BMO Harris Bank eliminated both non-sufficient funds (NSF) and overdraft transfer fees and reduced overdraft fees. Customers will no longer see NSF fees on their accounts beginning Aug. 23 or overdraft transfer fees beginning on July 12. This fall, overdraft fees will be reduced to $15 per occurrence. These changes will apply to both consumer and small business banking accounts.
“Our latest fee changes mark another significant milestone for BMO in our journey to empower customers to achieve their financial goals and to make real financial progress,” Paul Dilda, head of consumer strategy for BMO Harris Bank, said. “Given the current economic climate, we know it is more important than ever to help our consumer and small business customers work toward their financial goals.”
In November 2021, BMO reduced the number of overdraft or NSF charges a customer may incur to three per day. The bank also eliminated consecutive day overdraft fees for accounts that remain overdrawn for an extended period.
BMO’s Real Financial Progress Index, which measures sentiment around financial confidence, recently found that inflation and rising consumer costs are affecting Americans’ behaviors, with 80% of Americans surveyed planning to change their everyday actions to offset the impact and save money.