BMO Bank of Montreal, Collingwood, ON - Reviews, Ratings, Tips and Why You Should Go – Wanderlog (2024)

FAQs

What is the rating of BMO Bank? ›

BMO is best for customers who want an institution with a full suite of personal banking products, including deposit accounts, credit cards and loans.

BMO is a highly diversified financial services provider, globally minded and socially conscious, with a deep sense of purpose and a clear strategy for long-term growth.

Established Deposit Franchise: BMO's funding & liquidity profile is stable and in line with peers. With a loans-to-deposit ratio of 93.4% (2Q24), the bank is primarily deposit funded with core customer deposits making up most of its funding profile.

The cons of banking with BMO include low interest rates on savings accounts and most CD terms and potential bank fees like ATM fees and overdraft fees. Fees will depend on which account you open, and whether you qualify to have any fees waived.

At BMO , your money is FDIC insured with both a money market account and a certificate of deposit, offering more security and less risk than other investment alternatives provided by non-banks – so you can rest easy.

Under the Bank of Montreal's ownership, the company increased its presence in the U.S. through a series of acquisitions of other banks, such as Suburban Bancorp in 1994, Marshall & Ilsley in 2011, and Bank of the West in 2023.

The Bank of Montreal (French: Banque de Montréal), abbreviated as BMO (pronounced /ˈbiːmoʊ/), is a Canadian multinational investment bank and financial services company. BMO Bank, N.A. The bank was founded in Montreal, Quebec, in 1817 as Montreal Bank, making it Canada's oldest bank.

One of BMO's main weaknesses lies in its exposure to market-specific risks, particularly in the real estate sector, as a result of its substantial mortgage lending activities.

What is BMO best known for? ›

Recognized as one of the World's Best Banks, based on a survey of more than 40,000 customers ranking banks on attributes like trust, digital services and financial advice.

Bank Of Montreal

BMO Financial Corp.

Harris Financial Corporation

Is BMO a reliable bank? BMO is a well-established national bank with over 1,000 branches across 32 U.S. states. Deposits made to BMO accounts are FDIC-insured (FDIC certificate No. 16571) up to $250,000 per depositor, for each account ownership category, in the event of bank failure.

The Big Five Banks is a term used in Canada to describe the five largest banks: Royal Bank, Toronto-Dominion Bank, the Bank of Montreal, the Canadian Imperial Bank of Commerce, and the Bank of Nova Scotia. Occasionally, the term "Big Six Banks" is used, with the sixth bank referring to the National Bank of Canada.

Here are a few examples of how bank ratings can take shape. Banks with an AAA rating are considered the lowest risk and highest quality, with AA clocking in slightly less.

The maximum rank is 10. Companies with rank 7 or higher will be unlikely to fall into distressed situations. Companies with rank of 3 or less are likely in financial distress. Bank of Montreal has the Financial Strength Rank of 3.