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BMO Bank of Montreal Introduces New Unlimited-Transaction Banking Plan

BMO Bank of Montreal has introduced a new everyday banking plan that can deliver significant savings to customers who conduct a high number of transactions and use more than one BMO account. 

BMO's Performance Plan* allows customers to conduct an unlimited number of transactions from any number of personal accounts, such as chequing, savings and joint accounts, for one low fee of $13.95 a month.  BMO is the only bank to offer a banking package that captures the transactions of all personal accounts under one plan fee.

“A typical high-transaction banking customer manages more than one account and will use each account for different purposes,” said Cid Palacio, Vice President, Banking Products, BMO Bank of Montreal.  “For example, they may use their primary chequing account for most of their common day-to-day transactions while maintaining a separate savings account for longer-term financial goals like saving for a vacation, for home renovations or for other major purchases.

“BMO's Performance Plan is ideal for customers who hold several personal and/or joint accounts and use them for frequent transactions like paying bills, transferring funds, debit card purchases and using the BMO ABM network to make deposits and withdrawals,” Palacio explained.

“Our customers like the idea of having separate accounts for separate financial purposes but they also want the ability to link all their banking accounts and not be charged extra for them,” noted Palacio.  “BMO's new Performance Plan looks at a customer holistically.  What we've done is tailor this plan to fit our customers rather than forcing our customers to fit our plans.”

Free Banking for Youth and Seniors

In addition to announcing the new Performance Plan, BMO Bank of Montreal continues to be the only bank to offer students free banking.

Under BMO's new banking plan discount programs, youth, young adults and students can receive free banking with the Bank's Plus Plan or they can apply a monthly discount of $8.50 to the banking plan of their choice. This discount is now $3.00 more than their current plan discount.   Furthermore, these changes will allow seniors, aged 60 or older, to receive the new Performance Plan for free.

Features of the new Performance Plan include:

  • Unlimited banking transactions from multiple personal and joint accounts for one monthly fee;
  • Two free Email money transfers; 
  • Overdraft transfer service between personal accounts in the Plan to cover overdrafts; and
  • Free banking for customers with a minimum monthly balance of $2,500.

BMO Bank of Montreal will continue to offer customers who conduct 10 or fewer banking transactions each month a low-cost monthly plan option for a fee of $4 (the Practical Plan).  Customers who conduct 30 transactions or fewer each month can enroll in a new Plus Plan with a low monthly fee of $8.50.

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization.  With total assets of $306 billion as at January 31, 2006, and more than 33,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions.  BMO Financial Group serves clients across Canada through its Canadian retail arm, BMO Bank of Montreal, and through BMO Nesbitt Burns, one of Canada's leading full-service investment firms.  In the United States, BMO serves clients through Chicago-based Harris, an integrated financial services organization that provides more than one million personal, business, corporate and institutional clients with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services.

*A complete list of BMO Bank of Montreal's banking plans and fees is available in the Better Banking Guide available at BMO branches or online at

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