LOC Pre-approval offers....don't be quick to activate online

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Aug 3rd, 2021 10:18 am

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Jul 15th, 2021 5:34 pm

sffpcgtx [OP]: Banned; Mar 3, 2021; 707 posts; 360 upvotes

Jul 15th, 2021 5:34 pm

LOC Pre-approval offers....don't be quick to activate online

I am also a BMO customer with a no fee chequing acct (govt), and a MC both from March 21 i.e. new customer. The original offer dated 30 June 21 was for 15k @ 6.48% interest.

I didn't activate and held out till today, when I decided to go into a branch. lo and behold, the personal banker said they have power to manipulate the rate, and the pic in the link shows what rate I ended up getting

https://imgur.com/a/2WVC4qW

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Jul 16th, 2021 4:56 am

Tojued: Jr. Member; Jun 12, 2019; 169 posts; 202 upvotes

Jul 16th, 2021 4:56 am

No need to click on link, OP got prime plus 1.25 which is currently 3.7.

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Jul 16th, 2021 10:58 pm

HyperTech: Deal Addict; Dec 4, 2007; 4664 posts; 2459 upvotes; Quebec

Jul 16th, 2021 10:58 pm

is bmo loc can act like a chquing account with overdraft protection (loc) including free chq book?

Jul 18th, 2021 10:20 am

martydxb: Deal Addict; Apr 2, 2010; 3896 posts; 4188 upvotes; GTA

Jul 18th, 2021 10:20 am

HyperTech wrote: ↑ is bmo loc can act like a chquing account with overdraft protection (loc) including free chq book?

I believe only CIBC (and I think TD) are like that.
I have been using CIBC for years.

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Jul 18th, 2021 5:11 pm

AllanMar: Member; Jun 6, 2017; 224 posts; 385 upvotes

Jul 18th, 2021 5:11 pm

sffpcgtx wrote: ↑ I am also a BMO customer with a no fee chequing acct (govt), and a MC both from March 21 i.e. new customer. The original offer dated 30 June 21 was for 15k @ 6.48% interest.

I didn't activate and held out till today, when I decided to go into a branch. lo and behold, the personal banker said they have power to manipulate the rate, and the pic in the link shows what rate I ended up getting

https://imgur.com/a/2WVC4qW

I assume your part of defense banking? That’s the DND rate for PLOC, they don’t offer it to if you with the automated offers but will adjust it for you with no hassle if you ask or they notice it. As far as I can tell anyone who qualifies for defense banking can get this rate with zero hassle

+2

Jul 18th, 2021 6:00 pm

wisden: Jr. Member; Jul 21, 2020; 120 posts; 80 upvotes; Ottawa

Jul 18th, 2021 6:00 pm

HyperTech wrote: ↑ is bmo loc can act like a chquing account with overdraft protection (loc) including free chq book?

BMO does send free chq book (10 free chq) to use if you have a loc with them but I am not sure about the other thing you asked since I don't have a chequing acct with BMO.

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Jul 18th, 2021 6:04 pm

AllanMar: Member; Jun 6, 2017; 224 posts; 385 upvotes

Jul 18th, 2021 6:04 pm

wisden wrote: ↑ BMO does send free chq book (10 free chq) to use if you have a loc with them but I am not sure about the other thing you asked since I don't have a chequing acct with BMO.

You don’t get a debit card with BMO like other banks offer with LOC. You can use Cheques, etransfer and bill payment though.

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Aug 3rd, 2021 10:18 am

amadis: Member; Nov 24, 2010; 221 posts; 354 upvotes; Toronto

Aug 3rd, 2021 10:18 am

I'm a customer with BMO and I reached out to them about your rate. I'm curious as to if the rate they offered you expires at any point in the future (a promotional rate for a period of time).

Thanks

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