BMO Harris Bank is headquartered in Chicago and is the 2nd largest bank in the state of Illinois. It is also the 25th largest bank in the nation. It was established in 1947 and as of June of 2016, it had grown to 12,397 employees at 607 locations. BMO Harris Bank has an A+ health rating.
I recently opened a CD account with BMO Harris Bank. They do not have an online application, so I had to do it all verbally on the phone with one of their reps, which was inconvenient, and I had no way to verify if the information was being entered correctly. I had to wait until I received their documentation in snail mail with the account number, etc. before I could mail them back a check to fund the CD--no ACH funding. They said they would lock the interest rate on the CD until they received the check, but I had nothing in writing stating so. The rep I dealt with was very polite and respectful, but clearly needed more training about opening CD accounts. It all worked out in the end, but not the easiest way to take out a CD, either. They need to catch up with the other internet banks and offer online applications and ACH funding of the account.
Overall, BMO Harris is a good bank, with a strong and stable parent company, BMO. However, I feel their products are less competitive then their American counterparts. Many of their products seem more..."international" where everything has a charge or fee. Perhaps we are too use to getting everything for free?
I was a longtime customer of M&I before Harris BMO takeover. Since BMO, they take "service fees" out of my checking account every month. Each time they admit it is an error but they keep on doing it. If I didn't frequently check on my account, Harris BMO would get away with ripping me off each month. I am looking for another bank which is too bad because I am known to the staff at my local branch and really like them.
|FDIC Certificate #||16571|
|Return on Assets - YTD||0.61%|
|Return on Equity - YTD||4.07%|
|Annual Interest Income||$1.43B|
|Assets and Liabilities|
|Assets||Q2 2016vs Q2 2015||$107.5B$98.95B|
|Loans||Q2 2016vs Q2 2015||$65.66B$53.93B|
|Deposits||Q2 2016vs Q2 2015||$82.32B$77.71B|
|Equity Capital||Q2 2016vs Q2 2015||$15.96B$15.31B|
|Loan Loss Allowance||Q2 2016vs Q2 2015||$679.1MM$768.5MM|
|Unbacked Noncurrent Loans||Q2 2016vs Q2 2015||$796.7MM$1.00B|
|Real Estate Owned||Q2 2016vs Q2 2015||$76.1MM$62.0MM|
Rates for BMO Harris Bank are currently being reviewed.