The Bank of Montreal is one of Canada’s largest financial institutions. While the Bank of Montreal has international operations, around 70% of its business is in Canada, providing over 8 million Canadians with financial services and products.
Written by: Piggyy
Home Equity Loans
RRSP Retro Activator
Personal Lines of Credit
100 King Street West, First Canadian Place, Toronto, ON, M5X 1A3
Online Fraud Reporting: [email protected]
BMO Nesbitt Burns: [email protected]
Do NOT give any personal information to any of the addresses above.
To discuss confidential information concerning your accounts, sign in to your online banking at BMO. Then, select “Message Center” and choose “Contact Us” to submit your request or inquiry.
Direct banking: 1-800-363-9992
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Bank of Montreal offers a wide variety of lending products to meet the needs of borrowers. Types of loans include personal loans, home equity loans, RSP Retro Activator loans, car loans, lines of credit, and mortgages. What you choose depends on what you want to accomplish. For example, you can choose a loan with a fixed rate, so you know exactly what your payment will be until the loan is paid off, or a variable rate. A variable-rate will change with BMO’s prime rate but could be lower than a fixed-rate loan.
Personal loans are an excellent option for many borrowers. You get the entire loan amount in one lump sum, and you can use it for almost any purpose like home renovations, a wedding, a vacation, or consolidating debts.
With a Home Equity Loan, you can access up to 80% of the value of your home as a lump sum. These loans are also called second mortgages. They are generally used for large purchases such as extensive home renovations or repairs, debt consolidation, or sometimes for the down payment or purchase of another property.
The Retro-Activator RRSP loan from BMO is a loan that is funded in a lump sum, allowing borrowers to make their current year’s RRSP contribution or catch up on unused donations from prior years.
Documents needed to apply:
Bank of Montreal offers car loans through dealerships across the country. So whether you are buying a new or used vehicle, the Bank of Montreal can help with your financing needs.
Documents needed to apply for a car loan:
To apply for a Bank of Montreal car loan, you will need to show proof of identity and employment by providing:
Lines of credit are an excellent choice for many borrowers because the funds don’t have to be advanced right away, and you can continuously borrow up to your limit once you pay it down or off.
Personal lines of credit are unsecured and can be used for almost anything you need.
Documents needed to apply:
A Homeowner’s Line of Credit works the same way as a personal line of credit. The difference is the equity in your home secures it, and because of this, it can have higher limits and a lower interest rate. People often use these for significant expenses such as home renovations, debt consolidations, or weddings.
Getting a post-secondary education can be expensive, and some students need to borrow to help get them through their studies. BMO offers three types of lines of credit for students: the Student Line of Credit, the Professional Line of Credit, and the Medical and Dental Line of Credit.
Student Line of Credit features:
Documents needed to apply for a Student Line of Credit:
The Professional Student Line of Credit is for students enrolled in an accredited professional program such as Pharmacy, Law, an MBA, Chiropractic, Accounting, Veterinary Medicine, and Optometry. The borrowing limits on this line of credit are higher to help accommodate the higher costs students incur while pursuing their studies.
This student line of credit is for those who are medical or dental students. The credit limits are higher, and the interest rate is lower than on other lines of credit for students. Once you apply and are approved, you can have access to the line of credit for the length of your program.
Documents needed to apply for a Professional, Medical, or Dental Student Line of Credit:
Canadians can contribute up to their maximum RRSP limit every year and catch up on unused contribution limits from previous years. Often, people who would like to contribute are unable to because they lack funds. The BMO RRSP Readiline is a line of credit you can use year after year to make your RRSP contributions. Once you have it, you don’t need to apply again.
Documents needed to apply:
The Homeowner Readiline is for borrowers with at least 20% equity in their property and who want to use their property to secure a mortgage and line of credit. The secured portion will be amortized, and the line of credit is open. You can pay it down at your own pace and re-access it as you need it. People often use this for renovations, to consolidate debt, or to have it in case of an emergency.
Documents needed to apply:
The Smart Fixed Mortgage is for default insured mortgages which means the borrower has less than 20% of the home’s value as a downpayment. Borrowers can fix their rate for five or ten years, which keeps the payment the same over the term.
Documents needed to apply:
Customers who apply for a mortgage to buy a home or switch their mortgage to Bank of Montreal are eligible for up to $3,300 cashback. The details of the offer are:
Bank of Montreal has loans and lines of credit for small business and commercial customers. These loans can help small businesses or commercial enterprises purchase products and services to maintain and grow their businesses.
This product gives small business owners access to cash when they need it. It’s revolving, so the small business owner can borrow back up to the limit again once the limit is paid down. Limits are available for up to $120,000.
Much like the personal Homeowner Line of credit, small businesses can secure a line of credit with the equity in their home. This can potentially give them access to higher limits at more favourable interest rates. Again, there is no fee to apply and accessing the funds is easy.
The Small Business Homeowner Readline combines a mortgage with a line of credit, and the equity in your home secures both products. As the mortgage is paid down, the available limit of the line of credit can increase. There is no fee to apply, and once in place, the small business owner has ongoing access to cash from the line of credit.
The operating line of credit gives you access to funds 24/7 and can be in U.S. dollars if that is what the business requires. This product is best for businesses that need access to $50,000 or more. It works as an all-in-one account.
The Agri Readline Line of Credit is a line of credit secured by a mortgage. Borrowers can use it for almost any purpose in their business, such as purchasing equipment or managing cash flow. This line of credit gives borrowers a single borrowing option that is convenient and easy to use.
Businesses with significant dealings with the United States may benefit from the U.S. Dollar Line of Credit from BMO Harris Bank. This line of credit allows borrowers to access funds from a bank in the United States directly. It’s great for covering any business expenses the business may have in U.S. dollars and provides a perfect short-term borrowing solution.
Some businesses prefer getting a lump sum advance and making regular payments to pay off their loans. The small business installment loan allows borrowers to do that. In addition, favorable interest rates, credit limits up to $250,000, and no application fees make this product an attractive choice for many businesses.
For small businesses that need access to larger sums, the ILP has a maximum limit of $500,000. This is a longer-term loan, giving borrowers manageable, predictable payments. Additionally, the ILP has a range of both terms and amortizations.
This loan is ideally suited for the purchase of capital assets. It offers an amortization period of up to 15 years and a term of up to 5 years. In addition, the rate is fixed, so payments are predictable, and the business won’t have to worry about rate fluctuations.
The variable rate term loan is similar to the fixed-rate term loan, but the rate changes as interest rates change. As a result, borrowers can save money if the interest rate goes down, and they can lock into a fixed rate at any time if they want to do so. This loan offers a choice of amortization periods and flexible repayment options.
The Bank of Montreal provides a full suite of banking products and services for commercial enterprises. Commercial businesses that require access to funds can find lines of credit and loans at BMO.
Commercial lines of credit are similar to those for small businesses. Commercial borrowers can have an Operating Line of Credit and an Agri Readline of credit. An additional line of credit offered for commercial operations is the Farm Equipment Readiline.
The Farm Equipment Readline is an excellent choice for purchasing new or used farm equipment. Those in the industry can set up the Farm Equipment Readline as a separate borrowing product from their general operating line.
Commercial borrowers can consider a fixed-rate term loan or variable-rate term loan to meet their borrowing needs.
The fixed-rate loan has terms of up to five years and can be amortized for up to 15 years. This loan is often used by businesses to buy capital assets. Having a fixed rate ensures that the borrower will not fluctuate their interest rate over the term.
This loan offers flexible repayment options and the option to choose your amortization period. The benefit of a variable-rate term loan is that the borrower can potentially save money if the rates go down. However, if the rates are rising or the borrower wants to switch to a fixed rate, they can do so at any time.
Bank of Montreal is an excellent choice for anyone looking for a full-service bank. Bank of Montreal has been meeting the banking needs of Canadians for over 150 years and has an excellent reputation as one of Canada’s largest banks. In addition, the variety of products and services at BMO means there is something for almost everyone. BMO offers banking services, accessibility, loans and lines of credit, and products and services for small business and commercial customers.
BMO has bank accounts that can meet the needs of almost every customer. They offer savings accounts, chequing accounts for people who need just a few transactions, full-service bank accounts, and special offers for students, seniors, and newcomers to Canada. In addition, they have a BMO Family Bundle that charges just one monthly fee for all your household member accounts.
Currently, BMO is offering the opportunity for customers who open a new Performance or Premium chequing account the chance to earn up to $350.00. Check out the BMO website for details on how you can receive $350.00.
Customers can bank at the branch, ATM, online, over the phone, or using their mobile app. The multiple ways that people can bank allow them to access their funds and do their banking 24/7.
Those who want to borrow to fund a specific purchase, further their education, make their RRSP contribution, buy a home, or refinance their home, will find a wide variety of choices at competitive interest rates at BMO. A loan or line of credit from BMO can help borrowers achieve their goals and dreams.
BMO offers banking packages, credit cards, lines of credit, and loans for people who have small businesses and also for those with commercial needs. An additional feature is the option to access products in U.S. dollars, making it easier to do business with the United States.
Regardless of whether your banking needs are complex or straightforward, BMO can help you get the products and services that are best for you.
You can book an appointment or apply online for a personal loan, home equity loan, and RRSP Retro Activator loan.
Choose “book an appointment” or “apply online now.”After selecting “apply online”, complete the following screen
For car loans, apply at the dealership. If you prefer to apply at BMO, you will be applying for a personal loan or line of credit and can follow the same application instructions for those products.
After selecting “apply online”, complete the following screen
Once you have completed this page, you will have the following screens listed at the top to complete for your application.
If you have questions about how to apply, you can call 1-866-727-0992.
If you need assistance with your online application, call 1-800-665-9665.
Lines of credit
To apply for a line of credit, you can book an appointment online by clicking the “book an appointment” box.
Requirements to be eligible apply online:
To apply for a mortgage you can talk to an expert or get pre-approved online. BMO provides a menu where you can choose the way you prefer to apply for a mortgage.
Make your selection on the following screen
To get pre-approved online choose the “get pre-approved online” link.
Make sure you meet the criteria outlined in the following screen
Select whether you are applying as an individual or it it’s a joint application
Fill in the purchase price, down payment and the term you would like and choose “next”.
Fill in the monthly expenses that you will have with the property.
Choose whether you are a first-time homebuyer or if you own your current home.
If you own your current home, select if you are planning to sell it or not and then click “next.”
Select “yes” or “no” regarding if you are a BMO customer or not and the click “next.”
Fill out your personal information, contact information, employment information and income information starting with this screen.
Continue the process by filling out the screens as required until the end of the process.
You will be contacted regarding next steps within two days of completing your application.
For questions, you can call 1-877-225-5266.
You can only cancel an e-Transfer that has a pending status. To do this, sign in to your online banking and choose “Payments and Transfers”. Next, choose “Interac e-Transfers”. Select “Cancel e-Transfer” to cancel your pending e-transfer.
Branch hours of operation will vary depending on which branch you deal with. Typical closing times are 5:00 p.m. Monday to Wednesday, 7:00 p.m. Thursday and Friday, and 4:00 p.m. on Saturdays. Check with your branch for their hours of operation.
You can access your banking online, with the mobile app, at the ATM and by phone 24/7.
Holds may be placed on cheques deposited to your account. The hold will remain in place until the hold period expires.
Log in to your online banking, select the “My Accounts” option and choose the account that you want the transit number for. The information regarding your account will be there.
If you have a cheque, simply write VOID across it.
If you don’t have a cheque but need one, you can sign in to your online banking and select “My Accounts.” Choose the “Void Cheque” link and order cheques.
If you just need the details of your account for a deposit to your account or payment from your account, you can download the direct deposit form or go to your online banking. Once you have logged in, choose “My Accounts”, select the account you need the information for and you will find the details you need-transit number, account number and institution number.
Most branches open at 9:30 a.m. but this can depend on the branch. Check with your branch to find out their hours. You can bank online, over the phone, at the ATM and with your mobile app 24/7.
You can close your account by visiting your nearest BMO bank branch.
If you are sending money to another individual or transferring money to your account at another bank, you can use “Interac e-Transfers.” Sign in to your online banking, choose “Payments and Transfers”, and follow the instructions to complete the e-transfer.
You can also send money with a wire transfer. You need to visit a BMO branch to do this. To process a wire transfer, you will need to provide the name, address, and account number of the recipient as well as the name and address of their financial instituion.
The email notice to the recipient for an e-transfer can take up to 30 minutes. The money is deposited to their account once they accept the transfer. The recipient has up to 90 days to accept the transfer.
You can get a direct deposit form online from BMO. Search “direct deposit form” and download the form. Fill it out with the required information and send it to the business.
You can cancel your Mastercard by visiting a branch or calling 1-800-263-2263.
BMO’s institution number is 001.
You can order cheques by logging in to your online banking, choosing “My Accounts” and the account that you want cheques for. Select “Order Cheques” and your order will be processed.
Bmo stands for Bank of Montreal.
With autodeposit, e-transfers are deposited automatically into your bank account. To set this up, log in to your online banking and go to “Payments and Transfers.” Next, select “Interac e-Transfers.” Finally, choose “Manage Autodeposit.”
Log in to your online banking, select the “My Accounts” option and choose the account that you want the number for. The information regarding your account will be there.
You can check your BMO rewards points by logging in to www.bmorewards.com. You will be able to see your points statement.
You can increase your credit card limit by applying online. To increase the credit limit on your credit card, log in to your online banking, select “My Accounts” and then choose the card you want the limit increased for. Next, select “Change Credit Limit.” You must be the primary card holder to request a credit limit increase.
Change your online password by logging in to your online banking and choosing “My Profile and eDocuments.” Then choose “Change My Password.” Complete the necessary steps to change your password.
The approximate dollar value of a BMO reward point is $ .006.
The swift code for BMO is BOFMCAM2 for payment in Canadian dollars.
To activate your BMO credit card, go to bmo.com/activate. Have your card with you because you will be asked to enter details from it.
To talk to someone at BMO, call their customer care team at 1-877-225-5266.
Bank of Montreal is a great choice for those who want a full-service bank, convenient access to their accounts, and excellent service. BMO offers products and services that meet the needs of their customers to help them manage their finances effectively. BMO has spent more than a century and a half serving Canadians and is one of the largest banks in Canada. It has a strong presence all across Canada, allowing for convenient ways for Canadians to do their banking.
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