BMO Harris Bank

Overview / Commentary
111 West Monroe Street
Chicago, IL 60603

BMO Harris Bank is headquartered in Chicago and is the largest bank in the state of Illinois. It is also the 20th largest bank in the nation. It was established in 1947 and as of December of 2019, it had grown to 11,277 employees at 588 locations. BMO Harris Bank has an A health rating.

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Good customer service

Harris bank has good customer service but is lacking in products and fees. They had a good partnership with local elementary schools to help kids start saving. This was great as it gave the community a jump start and showed that they cared. I am happy I got a chance to know the local tellers and start my understanding of savings with them.

Online Bank With Branch Rules

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I recently opened an account at BMO Harris. They're trying to attract depositors from outside their branch footprint with a premium rate. That's great; I'm hundreds of miles from the nearest branch but like the 2.35% MMA.

They offer a ATM card for the account, which is a nice feature. HOWEVER, the daily withdrawal amount is only ~$500. When I called customer service, they stated this could be increased, if I went into a branch. I explained they're marketing to people who are nowhere near their branches. Alas, those are the rules. It's a hassle but the next time I'm in the area I'll need to remember to stop in.


Write a paragraph or two about how customers DON'T get a notice or warning that there will be NO service online at the drop of a dime! Customers need to use online banking on the weekend! We are furiously mad about NO COMMUNICATION from HARRIS BANK!! TREAT customers BETTER than that; how hard is it to post a letter so we the customers can be prepared! But as of now (Saturday 10/19/2019) we are MAD! Get with it Harris Bank!!!

Unable To Locate Detailed Savings Or Money Mkt Info

One would expect to find up front information with regard to savings account details. The website is very complex and extensive and after multiple clicks, was not able to find any important details on savings or money market accounts. One should always know if the interest rate is compounded daily and paid monthly or something else. Also, details about ACH transfers such as daily amount limits if any.



Health Grade Components

FDIC Certificate #16571
Year Established1947
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.93%
Return on Equity - YTD7.33%
Annual Interest Income$4.73B
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$137.6B$123.1B
LoansQ4 2019vs Q4 2018$86.88B$80.16B
DepositsQ4 2019vs Q4 2018$111B$97.02B
Equity CapitalQ4 2019vs Q4 2018$16.66B$16.18B
Loan Loss AllowanceQ4 2019vs Q4 2018$832.5MM$715.3MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$973.8MM$867.4MM
Real Estate OwnedQ4 2019vs Q4 2018$22.0MM$22.0MM

Rates for BMO Harris Bank are currently being reviewed.



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