BMO Express Loan Pay Terms & Conditions

By using the BMO Express Loan Pay service to make a payment to your BMO loan account you agree to the following terms. "You" and "your" means the person using the BMO Express Loan Pay service and "we," "us" or "our" means BMO Bank N.A.

  1. We will process your payment upon verification of your identity and your designated bank account. The designated account must be in your name and may not require two or more signatures.
  2. Your payment amount cannot exceed $5,000.00 or the balance due in full on your loan (whichever is less). If your payment exceeds that amount we may reduce the amount of your payment to the lesser of $5000 or the balance due in full on your loan.
  3. If your payment is made after 10 p.m. Central Time ("CT") on a Business Day your payment will be credited to your loan account on the next Business Day. Business Days are Monday through Friday except federal holidays.
  4. You agree to have sufficient available funds in your designated account to pay your payment amount. Based on the terms and conditions of your loan agreement, if any payment is returned unpaid from your financial institution for any reason we may charge a return payment fee. You may also be charged late fees if your payment is not received by the payment due date.
  5. You may cancel any pending payment by calling 1-877-553-2265 before 9 p.m. CT on the day the payment was authorized by you. Payments made on a Business Day between 9 p.m. and 10 p.m. CT cannot be canceled and will be processed on the same Business Day.
  6. To use the BMO Express Loan Pay service on the internet you must have a computer with an internet connection and a browser with 128-bit encryption. In the event of a system failure, your data may be lost or destroyed and any payment transaction that you initiated or were in the process of completing should be verified with us. You assume the risk of loss of your data during any system failure or interruption and are limited to one payment every 14 calendar days. Additional payments can be made through BMO digital banking, by mail, at a branch, or by calling a BMO agent at 1-877-553-2265.
  7. You agree to keep information regarding your designated account, your BMO loan account and this BMO Express Loan Pay service secure. You acknowledge that there are certain security risks associated with the internet and expressly assume such risks when using the BMO Express Loan Pay service.