Closing a bank account with the Bank of Montreal (BMO) requires more than just withdrawing your cash. To ensure your account is fully shuttered without incurring surprise fees or impacting your credit, you must follow a specific decommissioning process recognized by BMO’s Canadian operations.
Whether you are switching to a new financial institution or consolidating your finances, this guide outlines the exact steps for online, phone, and in-branch closures. Ensure your balance is at zero and all pending transactions have cleared before starting the process.
| Category | Details |
|---|---|
| Closure Methods | In-branch (recommended), Phone, or Online Message Centre. |
| Required Info | Account number, 2 pieces of ID, and a secondary transit number. |
| Processing Time | Immediate in-person; 2-5 business days via phone/online. |
| Closure Fee | $0 (if account is open >90 days); approx. $20 if <90 days. |
Step-by-Step Account Closure Guide
- Prepare your account: Log in to BMO Online Banking and download your last 6 months of statements. Update any direct deposits or pre-authorized payments to your new bank.
- Clear the balance: Transfer your remaining funds out via Interac e-Transfer or a link to an external account. The balance must be exactly $0.00.
- Contact BMO:
- In-Branch: Book an appointment through the BMO Bookings tool and bring government-issued photo ID.
- By Phone: Call 1-877-225-5266. Verify your identity using your BMO Debit Card number and PIN.
- Online: Sign in and use the Secure Message Centre to request a closure for non-primary accounts.
- Obtain Confirmation: Request a written or digital confirmation that the account status is marked as "Closed" rather than "Inactive."
Pro-Tip: If you have a BMO Credit Card or Mortgage linked to your profile, closing your everyday banking account does not automatically cancel these services. Ensure you discuss the impact on your "Multi-Product Rebate" with the representative to avoid new monthly fees on remaining products.
Troubleshooting Common Pain Points
- MFA & Access Issues: If you cannot receive your Multi-Factor Authentication code, you must visit a branch. BMO cannot bypass MFA over the phone for account closures due to security protocols.
- Browser Errors: If the Secure Message Centre fails to load, clear your browser cache or disable "Private/Incognito" mode, as BMO’s portal often blocks sessions without active cookies.
- Locked User ID: If your BMO Digital ID is locked after too many attempts, call the Customer Contact Centre at 1-800-363-9992 to reset it before attempting to close the account.
Efficiency Hack for Faster Closure
The fastest way to close an account is to use the BMO Mobile Banking App to move your balance to $0.00 exactly 24 hours before your visit. This prevents "pending interest" from accruing overnight, which is the most common reason branch appointments are delayed or require secondary visits.
Frequently Asked Questions
Can I close my BMO account from outside Canada?
Yes, you can call BMO's international collect line at 1-514-877-0330. You may be required to mail a notarized letter of instruction if phone verification is unsuccessful.
What happens to my BMO Rewards points?
Points are typically forfeited 90 days after account closure. Redeem them for gift cards or statement credits before you sign the final closure documents.
Is there a fee for closing a BMO account?
BMO charges a fee (typically $20) if the account is closed within 90 days of opening. After 90 days, there is no fee to close a standard chequing or savings account.
