BMO Bank account can be easily closed by an easy and simple online process. Learn about the account closing process of BMO Bank account.
Bank of Montral : Introduction
Bank of Montreal or BMO Bank is a Canadian bank and financial services company based in Ontario and Montreal in Canada. it provides various financial services like personal banking services, various bank accounts, credit cards and various other investment-related services to its users. It also offers various loans and immigrant-related services to individuals. However, closing a BMO bank account is a fairly simple and online process.
To close a BMO bank account one should follow the following steps :
Transfer or Withdrawal of Funds: Before proceeding with the account closure procedure, the account holder should transfer or withdraw all the funds available in the account for a successful account procedure.
Contact Customer Support: After transferring and withdrawing all the funds from the account to be closed, the individual should contact BMO Bank support at 1-877-255-5266. The customer support representative will assist the user in the account closure process and following all the steps will ensure proper account closure.
Account Closure Form: For proceeding with the account closure procedure, the individual has to fill out an account closure form available on the BMO Bank website at: https://www.bmo.com/en-us/pdf/personal/account-closing-form.pdf The individual has to submit this form in the nearest BMO Bank branch for closing the account offline.
Verify Closure Status: After all the process is completed, the individual holding the account should check and confirm the account closure. Any possibility of improper closure of a brokerage account can lead to various penalties and possibilities of other financial complexity and tax filing-related problems.
Conclusion:
Hence, closing a BMO bank account is a fairly simple and easy online process. However, users can also opt for account closure by branch visit. Accounts closed after 90 days are free of cost, however, if an account is closed before 90 days period, the individual is charged a fee of $20. It is important to note that BMO Bank charges fees for inactive and dormant accounts. The individual has to pay $ if the account is inactive for two years and has to pay $ if the account has not been operated for five years. It also has a $20 fee for transferring the account to another bank.