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  • Oct 2nd, 2010 11:33 pm
[OP]
Deal Addict
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Sep 10, 2009
1272 posts
253 upvotes
Montreal

Transferring money

Hi!

I have a quick question. A couple of months ago, I opened a saving account at BMO to take advantage of a free 1,400 airmiles offer.
Now that the minimum deposit period is over, I would like to transfer back my money (10K) into my main bank account.

How could I proceed?
I have no BMO cheques, and I don't want to purchase a bundle of cheques if I would need only one.
I could not really withdraw it at the ATM, since it would take 10 withdrawals of $1,000 and I don't want to pay too much (high) fees that would offset the little interest I received.
I could not make either an electronic transfer to my ING Direct account, since I would again need one cheque...

Any idea?
9 replies
Deal Addict
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Sep 26, 2007
3960 posts
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SC
You could probably link your main account to it by using a cheque from your main. I don't have bmo.
Or close the account and have them send you a draft/chq.
Deal Addict
Dec 28, 2008
1359 posts
144 upvotes
Toronto
Close the account and they will issue you a bank draft/cashier's cheque.
Moderator
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Mar 23, 2004
41620 posts
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Markham
BryceS wrote: Close the account and they will issue you a bank draft/cashier's cheque.

agreed.

But imo its safer to wait till u get the bonus airmiles before u move the money out of the account just incase.
Deal Addict
Oct 9, 2005
1853 posts
201 upvotes
Transfer through an Ally account. No cheques necessary.
[OP]
Deal Addict
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Sep 10, 2009
1272 posts
253 upvotes
Montreal
angel_wing0 wrote: agreed.

But imo its safer to wait till u get the bonus airmiles before u move the money out of the account just incase.
I think you're right, I will wait until November 30, just in case they don't credit the miles.

Is there a fee to close a bank account?
Deal Fanatic
Feb 21, 2006
5148 posts
100 upvotes
cmoibenlepro wrote: Is there a fee to close a bank account?
Sometimes. Better check ahead of time. If there is, you might be able to avoid it by just leaving 50 cents in it and let it die from inactivity fees. Or do one transaction a year to keep it live in case you ever need it again.
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Mar 23, 2004
41620 posts
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Markham
cmoibenlepro wrote: I think you're right, I will wait until November 30, just in case they don't credit the miles.

Is there a fee to close a bank account?
smart thing to do~

as long as u close it after 90 days of opening, there will be no fees.
Aske001 wrote: Sometimes. Better check ahead of time. If there is, you might be able to avoid it by just leaving 50 cents in it and let it die from inactivity fees. Or do one transaction a year to keep it live in case you ever need it again.

well for the bmo chequing account, u need to have a mbm in order to waive fees so your method wouldnt work...unless u have a student account.
Jr. Member
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Sep 15, 2008
157 posts
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cmoibenlepro wrote: Any idea?
Money order, Interac email money transfer (not sure what the (daily/monthly/??) limit is on that though).
Deal Addict
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Sep 26, 2007
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tendim wrote: Money order, Interac email money transfer (not sure what the (daily/monthly/??) limit is on that though).

i thought about EMT but there's charges and it's max 1k a day i believe.

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