BMO Re-Imagines Chequing Account to Help Keep Money in the Pockets of Canadian Families

  • Canadians are leaving money on the table with monthly banking fees
  • BMO launches new account option for families to help them make real financial progress

TORONTO, Oct. 13, 2020 /CNW/ - To help Canadian families save money, BMO has introduced its new Family Bundle – a one of a kind offering in the Canadian market. In a household where one family member has a BMO Premium or Performance Chequing account, every other member of that household can get their own separate chequing account without paying a monthly fee.

"In listening and having conversations with our customers, we understand that a lot of Canadian families are feeling financial pressures as a result of the pandemic. We heard, too, that they can find themselves challenged between knowing what they should be doing to reach their financial goals and having a hard time doing it," said John McNain, Head, Personal Banking Products and Experience, BMO Bank of Montreal. "We want to help and address this gap. With our new Family Bundle offering, we are taking this step to put money back in the hands of Canadian families and giving them the ability to save more on a monthly basis. That's real financial progress. But it's only the first step. This is a long-term journey we're on with our customers to help them with their financial goals."

In a new BMO survey taking the pulse on Canadian banking habits, nearly 40 per cent of Canadian families revealed that the total number of chequing accounts in their household sits somewhere between two and five. When looking at fees for those accounts, over a quarter (27 per cent) of Canadian families indicated that they are paying between $6 to over $20 per chequing account per month. And while some are aware that there are options to help reduce or eliminate monthly fees, they are not always able to take advantage. Close to half of those surveyed pointed to not having enough money in their accounts to have their monthly fees waived.

With BMO's new Family Bundle offering, when one member of the household has a BMO Premium or Performance chequing account, family members can open their own separate chequing accounts without paying monthly fees, all while maintaining individual account privacy – it's one household and one monthly fee. All account holders under the Family Bundle receive unlimited, no-fee daily transactions, including Interac e-Transfer ® transactions.

To learn more or to open an account with the BMO Family Bundle and earn up to $350, visit: https://www.bmo.com/main/personal/bank-accounts/family-bundle/.    

About BMO Financial Group 
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $974 billion as of July 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group

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