BMO Harris Bank is a prominent banking institution in the United States, operating as a subsidiary of BMO Financial Group, which is headquartered in Toronto, Canada. BMO Harris Bank provides a wide range of banking services to individuals, businesses, and corporations, including personal banking, commercial banking, wealth management, and investment services.
Overview:
- Full Name: BMO Harris Bank N.A.
- Parent Company: BMO Financial Group (Bank of Montreal)
- Type: Publicly traded, part of the Canadian financial group BMO
- Headquarters: Chicago, Illinois, USA
- Founded: 1882 (as Harris Bank, acquired by Bank of Montreal in 1984)
- CEO (2025): Dave Casper
- Employees: Approximately 13,000 (U.S. operations)
Key Services and Divisions:
1. Personal Banking
- Checking and Savings Accounts: BMO Harris offers a variety of personal banking accounts, including checking, savings, and high-yield savings accounts with different features and benefits.
- Credit Cards: BMO Harris offers a range of credit cards with rewards, cashback, and low interest rates. Popular cards include the BMO Harris Premier Rewards Mastercard and BMO Harris CashBack Mastercard.
- Loans and Mortgages: BMO Harris provides home loans, personal loans, auto loans, and home equity lines of credit (HELOC), as well as various mortgage options, including fixed-rate and adjustable-rate mortgages.
- Mobile and Online Banking: BMO Harris has a user-friendly online and mobile banking platform, allowing customers to manage accounts, pay bills, transfer funds, and access customer support 24/7.
2. Business Banking
- Business Checking Accounts: BMO Harris offers a variety of business checking accounts tailored for small businesses, corporations, and nonprofits, with features such as online banking and payment processing.
- Business Loans and Lines of Credit: BMO Harris offers loans, lines of credit, and equipment financing to businesses for growth, expansion, and operations.
- Merchant Services: The bank provides solutions for accepting payments, both in-person and online, helping businesses manage transactions securely.
- Cash Management: Businesses can access tools for cash flow management, including fraud prevention, payment solutions, and employee payroll management.
3. Wealth Management and Investment Services
- Investment Management: BMO Harris offers investment solutions tailored to clients’ financial goals, including retirement planning, wealth management, and asset management services.
- Financial Planning: The bank offers personalized financial advice, estate planning, tax strategies, and retirement planning to individuals and families, focusing on long-term wealth preservation.
- Private Banking: BMO Harris provides private banking services to high-net-worth individuals, offering a range of financial products, advisory services, and exclusive benefits.
- Trust and Estate Services: Trust services include the management of estates, charitable giving, and tax-efficient wealth transfer strategies.
4. Mortgage and Home Lending
- Home Loans: BMO Harris offers a wide range of mortgage products, including fixed and adjustable-rate mortgages, VA loans, FHA loans, and refinancing options.
- Home Equity Loans & HELOCs: Customers can leverage the equity in their homes through home equity loans or lines of credit for major expenses or debt consolidation.
5. Commercial Banking
- Commercial Loans and Financing: BMO Harris offers financing solutions to mid-market companies and corporations, including working capital lines of credit, equipment financing, and commercial real estate loans.
- Treasury Management: BMO Harris supports corporate clients with services that manage liquidity, optimize cash flow, and prevent fraud.
- Foreign Exchange and International Banking: Businesses involved in international trade can access foreign exchange services and international payment solutions.
Size and Reach:
- Total Assets: BMO Harris Bank’s U.S. operations hold assets in the range of approximately $150 billion (2024).
- Branches and ATMs: BMO Harris operates over 500 branches in the U.S., primarily in the Midwest, including Illinois, Wisconsin, Indiana, and Minnesota. The bank also offers over 1,300 ATMs.
- Global Presence: While it primarily serves customers in the U.S. and Canada, BMO Financial Group has a presence in several countries around the world, including the U.K., China, and Hong Kong.
Key Features and Benefits:
- Rewards Programs: BMO Harris credit cards often come with attractive rewards programs, including cashback, travel rewards, and special offers for customers.
- Customer Support: The bank provides various customer support options, including 24/7 phone support and online chat.
- Mobile Banking: The mobile app allows customers to easily manage their accounts, check balances, make deposits, transfer funds, and more.
- Security: BMO Harris uses advanced security measures, including multi-factor authentication, encryption, and fraud monitoring systems to protect customer information.
Notable Achievements and Influence:
- Digital Transformation: BMO Harris has heavily invested in enhancing its digital platforms, offering a seamless online banking experience through its website and mobile app.
- Sustainability and CSR: The bank focuses on sustainability initiatives, aiming to reduce its carbon footprint and support green financing. It also promotes social responsibility through community investment, financial literacy, and philanthropic efforts.
- Awards: BMO Harris Bank has received accolades for its customer service, digital banking, and sustainable business practices.
Recent Developments:
- Acquisition of Wisconsin Bank & Trust (2023): BMO Harris expanded its footprint in the Midwest with the acquisition of Wisconsin Bank & Trust, further strengthening its commercial and personal banking services.
- Increased Focus on Digital Banking: The bank has continued to innovate its online services, making it easier for customers to manage their finances through improved mobile apps and web-based tools.
- Sustainability Initiatives: As part of BMO Financial Group’s environmental goals, BMO Harris Bank is committed to offering more sustainable financing options, such as green bonds and environmentally responsible loans.
Recent Challenges and Controversies:
- Cybersecurity Threats: Like other large financial institutions, BMO Harris has faced cybersecurity challenges over the years. However, the bank continues to invest in advanced security systems to protect its clients’ information.
- Regulatory Scrutiny: The bank, along with other financial institutions, occasionally faces scrutiny related to compliance with various financial regulations, including those surrounding lending practices and anti-money laundering procedures.
Contact and Accessibility:
- Customer Service: BMO Harris offers robust customer support through its website, phone lines, and chat services.
- Online Banking & Mobile App: Customers can access their accounts, perform transactions, and manage their finances via BMO Harris Online Banking and the BMO Harris Mobile App.