sole purpose. I e-Transfer funds to the savings account and then transfer to either the CC or LoC.
Deal Expert
User avatar
Jan 27, 2004
46714 posts
9808 upvotes
T.O. Lotto Captain
ml88888888 wrote: When I opened my BMO loc a long time ago, they gave me a BMO MC attached to the loc. I can make online payment to that MC just like any credit card. Did you get a MC for your loc? Some other people said they don’t give the MC any more.
They keep discontinuing that MC And bringing it back. Its weird and infuriating when I was a branch employee. They never updated anyone on it... And always abruptly took it away. They grandfathered it for people who had existing ones. But always confusing for customers and employees on what options there are.

Work around... Open a Smart Saver or Savings Builder account. They have no monthly fee. Now you have a debit card and account profile...
However NEVER use these savings accounts. They just aren't practical when not used in combination with a checking account. Ends up charging $5/transaction.
Newbie
User avatar
Jan 6, 2018
89 posts
17 upvotes
I had a chequing account and an MC with them when I accepted their LOC.

They told me to use the LOC like a saving account and I could transfer money on the cheq and pay the MC . They also send me some cheques.

The statement is set as a paper invoice and you will need to go into your settings to change to paperless.
Newbie
May 3, 2015
28 posts
10 upvotes
Markham, ON
I recently moved my mortgage to BMO and also added a HELOC.
I was in OPs situation and here is what I did
  1. Opened a Smart Saver savings account (no fee). This gave me client card and online access.
  2. Called BMO and asked to link my accounts so my HELOC shows up when I login to BMO account.
  3. Also asked the rep for internal Master card account.
  4. Added this MC as bill pay in Simplii account. I could not add this MC with RBC, but Simplii worked.
  5. Now I can make payments to BMO HELOC from Simplii. But I still need to write a check if I need to withdraw from HELOC
Newbie
Jul 21, 2020
33 posts
26 upvotes
Aboozer wrote: Hey guys,
Did anyone have any experience with BMO Personal Line of Credit?
I have a credit card with them and accepted a pre-approved line of credit offer. They sent me some blank cheques, so I can withdraw money by writing a cheque to myself.

There are 2 weird things about this credit line:
- Apparently I can't access it online to see the account balance, the statements etc. When I login with my BMO credit card all I see is my credit card account. This is very different from the other banks. Is there any way around this?
- I tried to add it as a payee in my RBC or Tangerine online banking, but apparently that is not possible either. How the hell am I supposed to make payments? By cash in person only?
@Aboozer
This is what I did and you can do the same thing. Send BMO a message through their secure message service and ask them to give you a MC number associated with LOC. I mentioned that I was trying to add BMO LOC as a payee from Tangerine and I need a MC number since Tangerine don't have BMO LOC listed as payee.
They replied me with MC number (no exp and no cvc). After that I was able to add BMO LOC as a payee.

Not sure how you can access the fund other than writing checks or by visiting the branch. I have a client card with them ( I used to have a chequing acct with BMO before). So I I use that if I need to withdraw cash ( I had to message them to connect client card with LOC).
Deal Fanatic
Jan 19, 2017
5599 posts
3131 upvotes
wisden wrote: @Aboozer
This is what I did and you can do the same thing. Send BMO a message through their secure message service and ask them to give you a MC number associated with LOC. I mentioned that I was trying to add BMO LOC as a payee from Tangerine and I need a MC number since Tangerine don't have BMO LOC listed as payee.
They replied me with MC number (no exp and no cvc). After that I was able to add BMO LOC as a payee.

Not sure how you can access the fund other than writing checks or by visiting the branch. I have a client card with them ( I used to have a chequing acct with BMO before). So I I use that if I need to withdraw cash ( I had to message them to connect client card with LOC).
So BMO still has a MC acct connected to the LOC. But they won’t give you the plastic MC? Have you asked for that plastic MC?
Newbie
Jul 21, 2020
33 posts
26 upvotes
ml88888888 wrote: So BMO still has a MC acct connected to the LOC. But they won’t give you the plastic MC? Have you asked for that plastic MC?
I didn't ask for it since I already had the client card. I should have asked for it though.

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