BMO Harris Bank Review: Pros and Cons You Need to Know

With countless banks competing for your business, choosing the right one matters. You need a bank with reasonable rates, low fees, and reliable service. BMO Harris Bank has served North American consumers for over 116 years. The bank offers checking accounts, savings options, and personal loans ranging from $1,500 to $35,000.

But is BMO Harris right for you? Many customers praise their large ATM network and low account fees. Others complain about poor customer service and unexpected charges. We’ll break down everything you need to know about BMO Harris Bank.

What BMO Harris Bank Offers

BMO Harris is a financial institution serving businesses and individuals across the MidWest. The bank received Better Business Bureau accreditation on April 8, 1997. With headquarters in Chicago, BMO operates over 716 branches nationwide.

BMO Harris provides these core services:

• Checking and savings accounts
• Credit cards
• Mortgages
• Investment options
• Personal and auto loans
• Wealth management solutions

The J.D. Power 2023 Canada Online Banking Satisfaction Study ranked BMO’s online banking #1 in June 2023. You can access your accounts 24/7 through their mobile app and website.

Advantages and Drawbacks

Benefits of BMO Harris Bank

BMO Harris offers several attractive features for account holders. You’ll find free access to their nationwide ATM network. The bank waives monthly fees on certain checking accounts. Opening deposit requirements start at just $25.

Personal loan rates remain competitive compared to other major banks. You can borrow between $1,500 and $35,000. Account holders often receive better rates than non-customers.

Limitations to Consider

Savings account interest rates fall below industry averages. You’ll need a high credit score to qualify for loans. The maximum personal loan caps at $35,000. Application fees apply when you request financing.

Customer service complaints appear frequently on review platforms. Many customers report difficulty reaching helpful representatives. Some experience long wait times and multiple transfers.

How to Apply for a BMO Harris Loan

Opening an account with BMO Harris simplifies the loan process. You can complete applications online or at any branch location. Here’s how to apply for a personal loan:

1. Visit your local BMO branch or access their website loan application form.
2. Provide your financial details including income, employment, and monthly expenses.
3. Specify the loan amount you need and your intended use.
4. Wait for BMO to complete your credit check and calculate your debt-to-income ratio.
5. Review the loan terms including interest rates, fees, and repayment period.
6. Sign the agreement and receive funds in your account.

BMO Harris evaluates your credit score, income, and existing debts. Your approval odds improve with steady employment and good credit history. Consider your ability to make monthly payments before borrowing.

Struggling with debt payments? Our partner Cambridge Credit Counseling can help you create a manageable repayment plan.

Customer Feedback and Ratings

BMO Harris Bank receives mixed reviews across multiple platforms. The Better Business Bureau shows a 1.06-star rating from customer reviews. The Consumer Financial Protection Bureau received thousands of complaints about BMO Harris in the last three years.

One BBB complaint illustrates common customer frustrations:

“I paid off my credit card balance and requested cancellation. An overpayment remained on the account. After several months of requesting a refund, I received no correspondence. Customer service transferred me multiple times without resolving anything. I still haven’t received my overpaid amount.”

Trustpilot records a 1.4-star rating from 52 customer reviews. Bankrate gives BMO Harris a 3.5-star rating. Common complaints include:

• Unresponsive customer service
• Difficulty resolving billing errors
• Long hold times when calling support
• Unexpected account fees
• Problems closing accounts

Managing Debt with BMO Harris

You might take a loan confident you’ll make payments on time. But circumstances change, and financial hardship can strike anyone. Missing payments damages your credit score and may lead to collection calls.

Debt collectors sometimes pursue amounts you’ve already paid. They may exaggerate what you owe or fail to provide documentation. You have rights when facing debt collection.

If BMO Harris or a collection agency contacts you about debt, take action immediately. Request written validation of the debt amount and terms. Compare their claims against your payment records.

Need help creating a debt repayment strategy? Cambridge Credit Counseling offers professional guidance to reduce your monthly payments and lower interest rates.

Alternatives to Consider

BMO Harris works well for basic banking needs and small personal loans. However, you should explore other options if you need:

• Higher savings account interest rates
• Loans exceeding $35,000
• More responsive customer service
• Lower application fees

Compare rates and terms from multiple lenders before committing. Online banks often offer better savings rates than traditional institutions. Credit unions typically provide more personalized service and competitive loan terms.

Your local community bank might offer better customer support. They often have more flexibility with loan approvals. Building a relationship with a smaller institution can benefit you long-term.