How to close BMO bank account in Canada?
- Asked By
- Updated On:29-Nov-2022
- Replies:1
Short Answer
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.
Detailed Answer
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?
- 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.
- To close your credit card, you need to call 1-800-263-2263
- 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.
.
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
You can close your Canadian bank account by emailing from your registered email ID, calling the customer care or via net banking. However, some banks mandate you to visit the bank branch.
Are you a Canadian citizen wondering if you can open a bank account in USA? We have an answer to your query. Yes, Canadians are eligible to open a savings or a chequing bank account in the United States of America.
To close your TD bank account, you can either visit the branch physically, call their customer care number or write a letter to them. Sounds really simple! Isn't it?
The big six banks in Canada is a term used to describe the top banks. This list includes the Royal Bank of Canada, Toronto Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and National Bank of Canada (NBC).
The closure procedure of a Bank account in Canada is a simple task which can be done offline as well as online mode. One should prepare a set of all required documents to be submitted to bank along with returning bank property like cards, passbooks, and cheques. Read the article to know about the full process.
In Canada, a** bank account** can be closed due to numerous reasons and through multiple ways. If your bank does not have a minimum balance, then you have to pay a fee to close the bank account.
Yes, international Yes, international students can have two or more bank accounts in Canada as per their discretion. There is no cap on the upper limit.
There are various steps involved and documents required for a newcomer to setup a bank account in Canada. Continue reading to grab details on bank accounts for new immigrants in Canada.
Yes, you can open a bank account in Canada even though you are a non-resident, given that you are able to substantiate your identity with reliable documents such as your SIN, passport, driver's license, etc.,
TD Bank is one of the largest Canadian banks offering various financial services in Canada. Closing a TD Bank account is a simple online process. An individual can follow the following steps properly for a successful account closure.