BMO Online Banking

September 8, 2010Online Banking and Internet Banksby EconomyWatch


BMO Online Banking helps its customers to access all the products and services through the online channel that can be accessed from any of the branches of the bank. This service is available to the account holders at all time all through the year. BMO Online Banking services can be got hold off from anywhere of the country, that may be from the domestic or office PC . This online technology can also be used to avail the online banking facility right from the laptop provided it is equipped with internet facility. Thus, BMO Online Banking has helped its customers to access the accounts from any where and at any point of time. This online facility has helped the customers to access their own accounts from their home or office premises with very high speed and at the same time the security given by the bank to their personal information are of high quality which has provided them with that extra sought after mileage in managing their personal finances in accordance to their convenience.

The wide basket of financial management tools offered by the BMO Online Banking to its customers are just superb in quality. From now on a customer can manage his or her account more efficiently through the simple click of the mouse from the place of their convenience provided the system has a secured Internet connection. BMO Online Banking helps the customers in getting access to the details of all their accounts,bill payment through online channel, and also getting hold of the details of all the transactions (both current and past), and many more.

  • Customers of the BMO Online Banking are able to access the balance of all their accounts through the online route. The customers can access all the recent and past transaction records from the website of the BMO Bank which remains in the web for a period of 90 days.
  • In addition to this, the customers can also view the statements of all their transactions from the online site of the BMO bank. The customers can also download these statements generated through online route into the special softwares of their personal computers directly from the net. The statement details can be directly exported from the website of the bank to the PC from which the customer accesses his or her accounts. These online generated statements have the same validity as that of the paper ones. In case the online statement is required anywhere for the purpose of document then these can be printed out by the account holders and can be forwarded to the concerned place for any referential purposes.
  • The image of the checks can also be viewed by the customers of BMO Online Banking just by logging on to the website of the bank These check images can then be printed and can be preserved for future references. These checks are known as the canceled checks because the checks have already been paid or cleared.
  • BMO Online Banking provides its customers with the facility of directly transferring the account details and the associated information from the bank website to the accounting software of that personal computer from which the customer accesses his account. Customers are entitled to access this facility through electronic mail whenever there is any type of instruction or inconvenience, and/or additional information regarding payment. The different type of payment related information include enquiries on online bill payment, particulars of the change of address, stopping any type of payment, information regarding the change in the email identity of the account holder, etc. directly to the customer service of the BMO Online Banking
  • Now-a-days, customers who are interested in opening an account with the BMO Online Banking don't have to shuttle from one point to another for opening a new savings account. This banking facility through the online channel facilitates the customer to get hold of all the banking products and services in a hassle free manner. This process helps them in fast and secured banking.
  • The customers of BMO Online Banking can pay their bill payment accessing the online banking services. This online bill payment facility makes the bill payment process hassle free, fast and on time.
  • BMO Online Banking also provides its clients with free balance alert facility. Along with this, the details of the account balance are also delivered to the account holder through email.
  • BMO Online Banking also gives information to its clients with certain alerts related to their personal account and this is generated through online channel. These alerts are generated through the online channel only when the balance in the checking account of the account holder is either showing low or negative balance. Whenever the money is deposited or money is withdrawn from the account of the account holder then an alert is generated via e-mail to the customer by the bank service center. In addition to this, at the time of online generation of statement, the account holders receive alerts from the BMO Online Bankingservice center via e-mail. In case of due payments or posting of money in the account holder's account, alerts are generated. Account alerts can also be adjusted by the customer through the BMO Online Banking for reminding them about the payment particulars of certain payment schedule.
    Whenever there is any type of billing instruction through the electronic channel, then too the alerts are generated and sent to the respective customer of the BMO Online Banking. This process involves the following procedures of bill payment and corresponding alerts.
    Firstly, the bill is sent to the bank through the electronic channel.
    Secondly, this information is sent by the bank to the account holder for the sake of confirmation. This information is sent to the account holder in the form of alert through the help of e-mail.
    Thirdly, the customer goes through the same and consequently gives instruction to the bank for either making or rejecting the payment. Fourthly, after receiving the instruction from the account holder, the bank deducts the requisite amount from the account of the customer. This requisite amount is automatically debited from the account of the customer. After the completion of the debiting procedure, another alert is sent to the customer in order to inform him or her about the completion of the bill payment process along with the other associated details.

The various characteristic features of the BMO Online Banking :-

  • This online banking can be accessed all through the year and through out the entire day and night. This Online service is a 24x7 one and is possible to get hold on without having to cough up any additional monetary amount. Hence, this online access is provided to the account holders of the BMO Online Banking as a token of privilege and is completely free.
  • The updated account details can be observed by the account holder at any point of time. The details remain in the system for around 14 months and within this time frame this account can be viewed round the clock. The customer is privileged to access more than one account through the online channel which are also not chargeable and are free to be accessed. Some of these accounts are savings account, checking account, etc.
  • Bill payment can also be done through the BMO Online Banking and is provided by the bank free of cost. This bill payment can be done by the account holder to any individual or organization in United States Of America. The bank assures its customers with a guaranteed delivery of the bill at the right time. Now, it may happen that for any reason (processing delay or any other unexpected one) if the payment is made at a later date than the last one then the bank takes all the responsibility for paying off the penalties (like the late payment) and the other associated charges (if any). But the bank is only liable to pay up to a maximum amount of fifty dollars.
  • The most important and significant part of the online bill payment facility is that it is made on a real time basis. Its main function is, receiving instruction by the bank and carrying out the same without any difference in time.
  • The online facility of account access can be materialized in a more efficient manner through the utilization of Quicken or Microsoft Money. This service attracts some amount of fees from the bank but at the same time this amount is not a large one.
  • The transfer of funds can be done from one of the account of the account holder to the other account for paying off the outstanding debt such as credit monthly payments of the mortgage loan, card dues, transfer of money in the international sphere, etc.
  • BMO Online Banking takes of all possible care for protecting the personal information of each and every customer of the bank. They ensure this by using 128 bit encryption system. This encryption system is considered to be the latest and the most secured one still available in the market. This technology sends the personal information of the account holder through the online route in such a way so that it can't be decoded by cyber criminals in the transmission path.
  • For making the personal information more secure the BMO Online Banking recommends certain benchmark levels of the PC. The first requirement for accomplishing such a goal is installation of a web browser in the personal computer from which the account holder is accessing his or her account. This web browser needs to be compatible either with MS-Windows or Mac of Apple. The most important aspect of the browser is that it must be able to support the special technology of 128 bit encryption. For better results, the bank recommends its customers to update its browser version at a regular basis.

BMO Online Bankingalso offers some unique banking products and services which has come up to be their unique selling point (or simply, USP). Some of them are given below :-

  • Travelers Check facility
    The BMO Online Banking facilitates its customers to buy travelers check issued by the American Express. This facility can be availed by the account holders of the BMO bank by logging on to the site of the same and hence is available online. This online service can be availed all through the clock and around the entire year. After applying or instructing for the same, the ordered traveler check is bound to be delivered to the door step of the customer on any of the week days ranging between Monday and Friday. But a condition is applied regarding this. The fees for the courier service is required to be paid by the customer only and would not be internalized either by the bank or the credit card company.
    These travelers checks have come up as a boon to the travelers because it is easier for them to manage. In case these traveler checks are lost or are subjected to theft then the entire lost amount are liable to be refunded by the company. Another advantage of this service is the round the clock customer care service. Not only this, this travel card of the American Express is acceptable through out the world and thus the customers of BMO Online Banking can take this travel card at any part of the world. The most important aspect of this card is that the assistance on an emergency basis in cases of credit card or passport loss is available through out the year and all through day and night.

  • Foreign Currency related facility
    Foreign currency can be bought by the customers either through the online route of the bank or directly from the branch of the bank. When a customer goes online then he has to order for the foreign currency and he can do it at any point of time and through out the 7 days of the week. A customer needs foreign currency when he or she is going to some other country either for traveling purpose or for any other reason. In such cases, the concerned person needs to have enough of that foreign currency so that he does not find any trouble in that foreign country. But what is the USP of BMO Online Banking in case of purchase of foreign currency from the same? The uniqueness lies in the rate at which the exchange between the domestic and the foreign currency is done. The exchange rate offered by BMO Online Banking is fair enough and is much better than that of those outlets offering exchange of currencies or those in the airports. The most helpful aspect in this is that it minimizes the customers visiting the banks at the time of traveling.
    The currencies that are available in the BMO Online Banking comprises of around hundred currencies of different types. But the currency conversion needs at least two business days to be materialized. So, all the customers of the bank need to send online order of the same before two business days. But in case of Online or telephonic ordering, there are some caps associated to it. A customer could order buying of foreign currency (like dollar of United States Of America, Euro and Pound) up to two thousand Canadian dollars. This ordered foreign currency would be delivered to the door step of the customer. But the associated courier charges must be paid by the customer who had ordered for the foreign currency. But if the customer needs some more foreign currency then the concerned person is required to call the BMO Direct at the number 1 800 363-9992.
    These foreign currencies can be sent to the concerned person through the help of the snail mail. In case the person resides in an urban area then it is guaranteed by BMO Online Banking that the currency would reach the destination within 3 business days (where business day means Monday to Friday).
    In case the person resides in a rural area then it is guaranteed by BMO Online Banking that the currency would reach the destination within seven business days (where business day ranges from Monday to Friday).
    All the above specifications are applicable for those orders which has been made prior to 1.30 pm EST of any business day. But if the order is submitted by the customer after 1.30 pm EST then the BMO Online Banking asks for another additional day for delivering the same.

  • Facility of a special Savings Account with premium rate attached to it
    BMO Online Banking offers its customers with a special savings account which offers the customer with a rate of interest which is premium in nature and provides them with a higher interest rate than any other account could give. This is a special way of value addition to the savings account of the customer. The extra mileage in case of such an account actually is drawing more and more customers under the fold of the bank. This special account of savings can be one of the many but the fees that has to be paid by the customer attracts no additional charge. The only charge associated with it is a regular monthly charge which is of the nature of the fixed one.
    The Premium Rate Savings Account is a typical savings account in which the following accounts are included:-
    • Transfer of funds can be done from it
    • Withdrawal of money can be done from it
    • Deposit of money can be done

    In this account, payments of the bills and the purchases made through the use of debit card are not included in this special savings account.
    The amount of money collected through the accumulation of the rate of interest is not dispersed on a daily basis but on a monthly basis. The interest rate is calculated at the end of each business day on the amount that is left in that special savings account.
    This amount is allowed to accumulate for the entire month and is ultimately paid to the destined account at the end of the month. The fee associated with transactions in the individual accounts are charged on the customer. In order to pay a fixed monthly charge, the customer could include this special savings account inside the Everyday Banking Plan of the BMO Online Banking. By availing this facility, the customers will not get the statements of the separate accounts in different papers. They would be entitled to receive a consolidated statement which would include all the transaction records of all types of accounts of the customer with the bank. The account holder is also entitled to arrange a plan for the sake of saving continuously. This facility is free of cost and attracts no additional fee or charges. The Premium Rate Savings Account of the BMO Online Banking can be availed by the customer in two currencies namely American or US dollar and Canadian Dollar.

  • Facility of Epost View Bills
    BMO Online Banking gives its customers a unique facility of viewing many bills at a time. The maximum number of bills that can be viewed by the customer through the online channel is two hundred. This facility is provided to them by the bank as a free offer. Through the help of this epost service the customers of BMO Online Banking are able to view e-bills in accordance to the convenience of the same. The account holder is also entitled to receive alerts via e-mail whenever a new bill is available or a new statement and/or notice is in the pipeline. But for this the customer needs to sign up for the same. The procedure is very simple. The customer needs to hit the sign in link. After entering the page, the tab written with Bill Payment is to be clicked. Then the concerned person is required to select the “epost-View Bills”.
    If you need more information on the same then an interested customer may contact epost by contacting them directly through dialling 1 877 376-1212.

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