No monthly fee for seniors.<\/strong> You can get this account for free if you\u2019re over the age of 60 when you sign up.<\/li><\/ul>What should I look out for?<\/h3>
While this account comes with a handful of benefits, you should also keep an eye out for the following drawbacks:<\/p>
- No interest on savings.<\/strong> You won\u2019t get a return on interest for any money you hold in your account.<\/li>
- Fee for overdraft protection.<\/strong> You\u2019ll have to pay $5 per month to get overdraft protection if you dip into a negative balance.<\/li>
- Fee for exceeding 12 transactions.<\/strong> You\u2019ll have to pay an extra $1.25 every time you make a transaction that exceeds your monthly limit.<\/li>
- Non-BMO ATMs cost money.<\/strong> It will cost you an extra fee of $2 to take money out at non-BMO ATMs (and $3 in the U.S., $5 outside Canada and U.S.).<\/li>
- No welcome bonus.<\/strong> Unlike other BMO chequing accounts, this account doesn\u2019t come with a welcome bonus when you sign up.<\/li>
- Limited benefits.<\/strong> You won\u2019t get any extra benefits such as credit card fee waivers or identity theft protection with this account.<\/li><\/ul>
BMO Practical Chequing Account\u2018s ATM network and fees<\/h3>
The BMO Practical Chequing Account comes with a low monthly fee of $4. This works out to an annual fee of $48, which is reasonable for a basic account. You can also get this fee waived if you\u2019re over the age of 60.<\/p>
As part of the BMO Practical Chequing Account, you\u2019ll also get free ATM withdrawals on the BMO network. That said, you\u2019ll be required to pay a fee for taking money out on any non-BMO ATM. This includes those located in Canada as well as abroad.<\/p>
What other chequing options does BMO offer?<\/h3>
You can choose from a number of BMO chequing accounts<\/a> if the BMO Practical Chequing Account isn\u2019t quite what you\u2019re looking for:<\/p>