How to close BMO bank account in Canada?

Banking
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You can either visit the bank branch or call customer service number to close your BMO bank. Let’s know the steps of closing a bank account.

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BMO: An Overview

BMO is the abbreviation of the Bank of Montreal. It is one of the big 5 banks of Canada that has nearly $634 billion CAD of assets under management. It offers a full package of personal banking, private wealth, business banking, commercial banking, capital markets and global asset management.

You can open bank accounts, get credit cards, apply for mortgages, loans, lines of credit, deal with investments, receive financial planning services and insurance products.

How to close a BMO bank account in Canada?

  1. There are two options for closing your bank account:

a. Call their customer care number 1-877-225-5266 or 1-877-CALL-BMO and talk to the customer service agent to close your account.
b. Visit the nearest BMO bank branch or the bank branch you have an account with to close your account.

  1. To close your credit card, you need to call 1-800-263-2263
  2. To close your line of credit with BMO, you need to call 1-800-363-9992.

Close your BMO Bank Account

It should be noted that if your bank account is inactive for 2 years, you need to pay a fee of $20, if it is dormant for 5 years, you need to pay $30, and if it is inactive for 10 years, you need to pay $40. Instead of paying inactivity fees, it is prudent to close your bank account.

Also, if your account is inactive for 10 years, the funds in your dormant bank account are automatically transferred to Bank of Canada.

BMO charges $20 to transfer all your funds to another service provider.

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