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Email this12:54 pm
September 7, 2018
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Norman1 said
canadian.100 said
I did check with BMO - there is a charge for blank cheques - no longer free.
While I also use very few cheques, there are times when you need them or it works better to withdraw funds eg to deal with GIC brokers the great majority of issuing FIs require cheques.The BMO AccountLink chequing account associated with non-registered BMO InvestorLine accounts is handy. If one has a $300,000 bank draft from the sale of a house or business, for example, one can go to a BMO branch and deposit it into the AccountLink chequing account and start investing the money right away through the InvestorLine brokerage account.
For smaller cheques/drafts, one can deposit by BMO ATM.
No need to wait for a bill payment to the InvestorLine account to be posted. One can also push funds from Tangerine or any other online bank to the AccountLink chequing account.
After a good discussion with an Investorline rep and a BMO accounts person, I conclude that the BMO AccountLink is a bit of a bizarre animal. Sure you can deposit all you want (in many ways eg push or cheque in or interac etransfer in etc.) to the BMO AccountLink but it is very restrictive for any debit transaction (interac etransfer out, electronic transfer out, bill payment, ATM withdrawals, cheques) If you do only 2 debit transactions a month it could work for you but on the third debit transaction you are charged $1. So it certainly does not function well as a chequing account (or let's say it works but with fees after just 2 debit transactions.) Even if you transfer funds out from BMO AccountLink to the simple BMO chequing account you will still pay $1 charge if it is the 3rd debit transaction in the month. It seems bizarre for BMO to charge $1 (after 2 free debits) when you move funds from the BMO AccountLink to the BMO chequing (funds are still remaining within BMO group) - particularly now that they are boasting no trade commissions, nor admin fees on Investorline. I guess this is a way to keep revenue coming in - while no longer 9.99 for a trade commission which is good, many $1 fees for more than 2 debits in the AccountLink can add up in a year.
PS Scotia iTrade charges no fees to transfer funds between Scotia iTrade and Scotiabank Chequing in either direction. Perhaps BMO could consider.
2:25 pm
April 6, 2013
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The AccountLink chequing account is not supposed to be an everyday chequing account on its own. BMO doesn't want anyone to just have that chequing account and put a large number of debits through it.
The AccountLink chequing account can be added to the banking plan for another BMO chequing account to share the free transactions of the plan. If one has the $4/month BMO Practical Chequing Account, for example, one can add the AccountLink chequing account as one of the two additional accounts of the plan and share the 12 free transactions per month. Some other plans allow up to 19 additional accounts.
Hopefully, plan membership of the AccountLink chequing account wasn't eliminated with the new $0 commission fee structure!
None of the large banks are interested in offering no-fee, unlimited transactions with branch access.
2:31 pm
October 27, 2013
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Agree with Norman1. The AccountLink chequing account has a BMO Investorline transit number, not a BMO bank division transit number. It is meant to strictly facilitate minimal needs (like mine), not to be an everyday chequing account. If one really wants BMO banking, get a true BMO banking account and link it to BMO Investorline.
3:24 pm
April 6, 2013
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According to page 32 of the June 2026 fee guide, the AccountLink chequing account can still be under a banking plan:
- If you select the Practical Plan, you can have one Canadian or U.S. Dollar Primary Chequing Account, Interest Chequing Account (existing customers), BMO InvestorLine1 AccountLink account or your BMO Nesbitt Burns Preferred Plus account and one Canadian or U.S. Dollar Premium Rate Savings Account under the Plan. One account must be designated as the Lead Account (defined below).
- If you select a Bank Plan other than the Practical Plan, you can have up to twenty Canadian or U.S. dollar accounts including BMO InvestorLine AccountLink account and/or your BMO Nesbitt Burns Preferred Plus account under one Plan. One account must be designated as the Lead Account (defined below).
- Savings Amplifier Accounts, Smart Saver Accounts and Savings Builders Accounts cannot be included as part of a Bank Plan.
…
One can designate the AccountLink chequing account as the Lead Account of the plan and not need another BMO chequing account.
Earlier info about sharing free transactions with Practical Chequing Account is incorrect. The AccountLink chequing account needs to be the chequing of that plan and not a second plan account.
