Personal Finance

BMO practical plan loses minimum balance fee waiver

  • Last Updated:
  • Nov 6th, 2018 7:53 am
[OP]
Deal Addict
May 17, 2012
2280 posts
1011 upvotes
ontario

BMO practical plan loses minimum balance fee waiver

Effective December 1, 2018
Monthly Plan fee of $4.00 will apply on Practical Plans regardless of balance

Previously, if you held a $2k balance the fee was waived.

Going completely the wrong way IMO BMO. Paying the bank a fee is so 2017. I will be shutting down my accounts at BMO. Already a Tangerine customer.

Wonder if the other banks will follow suit.
25 replies
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
who banks w/ BMO really LOL. I can't get over the fact that BMO/TD and CIBC treat their US clients better than their home Canada....

Well, Canadians just never change I guess. Credit Union time LOL
I am being targeted over Internet Relay Chat. Please help me.
[OP]
Deal Addict
May 17, 2012
2280 posts
1011 upvotes
ontario
dekvitaly wrote:
Oct 23rd, 2018 6:39 pm
who banks w/ BMO really LOL. I can't get over the fact that BMO/TD and CIBC treat their US clients better than their home Canada....

Well, Canadians just never change I guess. Credit Union time LOL
i would have mothballed the account long ago but it provides an easy and convenient way to transfer funds to my BOM investorline accounts. This decision to nickle and dime may not only cost them a banking customer but all the $$ tied up in my investments through their brokerage as well.
Newbie
May 11, 2016
55 posts
7 upvotes
Could the cheques be “ recycled” if changing to another no fee plan? I have made a couple of post dated cheques so not likely to close the account right away. But do have cheque book linked to the account. Would changing the plan also change the account number? What are other no fee options if decide to stay with bmo?
Deal Addict
Apr 5, 2016
3511 posts
2179 upvotes
Calgary/Vancouver
They doing it like the wireless carriers. The big 4 banks don't want "low profit" clients, they want the wealth management and private banking clients. They leave the "low profit" clients to their secondary financial institutions like Simplii and Tangerine. There's no competition in Canada.
Current Fido customer.
Ex Koodo customer.
Member
Dec 5, 2016
217 posts
258 upvotes
Planning on shutting down my chequing account with them today over this... Does anybody know if I will run into any issues with the fact that I have a gic with them in a tfsa still? Will I still be able to login to my account using my debit card number with no chequing account?

Their email to me regarding this especially insulted my intelligence. "We have a new way for you to save money! We're going to start charging you fees! Give us more of your money in order to save $150 a year!"

Edit: to answer my own question, the TFSA was no issue.
Deal Addict
Mar 4, 2009
1317 posts
308 upvotes
Toronto
They are competitive in ETF space.
They are top 3 ETF provider in Canada, other two being BlackRock and Vanguard.
Temp. Banned
Apr 20, 2018
151 posts
70 upvotes
What are the management fees from BMO, though?
[OP]
Deal Addict
May 17, 2012
2280 posts
1011 upvotes
ontario
MikeM21308 wrote:
Oct 24th, 2018 11:31 am
What are the management fees from BMO, though?
competitive. their investor side is generally pretty good. both ETFs and MFs.
[OP]
Deal Addict
May 17, 2012
2280 posts
1011 upvotes
ontario
pigletfy wrote:
Oct 23rd, 2018 10:35 pm
Could the cheques be “ recycled” if changing to another no fee plan? I have made a couple of post dated cheques so not likely to close the account right away. But do have cheque book linked to the account. Would changing the plan also change the account number? What are other no fee options if decide to stay with bmo?
they have no true no fee options. the next plan "up" will waive fees if you maintain a 5k balance. otherwise, i believe it's ~$12/month
Member
Aug 11, 2004
234 posts
14 upvotes
there is a no fee plan now w/ 3k balance
Deal Expert
User avatar
Jan 27, 2004
41084 posts
4875 upvotes
T.O. Lotto Captain
esoxhntr wrote:
Oct 25th, 2018 6:34 pm
they have no true no fee options. the next plan "up" will waive fees if you maintain a 5k balance. otherwise, i believe it's ~$12/month
The next plan up would be the Plus plan which is $10.95 per month. The fee is waived if you keep $3000

I find RBC has the best deals when it comes to the BIG 5 banks in terms of checking accounts.
They actually waive your fees for having a qualifying investment and credit card.

So at least your money is earning interest.

In my experience... the people who have practical plans are the type who are unlikely to keep $2000 in an account just to waive fees... or people who don't bank @ BMO normally and just decide to keep money here for convenience purposes because they have other products.
Newbie
May 4, 2017
20 posts
6 upvotes
Vancouver
meh ... not impressed but I upgraded to the Plus chq account. With minimum balance, it's free.

It's another emergency account for me besides Simplii being my main day to day bank. BMO Investorline for investing and Tangerine for side savings accounts.

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