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 March of 2022, it had grown to 10,708 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.
I called BMO Harris over 3 weeks ago to get a replacement card, but it still hasn't arrived! By the time I receive it, it'll be almost 1 month just to get a replacement card with the same number I had! I've called them EVERY week since my initial call and they said it was sent out but then rejected! I said there's no reason why it should have been since I've had an account with them for years! They pointed the finger at the company making the card, and they kept telling me it's on it's way. HORRIBLE service!
|FDIC Certificate #||16571|
|Return on Assets - YTD||1.01%|
|Return on Equity - YTD||10.38%|
|Annual Interest Income||$940.5MM|
|Assets and Liabilities|
|Assets||Q1 2022vs Q1 2021||$166.5B$159.2B|
|Loans||Q1 2022vs Q1 2021||$88.57B$84.65B|
|Deposits||Q1 2022vs Q1 2021||$136.8B$134B|
|Equity Capital||Q1 2022vs Q1 2021||$15.66B$18.14B|
|Loan Loss Allowance||Q1 2022vs Q1 2021||$809.1MM$1.13B|
|Unbacked Noncurrent Loans||Q1 2022vs Q1 2021||$542.2MM$988.1MM|
|Real Estate Owned||Q1 2022vs Q1 2021||$4.3MM$5.7MM|
Rates for BMO Harris Bank are currently being reviewed.