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Small Business Banking Plan

 

 

 

 

  • Access your account in-branch, and through all our electronic channels
  • Low monthly fee of $9.50
  • No fee when you keep a minimum balance of $4,000 in your account
  • Unlimited Moneris® transactions2
  • Send or receive money using Interac e-Transfer®* for your business11
  • 15 monthly transactions

 

 


 

Best for

 

If you need the flexibility to access your business accounts both electronically and in the branch, this simple, cost-effective plan could be the one for you.

 

  • New business owners just starting out
  • Those with few transactions per month
  • New business owners just starting out
  • Those with few transactions per month

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

 

Plan options and fees

Plan options and fees

 

Additional options for cash or cheque based businesses

 

 

  More Cheques More Cash
Monthly Plan fee $9.50 $9.50
Monthly transactions4 included 15 15
Monthly items on deposit (e.g. cheque, draft, etc.) 20 10
Monthly notes (currency) on deposit included $1,000 $4,000
Minimum monthly balance required to waive plan fee1 $4,000 $4,000
Excess per-item fees – in addition to monthly plan fee
Transactions4 over Plan limit $1.25 $1.25
Deposits over Plan limit $1.25 $1.25
Deposits contents limit
Notes (currency) on deposit (per $1,000) $2.25 $2.25
Coin on deposit (per $100, USD accepted at CDN $ par) $2.25 $2.25
Items on deposit – (per item, e.g. cheque) $0.20 $0.20
Monthly Paper Statement with Cheque Images $2.00 $2.00
(This plan is available for Canadian Dollar Business Current Account only)
Additional features and overdraft protection

Additional features and overdraft protection

 

 

What you get every month

 

  • Monthly Plan Fee waived when you keep a minimum monthly balance of $4,000 in your account1
  • 15 monthly transactions4
  • Unlimited Moneris®‡** debits and credits2
  • Access to your account in-branch and through all our electronic channels
  • Unlimited account balance and account history inquiries
  • Unlimited transfers (customer initiated)
  • Send or receive money using Interac e-Transfer®* for your business10
  • Monthly eStatement with Cheque Image return
  • BMO® Debit Card(s) for Business
  • Cheque and cash deposits (within specified limits)
Overdraft Protection for Small Business

 

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 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 protection3. There are two fee options available:

 

1. Fixed Fee

  • Overdraft protection readily available
  • $4.00 per month fee applies5,6

 

2. Pay-per-use

  • Only pay for overdraft when you need it
  • $5.00 per item fee applies5,8,9

 

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 Credit. A fee of $5.00 per transfer applies8,9,10.

 

Interac e-Transfers for your Business
Send or receive money using Interac e-Transfer®* for your business10. Quickly, easily and securely send and receive money to and from: vendors, employees and more.

 

Fee per Interac e-Transfer on all accounts and plans:

  • Sending an Interac e-Transfer12: $1.50
  • Receiving an Interac e-Transfer13: No additional charge

 

Daily Interac e-transfer limits14:

  • Sending an Interac e-Transfer Limit:
    24-Hour: $3,000/7-Day: $10,000 /30-Day: $20,000
  • Receiving an Interac e-Transfer Limit:
    24-Hour: $10,000/7-Day: $70,000/30-Day: $30,000

Next steps

 

 

Switch to BMO

Switch to BMO easily & seamlessly

Whether you’re switching to BMO, or you already bank with us, we’ll assist you with transferring your pre-authorized payments and deposits to BMO.

 

Visit one of our branches, give us a call, or make an appointment to get started. The transfer generally takes four to six weeks to complete, and after that, you’ll be good to go.

 

 

 

 

 

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 Centre – 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 Business 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

 

 

 

 

Value Plans

 

Bank remotely and save. Plus, choose a transaction level to meet your needs.

 

Learn more

 

 

 

Value Assist® Plans

 

It’s value and convenience wrapped up in one – choose to bank electronically or in the branch.

 

Learn more
Moneris®†** Payment Solutions

 

Moneris®†** Payment Solutions

 

Enhance your cash flow. With Moneris, you can accept credit and debit card payments on location, online, or on the go.

 

Learn more

 


®Registered trade-mark of Bank of Montreal

®†**MONERIS and MONERIS SOLUTIONS & Design, PAYD and Design are registered trade-marks of Moneris Solutions Corporation.PAYD Pro is a trademark of Moneris Solutions Corporation

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

 

1The minimum monthly balance that must be maintained throughout the month to obtain a waiver of the fixed plan fee for that month. For the Small Business Banking Plan the minimum account balance must be maintained in the account debited for the monthly plan fee to qualify for the monthly plan fee waiver for that month.

 

2Applies to all debit and credit transactions including deposit of settlement funds, terminal rental fee, and any other fees posted by Moneris to your BMO business account in connection with your acceptance of MasterCard, Visa*, Interac, Discover* or Union Pay* branded cards. All other debit or credit transactions posted to your BMO account related to any other brand of card processed using Moneris services, are not included and may be subject to transaction limits associated with your Plan and/or excess per-item transaction fees. Moneris payment processing fees still apply.(*Visa, Discover and Union Pay are trademarks of their respective owners).

 

3Overdraft limits range from $500 to a maximum of $2,499.99 and are subject to credit qualification. Available in Canadian dollars only.

 

4Transactions include cheques negotiated and other debit or credit transactions to the account including deposits, withdrawals, electronic credit and debits, bill payment debits or debit card debits and credits. The customer is responsible for all fees of any transactions, services and products not included in the banking plan.

 

5Interest 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.

 

6A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft above your approved limit.

 

7There 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.

 

8This fee is in addition to any applicable transaction fees.

 

9You are required to provide initial setup instructions for this service.

 

10There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each transfer.

 

11Interac e-Transfer service may be restricted based on BMO Debit Card for Business privileges.

 

12Interac e-Transfers can only be sent from a Canadian dollar business account. Sending an Interac e-Transfer is considered an electronic debit to the account. Excess item or account per item fees may apply. The Interac e-Transfer fee is non-refundable, this includes cancellations. The AgriInvest Accountand Business Premium Rate Savings Account are restricted from sending Interac e Transfers.

 

13Interac e-Transfers can only be credited to a Canadian dollar account. There is no additional charge to receive an Interac e-Transfer. Receiving an Interac e-Transfer is considered an electronic credit to the account. Excess item or account per item fees may apply.

 

14Your Interac e-Transfer send limit may be lower than the posted daily limit depending on the Bill Payment Limit assigned to your BMO Debit Card for Business.

 

 

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