BMO Harris Bank Reduces Consumer and Small Business Banking Fees
BMO Harris Bank will end non-sufficient funds fees, overdraft transfer fees, and cut overdraft fees by more than half
CHICAGO, June 30, 2022 /PRNewswire/ - BMO Harris Bank today announced reductions to its banking fees by eliminating both non-sufficient funds (NSF) and overdraft transfer fees and by significantly reducing overdraft fees. Customers will no longer see NSF fees on their accounts beginning Aug. 23 or overdraft transfer fees beginning on July 12. This fall, overdraft fees will be reduced to $15 per occurrence. These changes apply to both consumer and small business banking accounts.
"Our latest fee changes mark another significant milestone for BMO in our journey to empower customers to achieve their financial goals and to make real financial progress," said Paul Dilda, head of consumer strategy for BMO Harris Bank. "Given the current economic climate, we know it is more important than ever to help our consumer and small business customers work toward their financial goals."
In November 2021, BMO reduced the number of overdraft or NSF charges a customer may incur to three per day. The bank also eliminated consecutive day overdraft fees for accounts that remain overdrawn for an extended period.
BMO's Real Financial Progress Index, which measures Americans' sentiment around financial confidence, recently found that inflation and rising consumer costs are affecting Americans' behaviors, with 80% of Americans surveyed planning to change their everyday actions to offset the impact and save money. The changes being announced today will help alleviate some of the financial stress currently being felt by consumers and small businesses across the country.
NSF and Overdraft-related Fee Changes Part of BMO's Broader Low and No-Cost Offerings
BMO's suite of products and tools offer a powerful combination of low- and no-cost, convenient offerings and services that help clients budget, save, spend and borrow carefully and confidently. BMO's offerings include:
To learn more about BMO's products and services, visit: www.bmoharris.com/main/personal
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$1.04 trillion as of April 30, 2022.
SOURCE BMO Financial Group
Company Codes: NYSE:BMO, Toronto:BMO
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