- Recognition in Indiana reflects BMO's commitment to helping customers make real financial progress
- Winners chosen based on survey of 31,000 Americans who evaluated institutions on criteria such as customer service, financial advice, fees, ease of website navigation, and trust in their bank
- Online reviews since March 2020 were also evaluated for each bank, accounting for 20 percent of the scoring
INDIANAPOLIS, June 29, 2023 /CNW/ - BMO is proud to announce it has been named to Forbes' Best-in-State Banks 2023 list for Indiana. The award reflects BMO's commitment to helping customers make real financial progress with leading advice and products that help customers meet their financial goals.
"We are honored that Forbes has recognized BMO's commitment to helping customers throughout Indiana make real financial progress," said Jeffrey Leising, Midwest Regional President at BMO. "Whether it's through everyday interactions in our branches or our continued digital innovation to make banking more convenient, BMO always puts our customers first – it's what makes us the best team in banking in Indiana and beyond."
Forbes, in collaboration with Statista, designated award winners by surveying approximately 31,000 U.S. residents. Participants were asked to name all the banks and credit unions where they have checking or savings accounts and evaluate the institutions based on criteria such as customer service, quality of financial advice representatives offered, ease of navigating the website, branch services and the level of trust the banks inspired – these questions accounted for 80 percent of scores Online reviews from March 2020 to April 2023 were also evaluated, accounting for 20 percent of scores.
Forbes also asked customers to rank institutions based on whether their fees are transparent and reasonable. BMO recently reduced consumer and small business banking fees by eliminating both non-sufficient funds (NSF) and overdraft transfer fees, and by significantly reducing overdraft fees. The changes are part of BMO's low- and no-cost offerings designed to provide value to our customers while helping them achieve their goals, including:
- Savings Builder Account - BMO adds a reward to customers' savings accounts when they meet monthly savings goals.
- Bank On Certified Account – BMO's Smart Money™ Account has been awarded Bank On certification for allowing customers access to safe, affordable financial products and services. Bank On's standards include low costs, no overdraft fees, transaction capabilities such as a debit or prepaid card, and online bill pay.
- BMO Real Financial Progress Checks – Goal-based conversations with a financial processional that tracks customers' goals and ensures they have the right financial tools to meet them.
- Smart Progress - Online tools and guidance available to BMO personal banking customers.
- BMO Business Focus – Financial tips and tools for small businesses.
- Cash Back Rewards Cards – Refreshed this year to offer increased rewards on everyday spending.
- Total Look - Money management tool available in BMO Digital Banking that allows customers to view and manage their whole financial picture, including non-BMO accounts, in one dashboard.
- BMO for Women in Business - Program designed for women entrepreneurs to increase access to capital, educational resources and meaningful networking opportunities.
- BMO for Black, LatinX, and Native-owned Businesses - Program designed for Black, LatinX, and Native-owned business owners to increase access to capital, educational resources and meaningful networking opportunities.
BMO is also committed to supporting the delivery of critical programs in Indiana communities as part of BMO EMpower 2.0, the bank's five-year, $40 billion commitment to local communities to address barriers faced by minority businesses, communities and families. The plan builds on the bank's previous $5 billion EMpower commitment to an inclusive economic recovery. BMO's recent commitments in Indiana include:
- BMO's Welcome Home Grant Program, which recently expanded into Indiana as part of BMO's $1 million commitment to accelerate families' paths to homeownership in underserved communities.
- Working to increasing homeownership in Black communities with the launch of a new Homebuyers Assistance Program for graduates of Historically Black Colleges and Universities (HBCU) and Predominantly Black Institutions (PBI), in partnership with the National Association for Real Estate Brokers (NAREB), a trade organizations and network of Black real estate professionals. The program offers homebuyers $6,000 in down payment assistance and can be layered with other programs to receive up to $20,000 or more in assistance in BMO's footprint, including Indianapolis.
To learn more about BMO's products and services, please visit www.bmo.com/en-us/main/personal/.
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and more inclusive society.
Lucas Seiler, U.S. Personal & Business Banking
SOURCE BMO Financial Group