8/15/2023
While for some people banking is not essential, for most people it is a great help in their administrative management. Since there are many financial institutions to choose from in the United States, we want to show you how to open an account at BMO Harris Bank and its requirements.
If you still don't know this financial institution, we tell you that it is an institution founded in 1882, with headquarters in Chicago and a subsidiary of the Bank of Montreal. It also has more than 1,000 branches in 22 states, thanks to the recent acquisition of Bank of the West.
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Along with its network of ATMs associated with AllPoint, it also offers various banking products and services. With them you can get checking or savings accounts, mortgages, credit/debit cards, loans, lines of credit and more.
Requirements for opening an account at BMO Harris Bank
As long as you can meet the requirements, opening an account at BMO Harris Bank or any other bank is not complicated. While some banks favor those who are citizens or permanent residents, others are more flexible.
Checking account that allows you to avoid the monthly maintenance fee if you activate digital notifications, instead of receiving them on paper.
Fully functional checking account with no maintenance fee for those under 25 years of age, with debit card and no overdraft or NFS fees.
Interest-bearing savings account with no maintenance fee and a bonus for the first 12 months if your balance grows by at least $200 each month.
As far as this financial institution is concerned, the minimum requirements are:
- Be of legal age or, being a minor, obtain authorization from parents or legal guardians.
- Be a legal resident in one of the states where the bank operates.
- Have a valid official identifier, such as a state ID or driver's license.
- Have an SSN or ITIN.
In addition, you must provide the following information and documentation:
- Employment status.
- Contact information.
- Address where you currently reside.
- A current government-issued ID.
- Personal information such as date of birth, nationality and SSN or ITIN.
How do I open an account at BMO Harris Bank?
Similar to other banking institutions, opening an account at BMO Harris Bank can take 5 minutes if you do it online. If you prefer to do the paperwork in person, just make sure you have your documents ready.
If you are already a client of this bank, you enter the online form with your login/password and they indicate that it is faster. If you are not a client of this institution, you only have to complete 3 steps to apply for the account opening.
After choosing the account of your preference on the official website of BMO Harris, clicking on the 'Open an account' button and selecting the combo, you arrive at the first form. In this section you simply fill in the indicated fields, such as:
- Residence address.
- First name and last name.
- Email and phone number.
- Date of birth and social security/ITIN number.
- Immigration status: U.S. citizen or dual national.
The above information is followed by your employment status, whether you want a debit card or supplemental checking (checking account) and whether it is individual or joint. At the end you must check that you understand the terms and you can add a promotional code.
Once you hit continue, comes the identity verification or KYC (Kwon Your Customer). This 2nd step is simply to corroborate that you are who you say you are. The last step is the approval according to the policies of this financial institution.
Pros and cons of opening a BMO Harris account
Getting an account or bank that you trust and that gives you the support you're looking for is often a trial and error process. Although there are thousands of banks in the U.S., each has its good and bad points.
Advantages
Among the highlights of having a business relationship with BMO Harris, we can mention:
- Low opening fees ($25) to open a checking or savings account.
- Extensive ATM network (40,000 ATMs) that you can use without paying commissions.
- Several debit card options that also include certain benefits.
- While some of the checking accounts include maintenance fees, you can easily avoid them.
- After the merger with Bank of the West, the number of branches has doubled and the presence has grown from 8 to 22 states.
Disadvantages
Although The returns offered by BMO Harris savings and MMA accounts have a lower return than other banks such as CIT Bank or Capital One.
Frequent fees associated with BMO Harris accounts.
Another piece of information that we find relevant is the possible fees you may incur. This list looks like this:
- Foreign transaction fee: 2.8% of the amount.
- Overdraft: $15 per overdraft and a maximum of 3 per day.
- ATM usage: $3 for transactions outside the BMO Harris network.
- This institution's only savings account has no maintenance fee.
- Checking account fees range from $0 to $25 and some can be avoided.
Español: Cómo abrir una cuenta en el BMO Harris Bank y sus requisitos