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Business Current Account

 

 

Make deposits on your schedule – in-branch, at a BMO ATM, and more.
Unlimited transfers in branch, by phone, or online.
Add an Everyday Banking for Business Plan for a low monthly fee:

 

  • $6.00 with a BMO Biz Basic Plan™
  • $9.50 with a Small Business Banking Plan
  • From $15 with a Value Plan
  • From $22 with a Value Assist® Plan

 

 


 

Best for

 

This practical operating account allows you to manage all your day-to-day business banking needs from one account.

 

  • Customers who prefer to pay for only the services they use
  • Customers who prefer to pay for only the services they use

Not sure where to start?

 

Let us help you find what you need by telling us a bit about your business.

 

Number of years in business

 

Annual revenue

 

Number of employees

 

 

Where You’re At

Starting Out

 

Sounds like you’re getting your business started. We have products, tips and tools that can help you get your business off the ground.

 

 

Growing Your Business

 

Looking to grow your business? We can help you build on what you’ve established, with services and solutions designed to take your business to the next level.

 

Managing Your Business

 

We can help you run your business more efficiently with cash flow, payroll and payment solutions that will make your day-to-day operations easier.

 

Transitioning

 

We can help you get the most out of what you put into your business, with succession and retirement planning services to suit your needs.

 

 


Banking with Us

We have bank accounts and plans designed to suit the needs of your business. Find the best match for you.


Credit Cards

Looking to separate your business and personal expenses? Explore our selection of Business Credit Cards.


Business Borrowing

Whether you’re looking to expand or to simply improve your cash flow, we have loans and lines of credit that can help.


Commercial Borrowing

We offer flexible borrowing solutions designed to help larger businesses grow and operate more efficiently.


Accepting Payments

Enjoy access to innovative, industry-leading payment solutions that make it easier for your customers to pay you.


Payroll Services

We can help make payday easier, with payroll solutions that ensure your employees are paid and taxed accurately.


Paying Taxes

We can help you file and pay government taxes online, including payroll source deductions, corporate income tax, GST and PST.


Cash Management

Our extensive cash management solutions can help you efficiently manage your payables, receivables, liquidity and risk.


Corporate Cards

Looking to simplify, control and monitor employee spending? Explore our wide range of corporate card options.




More information to help you choose

 

 

Account Fees with Plans

Account Fees with Business Banking Plans

 

See which plan can save you money on your day-to-day banking by comparing the account fees that come with our various plans.

 

  BMO Biz Basic™ Plan Small Business Banking Plan Value Plans Value Assist® Plans
Monthly plan fee $6 $9.50 From $15 From $22
Number of transactions per month 7 15 From 20 From 20
Minimum monthly balance to waive plan fee N/A $4,000 From $5,000 From $8,000
Moneris Debit and Credit transactions1 Unlimited Unlimited Unlimited Unlimited
  Learn More Learn More Learn More Learn More Learn More Learn More Learn More Learn More
Account Fees Without a Plan

Account Fees Without a Plan

 

Pay only for the services you need

 

Deposit fee per transaction% C$ US$4
Branch deposits $1.25 $1.25
ATM deposits $1.25 N/A
Point of sale $1.25 N/A
Debit card return/reversal Free N/A
Pre-authorized credits/Electronic Funds Transfer $1.25 $1.25
Deposit content fees
Notes (currency) on deposit (per $1,000) $2.25 $2.25
Coin on deposit (per $100, U.S. coin accepted at par) $2.25 $2.25
Items on deposit – (per item, e.g. cheque) – Value for U.S. dollar items deposited to U.S. dollar accounts will be delayed from one to three business days to allow for clearing and international settlement. $0.20 $0.20
Account debit per transaction%
Cheque $1.25 $1.25
Pre-authorized payment/Electronic Funds Transfer $1.25 $1.25
Debit card purchase $1.25 N/A
ATM withdrawal $1.25 N/A
Branch withdrawal $1.25 $1.25
Bill payment (branch or via debit card) $1.25 $1.25
Customer Initiated transfer via branch or via debit card Free Free
Monthly Account Administration Fee $6.00 $6.00
Monthly eStatement with Cheque Images Free Free
Monthly Paper Statement Fee with Cheque Images $2.00 $2.00
Fee per statement cycle, if statement produced more frequently than account standard $5.00 $5.00
Additional features and overdraft protection

Additional features and overdraft protection

 

If you have a Business Current Account or an account with a Small Business Banking Plan, Value Plan or Value Assist® Plan, Small Business Overdraft Protection is now available to support your cash flow needs.

 

Our Small Business Overdraft Protection Service is designed for your business if you require less than $2,500 in overdraft protection^. There are two fee options available:

 

  1. Fixed Fee
    • Overdraft protection readily available
    • $4.00 per month fee applies7,8
  2. Pay-per-use
    • Only pay for overdraft when you need it
    • $5.00 per item fee applies7,8,9

 

Overdraft Transfer Service is available to have funds transferred from your other BMO account, BMO Small Business MasterCard®* card or your Small Business Line of Credit7. A fee of $5.00 per transfer applies.10,11,12

U.S. Dollar Business Current Account

U.S. Dollar Business Current Account

 

Do you use cheques to make payments in the United States?

 

BMO Bank of Montreal will be clearing all your U.S. Dollar Business Current Account cheques in Canada.

 

Customers who use U.S. dollar cheques to make payments in the United States should be aware that it may take additional time for billers to receive funds. All cheques are encoded for payment through Canada, as specified by the Canadian Payments Association (CPA). BMO Bank of Montreal has no control or authority over this delay. There may also be an additional service fee charged to the biller by their financial institution. Additionally, some smaller U.S. banks may not accept the CPA encoded cheques.

 

Our solution for businesses that frequently make payments to U.S. suppliers/billers in the United States:

 

BMO is able to provide alternative U.S. cash management solutions. For example, Harris Bank13 our affiliate in the United States provides services to meet cheque clearing within the U.S.


Next steps

 

 

Switch to BMO

Switch to BMO easily & seamlessly

Transfer your banking to BMO with PowerSwitch®

 

Whether you already bank with us – or intend to – it is easy to switch all your banking to BMO Bank of Montreal.

 

PowerSwitch is a FREE, convenient service for transferring existing Pre-Authorized Payments (automatic bill payments) from your bank account(s) from other financial institutions to BMO.

 

PowerSwitch at your convenience…what to expect

 

We will take care of the switch for you. Simply visit us in person, call us, or make an appointment to meet. The transfer generally takes four to six weeks to complete.

 

Switching to BMO is easy & seamless.

 

 

 

PowerSwitch makes it easy to switch… and start banking with us

 

Visit your local branch to provide your details and authorization. All Pre-Authorized Payments will be managed by the PowerSwitch Service Centre on your behalf. PowerSwitch works for you by:

 

  • Transferring your Pre-Authorized Payments from your old financial institution. For example, automatic debit payments such as utilities, loans, insurance, club memberships, telephone, Internet, etc
  • Sending automatic notification to your Pre-Authorized Payments so you don't have to complete numerous account change forms
  • Confirming the Pre-Authorized Payments and corresponding timelines when the transfers will be complete
  • Scheduling the changes so you can manage your cash flow during the process
  • Providing advice on what to expect throughout the process

 

 

 

 

Ways to bank

Ways to bank from in-person, to online or mobile or tablet

Count on hassle-free access to your business accounts

 

Bank online, by phone or using your mobile device 24 hours a day, 7 days a week, 365 days a year1.

 

Take advantage of over 900 BMO® branches across Canada offering a full range of financial services.

 

Access your money, make deposits, transfer funds, get account balances and pay bills at any BMO® ATM.

 

 

 

 

Use your BMO Debit Card for Business to make purchases anywhere you find the Interac®‡ Direct Payment in Canada and the Maestro®* network anywhere else in the world.

 

Call us seven days a week (8 a.m. – 8 p.m. EST), we're here to help. For questions, call the Customer Contact Center – Commercial Service at 1-877-262-5907 or TTY 1-866-859-2089.

Banking Agreements

What to bring to a branch meeting

If you're a sole proprietor

Registered documents you'll need to bring

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License

For a corporation

Registered documents you'll need to bring

 

If your business has been in existence less than 18 months, bring one of the following:1

 

  • Complete Articles of Incorporation
  • Letters Patent/Company Charter
  • Articles of Amendment
  • Articles of Amalgamation
  • Corporate Profile Report

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Bueiness License

 

If your business has been in existence more than 18 months, in addition to the above documents, bring one of the following:

 

  • Annual/Statutory Return
  • Certificate of Status
  • Certificate of Compliance/Existence and any filings under the applicable provincial securities legislation, such as financial statements
  • Financial statement or annual report signed by independent accounting firm
  • Government Assessment
  • Corporate search

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License
  • Identification Requirements
  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers

 

 

Identification Requirements

 

  • Name, address, and nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers

 

1 Documents include the names of current directors and/or officers and outline who has the power to delegate authorities and/or borrow on behalf of the corporation (if applicable)


If you're in a partnership

Registered documents you'll need to bring

 

If your business is a General Partnership, bring the following:

 

  • Partnership Registration (if applicable)
  • Partnership Agreement

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License

 

If your business is a Limited Partnership, the following:

 

  • Limited Partnership Agreement
  • Certificate of Limited Partnership/Declaration of Limited Partnership/Application for Registration of a Limited Partnership

 

If operating under a registered Trade Name, bring the following:

 

  • Trade Name Registration
  • Master Business License

 

 

Identification Requirements

 

  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories

For an Unincorporated Association

Registered documents you'll need to bring

 

If your business has been formally established, bring one of the following:

 

  • Articles of Association
  • Copy of by-laws or constitution disclosing names and titles of directors and/or officers

 

If not formally established, bring:

 

  • Letter from the organization disclosing who has the authority to open and operate the account

 

 

Identification Requirements

 

  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers

Related products

 

A pay-as-you-go account for your basic banking needs. Easily layer on one of our three Business Banking Plans.

 

 

 

 

Business Premium Rate Savings Account

 

A convenient interest-bearing savings account to use with your business current account.

 

Learn more
BMO AIR MILES® † MasterCard

 

BMO AIR MILES® †MasterCard

 

Turn your day-to-day business spending into rewards you can use.

 

Learn more

 

 

 

Small Business Line of Credit

 

A simple and flexible financing solution that lets you borrow what you need, when you need it3.

 

Learn more

 


®Registered trade-mark of Bank of Montreal

®* MasterCard is a registered trademark of MasterCard International Inc.

All other marks or registered trade-marks are the property of their respective owners.

11. U.S. Dollar Accounts are not eligible for Canadian Deposit Insurance Corporation (CDIC) deposit insurance.

 

2Ongoing interest rates, interest-free grace period, annual fees and all other applicable fees are subject to change. See your branch; call the Customer Contact Centre at 1-800-263-2263, or visit bmo.com/creditcards for current rates and fees.

 

3Subject to meeting Bank of Montreal’s usual credit granting criteria

 

4U.S. Dollar Accounts are not eligible for Canadian Deposit Insurance Corporation (CDIC) deposit insurance.

 

5Transactions include cheques negotiated and other debit or credit transactions to the account including deposits, withdrawals, electronic credits and debits, bill payment debits or debit card debits and credits.

 

6Overdraft limits range from $500 to a maximum of $2,499.99 and is subject to credit qualification. Available in Canadian dollars only.

 

7Interest is calculated on the daily overdrawn balance at prevailing overdraft interest rates and charged to the account on the last business day of each month.

 

8A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft above your approved limit.

 

9There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft.

 

10This fee is in addition to any applicable transaction fees.

 

11You are required to provide initial setup instructions for this service.

 

12There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each transfer.

 

13BMO Harris Bank is a trade name used by BMO Harris Bank N.A. and its affiliates. BMO Harris Bank N.A. is a member of the FDIC. Products offered by Harris Bank are subject to their approval process. Bank of Montreal does not represent BMO Harris Bank N.A. and is not an agent of BMO Harris Bank N.A.

 

 

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