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BMOIL: 2 year = 5.08% (Fairstone Bank)
November 5, 2022
4:55 pm
Norman1
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That AccountLink BMO chequing account has been there all along. It is the "Bank Account" part of the BMO InvestorLine account that has been holding the cash balances. The other part is the "Investment Account" that holds the stocks, bonds, and other securities.

This is from the client agreements:

Part B Client Agreement for Trading, Margin and Self-Directed RSP Accounts

A. INTRODUCTION
The Account has two components, namely an investment account or accounts with BMO InvestorLine (individually and collectively the “Investment Account”) and a Canadian dollar, and if requested, a U.S. dollar bank account(s) with the Bank (individually and collectively, the “Bank Account”).

B. THE ACCOUNT

2. Operation of the Account

… Subject to the provisions of Part C, BMO InvestorLine will promptly credit to the Bank Account any dividends, interest and capital distributions on or in respect of Securities held in the BMO InvestorLine Account, which are paid by cheque, cash, electronic transfer or other immediately available funds, and any monies (net of all commissions and the fees, charges and taxes) received as proceeds from Transactions in Securities held in the BMO InvestorLine Account. These credits will be viewable to the Client online the day after receipt by BMO InvestorLine, or as soon as practicable depending on the nature of the Transactions.

The transit-account number shown in your BMO InvestorLine monthly statements is likely missing just the trailing '2' in the transit number. These are the Bank of Montreal (Institution 001) transits from Payments Canada branch directory with "InvestorLine" in their name:

Electronic Paper (MICR) Postal Address
000106242 06242-001 INVESTORLINE TORONTO 2, 100 KING ST WEST, FCP B1, Toronto, ON M5X 1A1
000136742 36742-001 Investorline - Montreal, 100 King St. West, 20th Floor F.C.P., Toronto, ON M5X 1A1
000136752 36752-001 Investorline - Atlantic, 100 King St. West, 20th Floor F.G.P., Toronto, ON M5X 1A1
000136772 36772-001 Investorline - Toronto, 100 King St. West, 20th Floor F.C.P., Toronto, ON M5X 1A1
000139732 39732-001 Investorline Action Centre, 100 King St. West, 20th Floor F.C.P., Toronto, ON M5X 1A1
November 17, 2022
1:25 pm
rodeworthy
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It seems I have made some progress with getting a linked external account to my BMOIL AccountLink account. The progress did not come from the BMO side but from persistence from Hubert and information provided by Norman1 re the missing digit in the Transit No.

I called BMOIL customer support but did not get any assistance to resolve the situation. The CSR said it didn't make any difference about the shorter or longer Transit Number - they both will work. That seems strange to me. I did learn that I had a US$ account which I was unaware of. I decided to visit a local BMO branch to see if I could get some information there. I presented my BMOIL card to the teller to see if it was recognized in their system. It was not. After some discussion, the teller sought help from a Nesbitt Burns advisor who was on site. We discussed my situation at length. He advised he was doing a lot of GICs for his 'book' on behalf of clients. The teller provided me with a different phone number for Investorline assistance. No resolution from the bank visit but I called the number provided. The agent made it clear to me I could not link external FIs to the account but they would sell me a book of 150 cheques to transfer money out and that bill-payer is used to transfer money in. I sought to have an AccountLink card sent to me and I am awaiting the arrival of that card. I did not order the cheques.

I next went on line with Hubert and attempted to set up a link to my IL account using the full transit number. After several days, the link was still listed as pending. I called Hubert and the CSR undertook to re-create the link and advised me to wait a few days to see what happens. Today I see on my IL account a Nov 16 transfer of a few cents from Hubert. The amount has been added to the acount balance so the link must be established.

xfr-HUB-to-BMOIL-cash-acct-2221116.gif

There is a strange notation in the 'Activity Description' column - "Not Service Chargeable" which I don't know what it means but the link seems to be established. The next test will be for me to transfer a sizable amount for investment purposes. Not ready for that yet but will keep you advised.

One thing the original call to BMOIL revealed was that in the top left corner of the original Investorline page there is a link to 'BMO One View'. He indicated that any bank accounts associated to my Investorline account would be listed there under the BANKS heading. My account lists nothing there. Would be interested to know if that heading is populated by others with Investorline accounts.

Sorry to drag this conversation on but I do appreciate the information received here. It has provided me with the incentive to resolve this matter and it looks like it is working. Thanks again.

November 17, 2022
2:02 pm
AltaRed
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"Not Service Chargeable" simply means it does not count towards the 2 free debits you can make from your AccountLink accounts. Deposits do not count as 'service chargeable' nor do internal BMO transfers. It is only when you pull funds via Hubert (or Bill Pay) from the BMO AccountLink accounts do they count as 'service chargeable. You get 2 free debits per month from the AccountLink account.

The agent is wrong. You do not need cheques to transfer funds out (or in). Pull (or push) from Hubert. I pull/push from my BMO AccountLink account using LBC Digital or EQ Bank when I need to do so (or sometimes I use Bill Pay). You cannot push/pull via Hubert directly into your BMO IL accounts. It has to be the AccountLink accounts. I have never used a cheque.

I am not sure what a BMO IL card is. The card I received when setting up my BMOIL account and my AccountLink accounts is a standard BMO Debit/ATM card that I also use in BMO bank branches. AFAIK, the BMO AccountLink CAD and USD accounts all have a 36762 transit number which is 100 King St. Toronto regardless of where in the country one is located. That may no longer be true as I set those up many years ago.

When clicking on One View, you should see all of your BMO related accounts IF you have One View set up between BMO Banking and BMO Investorline, including credit cards. I don't remember how to set that up so may need to call BMO IL to be guided through that... to see your two AccountLink bank accounts with transit 36762

November 17, 2022
8:30 pm
Norman1
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One View won't work unless one has a bank card to anchor the accounts to. The bank card can be a usual Bank of Montreal bank card or an AccountLink service card.

Wait until the requested AccountLink card arrives and the card is activated.

November 18, 2022
12:51 pm
rodeworthy
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Thanks AltaRed and Norman1 once again. I am learning more each time we post.

AltaRed, I am pleased to know that a link with EQBank is working for you. I hope to be able to establish that as well - particularly with the $US account.

I agree with Norman1 the key is now to wait for the AccountLink card to arrive.

Thanks for explaining the terminology on my Hubert deposit. That makes sense.
You have correctly identified the 36772 Transit No. and the 100 King Street W. Toronto address which is shown on my statements. As far as the BMOIL card goes it is simply a BMO blue card with a number - no name - no Debit/ATM affiliation. On the left border it reads BMO INVESTORLINE. It came with the package I originally arranged back in 2004 when I was arranging my financial affairs prior to my February 2005 retirement. I had to go to a BMO office in nearby larger city and the advisor there set me up with multiple accounts. RRSP for both of us included. Those were cancelled by BMO some time ago since they were not used. I thought the $US account had gone that route too. The only thing I have used the card for was to identify my account to a teller at BMO when I made withdrawals of accumulated dividends. That seemed to work but it was always a special handing at their end. There were no fees involved for these.

I will keep watching for the AccountLink card. I am hopeful that it will provide information for both $CDN and $US accounts.

November 18, 2022
6:27 pm
AltaRed
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I don't know if you mis-typed or not but my transit number is 36762. I also have no idea whether you can push-pull with USD accounts or not. You may have to ask.

November 19, 2022
8:31 am
rodeworthy
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AltaRed said
I don't know if you mis-typed or not but my transit number is 36762. I also have no idea whether you can push-pull with USD accounts or not. You may have to ask.  

I didn't pick up that your transit number is different than mine which is 36772. That is the 4th one down in the chart provided by Norman1 in post 25. Reading the chart leads me to believe the different numbers may have different geographical significance. You're in Alberta/BC? I'm in Ontario. There is another similar number for Atlantic Canada.

Will wait and see how $US can be handled. It was originally pulled from RBC to EQBank as $US. If necessary, I hope I can push it back to RBC and walk it over to BMO after that. Or not.

November 19, 2022
12:43 pm
Doug
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AltaRed said
BMOIL may automatically provide AccountLink chequing account with new account applications in recent years, but when I opened a BMO IL account over 10 years ago, I actually had to tick a box on the application form requesting it. Later on, I had to phone in to request it for a USD chequing account.

Regardless, it is an easy phone call to BMO IL to get it if one does not already have it.  

And there's no minimum balance requirement? Is it a chequing account dominciled to a BMO Nesbitt Burns Inc. branch transit, essentially, which gives you a chequing account via your brokerage account?

I should look into that potentially...

Cheers,
Doug

November 19, 2022
12:46 pm
Doug
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rodeworthy said
It seems I have made some progress with getting a linked external account to my BMOIL AccountLink account. The progress did not come from the BMO side but from persistence from Hubert and information provided by Norman1 re the missing digit in the Transit No.

I called BMOIL customer support but did not get any assistance to resolve the situation. The CSR said it didn't make any difference about the shorter or longer Transit Number - they both will work. That seems strange to me. I did learn that I had a US$ account which I was unaware of. I decided to visit a local BMO branch to see if I could get some information there. I presented my BMOIL card to the teller to see if it was recognized in their system. It was not. After some discussion, the teller sought help from a Nesbitt Burns advisor who was on site. We discussed my situation at length. He advised he was doing a lot of GICs for his 'book' on behalf of clients. The teller provided me with a different phone number for Investorline assistance. No resolution from the bank visit but I called the number provided. The agent made it clear to me I could not link external FIs to the account but they would sell me a book of 150 cheques to transfer money out and that bill-payer is used to transfer money in. I sought to have an AccountLink card sent to me and I am awaiting the arrival of that card. I did not order the cheques.

I next went on line with Hubert and attempted to set up a link to my IL account using the full transit number. After several days, the link was still listed as pending. I called Hubert and the CSR undertook to re-create the link and advised me to wait a few days to see what happens. Today I see on my IL account a Nov 16 transfer of a few cents from Hubert. The amount has been added to the acount balance so the link must be established.

xfr-HUB-to-BMOIL-cash-acct-2221116.gif

There is a strange notation in the 'Activity Description' column - "Not Service Chargeable" which I don't know what it means but the link seems to be established. The next test will be for me to transfer a sizable amount for investment purposes. Not ready for that yet but will keep you advised.

One thing the original call to BMOIL revealed was that in the top left corner of the original Investorline page there is a link to 'BMO One View'. He indicated that any bank accounts associated to my Investorline account would be listed there under the BANKS heading. My account lists nothing there. Would be interested to know if that heading is populated by others with Investorline accounts.

Sorry to drag this conversation on but I do appreciate the information received here. It has provided me with the incentive to resolve this matter and it looks like it is working. Thanks again.  

Wow! I like the "not service chargeable" column in those BMOIL statements. That is rare to have that displayed to end customers. In my experience, if you want to be certain something is not counted as service chargeable activity, you've had to phone in.

Cheers,
Doug

November 20, 2022
10:37 am
Norman1
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AltaRed said
BMOIL may automatically provide AccountLink chequing account with new account applications in recent years, but when I opened a BMO IL account over 10 years ago, I actually had to tick a box on the application form requesting it. …

I think an AccountLink BMO chequing account was always included with the non-registered BMO InvestorLine accounts.

That tick box was likely to indicate that one didn't have a BMO bank card or BMO MasterCard. In such cases, an AccountLink bank card was issued and the chequing account was attached to it.

Otherwise, one would provide the number of the existing BMO card. The AccountLink BMO chequing account would then be added to that card.

November 20, 2022
10:44 am
Norman1
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Doug said

And there's no minimum balance requirement? Is it a chequing account dominciled to a BMO Nesbitt Burns Inc. branch transit, essentially, which gives you a chequing account via your brokerage account?

There's no minimum balance requirement. The AccountLink chequing accounts are actually chequing accounts issued by BMO, not by BMO Nesbitt Burns.

The client agreement text I quoted details how the chequing account operates with the brokerage account.

Essentially, any cash in the BMO InvestorLine brokerage account is transferred daily to the AccountLink BMO chequing account. Charges in the brokerage account are automatically drawn against the chequing account and any transitory cash in the brokerage account.

November 20, 2022
12:30 pm
AltaRed
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Norman1 said
I think an AccountLink BMO chequing account was always included with the non-registered BMO InvestorLine accounts.

That tick box was likely to indicate that one didn't have a BMO bank card or BMO MasterCard. In such cases, an AccountLink bank card was issued and the chequing account was attached to it.

Otherwise, one would provide the number of the existing BMO card. The AccountLink BMO chequing account would then be added to that card.  

Come to think of it, you are likely right. I now have vague recollections of that.

November 23, 2022
6:36 am
TommyT
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bigzim said
Yes sir,

Bought some yesterday through RBC direct investing.  

The U.S. election is in two years' time so they'll likely start to drop the Fed funds rate around March 2024. I would never take out a 2 year GIC.

November 23, 2022
6:50 am
bigzim
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Tommy T. Another Chrystal ball gazer. Part of my ladder my friend. Enough said

November 23, 2022
8:09 am
Norman1
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rodeworthy said

There is a strange notation in the 'Activity Description' column - "Not Service Chargeable" which I don't know what it means but the link seems to be established. The next test will be for me to transfer a sizable amount for investment purposes. Not ready for that yet but will keep you advised.

The first microdeposits to my AccountLink account worked. I didn't have to try a second time.

I would try pushing a higher amount, like $100, from Hubert to the AccountLink chequing account to confirm the link.

There have been reports when the account number is off, the microdeposit direct deposits work but the larger direct deposits are bounced. I think those reports were from people trying to create a link to an HSBC savings account using an account number that turned out to have extra digits.

I suspect banks may be willing to take on the potential liability of crediting the wrong person's account for a $0.40 direct deposit. But, not for a $40,000 direct deposit.

November 24, 2022
4:08 am
rodeworthy
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Norman1 said

The first microdeposits to my AccountLink account worked. I didn't have to try a second time.

I would try pushing a higher amount, like $100, from Hubert to the AccountLink chequing account to confirm the link.

There have been reports when the account number is off, the microdeposit direct deposits work but the larger direct deposits are bounced. I think those reports were from people trying to create a link to an HSBC savings account using an account number that turned out to have extra digits.

I suspect banks may be willing to take on the potential liability of crediting the wrong person's account for a $0.40 direct deposit. But, not for a $40,000 direct deposit.  

Noman1, I read your post (quoted above) yesterday and decided to take your advice to initiate a transfer of my own to see where things stand.

I logged into my Hubert account and arranged a $100 transfer to my AccountLink account at IL. That was done on Nov. 23 and this morning, Nov. 24, that money has shown up at IL - dated Nov. 23.

xfr-HUB-to-BMOIL-221123.gif

Interesting to note that transfer is also 'Not Service Chargable'.

So the excellent service we have come to expect from Hubert continues to work well. And BMOIL has accepted the transfer despite the verbal advice I was given by their CSR. I am still patiently waiting for the requested AccountLink ATM/Debit card to arrive in the mail.

My next test in this saga is to see if I can link my EQBank $US account to my IL AccountLink $US account. That will be interesting. I should also now be able to change the 'bill payer' status at Achieva to a direct link but I will leave that alone for now.

Things are coming together quite nicely now. I would not have known how to do this without the information and advice I received from you and AltaRed which I really appreciate. Thanks for your patience to walk me through this.

November 24, 2022
7:54 am
AltaRed
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Deposits to AccountLink are 'not service chargeable'. It is only withdrawals to third party (non-BMO) institutions that are 'service chargeable' and once you go past 2 such withdrawals per month, there are service charges. IOW, it is a very limited 'chequing account' in terms of number of withdrawal transactions per month.

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