Personal Finance

Went below chequing account minimum

  • Last Updated:
  • Sep 12th, 2018 12:13 pm
[OP]
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Feb 9, 2013
1690 posts
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Mississauga

Went below chequing account minimum

How often does bmo check if someone goes below the chq account minimum? I have a bmo premium plan chequing account requiring $6000 min to not charge monthly fee. I went below it for 1 day last Wed, and quickly deposit to make up the minimum last Thursday. I don't see a charge yet, will they charge at end of the month?
Last edited by jdu0ng on Aug 21st, 2018 6:34 pm, edited 2 times in total.
20 replies
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Jan 18, 2003
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it may appear at end of month... if so, just call in to get it reversed... if it's your first time, should be no problem
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jdu0ng wrote:
Aug 21st, 2018 10:56 am
How often does bmo check if someone goes below the chq account minimum? I have a bmo premium plan chequing account requiring $6000 min to not charge monthly fee. I went below it for 1 day last Wed, and quickly deposit to make up the minimum last Thursday. I don't see a charge yet, will they charge at end of the month?
You think someone checks this? It's a simple programming routine. In other words, the computer checks it.

You're likely going to see that your credit for your monthly bank fee is not credited back for having dropped below the threshold. Just call them when that happens, and if it hasn't happened previously, they'll probably give you a break. Don't make a habit of it though.
Last edited by Conquistador on Aug 21st, 2018 3:08 pm, edited 1 time in total.
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Nov 28, 2017
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The balance has to be above the min for the entirety of the month to have the fee rebated.
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nevyn1234 wrote:
Aug 21st, 2018 2:53 pm
The balance has to be above the min for the entirety of the month to have the fee rebated.
There's a chance that funding the account back to the minimum before end of day might spare OP from the fee, but YMMV.
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titaniumtux wrote:
Aug 21st, 2018 5:44 pm
There's a chance that funding the account back to the minimum before end of day might spare OP from the fee, but YMMV.
Usually that's true.
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May 31, 2018
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$6000 minimum balance?! Holy cow, what does this account do for you? And how much are the fees if you drop below that?
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Nov 26, 2015
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titaniumtux wrote:
Aug 21st, 2018 5:44 pm
There's a chance that funding the account back to the minimum before end of day might spare OP from the fee, but YMMV.
I can confirm that. They just check the end of day balance.
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FarmerHarv wrote:
Aug 22nd, 2018 8:05 am
$6000 minimum balance?! Holy cow, what does this account do for you?
Whatever Simplii and Tangerine do plus a smile from the rep.

OP, off-topic: you can explore CIBC smart account, they have unlimited transactions for $3K + auto-deposit. I had it for the welcome bonus.
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titaniumtux wrote:
Aug 21st, 2018 5:44 pm
There's a chance that funding the account back to the minimum before end of day might spare OP from the fee, but YMMV.
Which is not the case here. OP went down on Wed and came back on Thu (no pun intended).
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Jan 16, 2016
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ON
Holy $6000?

Time to change accounts lol....
[OP]
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Feb 9, 2013
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Mississauga
GoBigOr wrote:
Aug 22nd, 2018 10:48 am
Holy $6000?

Time to change accounts lol....
Yup exactly. It's BMO's premium account. Only reason I still had it was because of the BMO WE card. Now that' it's devalued, I canceled and have no need to keep the $6000 min. The fee for going below $6000 is $30.
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Mar 16, 2011
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$6k is a LOT for a minimum.

You are basically lending the Bank money so they can make money off you while you let it sit there instead of earning you interest invested somewhere else
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jdu0ng wrote:
Aug 22nd, 2018 3:51 pm
Yup exactly. It's BMO's premium account. Only reason I still had it was because of the BMO WE card. Now that' it's devalued, I canceled and have no need to keep the $6000 min. The fee for going below $6000 is $30.
You should request for downgrade to lower min accounts then.
[OP]
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er34er34 wrote:
Aug 22nd, 2018 6:43 pm
You should request for downgrade to lower min accounts then.
Yup. I plan to close the chq account all together, and move to TD LOC instead.

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