BMO Harris Bank is headquartered in Chicago and is the 2nd largest bank in the state of Illinois. It is also the 24th largest bank in the nation. It was established in 1947 and as of December of 2021, it had grown to 10,505 employees at 535 locations. BMO Harris Bank has an A health rating.
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.
We have dealt with BMO for many years. A few years ago we had the unfortunate opportunity to find out that accounts will now be charged for inactivity. What a sham! It is my money, seriously, how hard is it to let it sit?! Any time I have to go into my local bank for help with my savings or checking, I might find that I have to wait a number of hours or even days for attention. It also bothers me that the savings account rates are so low. Each time I visit the bank, the staff tries to "sell" me on the idea of opening another account to get better interest rates. When I see the low interest rates, I can see t is not worth my time. The low rates are discouraging, and while they are the norm, there was a time BMO led the banks with great rates.
Bonus only available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, or Wisconsin. They will let you open an account, but you will not get the bonus. Also, they take a very long time on the phone with you trying to analyze your needs (not to be confused with setting you up to buy further products). Be advised.
In the first week of account opening, BMO Harris froze my account claiming they couldn’t verify my identity. This prevented me from making deposits and withdrawals for a number of days until the matter was finally resolved after numerous calls. Also, external transfers take days to post to your BMO Harris account even though the funds are deducted immediately from your transferring bank. Investors are losing interest income during these
posting delays while BMO benefits from having the use of your money -other banks are much quicker. I will be closing my account with BMO and doing business elsewhere !
|FDIC Certificate #||16571|
|Return on Assets - YTD||1.09%|
|Return on Equity - YTD||9.75%|
|Annual Interest Income||$3.73B|
|Assets and Liabilities|
|Assets||Q4 2021vs Q4 2020||$166.7B$153.8B|
|Loans||Q4 2021vs Q4 2020||$86.98B$86.18B|
|Deposits||Q4 2021vs Q4 2020||$137.8B$128.9B|
|Equity Capital||Q4 2021vs Q4 2020||$16.85B$18.12B|
|Loan Loss Allowance||Q4 2021vs Q4 2020||$885.0MM$1.19B|
|Unbacked Noncurrent Loans||Q4 2021vs Q4 2020||$610.2MM$1.12B|
|Real Estate Owned||Q4 2021vs Q4 2020||$2.3MM$12.7MM|
Rates for BMO Harris Bank are currently being reviewed.