BMO Harris $350/750 Business Checking Bonus

Update 9/11/24: Deal is back until October 31, 2024

Update 7/29/24: Deal is back until September 9, 2024.

Update 1/10/24: Bonus is back, $400 and $600 tiers have been reduced to $300/$500 and there is a new $1,000 tier. Probably worth waiting for the $400/$600 tiers to return.

Update 9/19/23: Deal is back and increased from $300 to $400 and $500 to $600. Valid until December 8, 2023.

Update 5/21/23: Bonuses are now $300/$500.

Update 5/16/23: Bonus has been extended until September 15, 2023

Update 2/5/23: Extended until 5/12/23.

Update 11/1/22: Bonus has been reduced to $250/$400.

Update 6/12/22: Bonus has been increased back to $300/$500.

Update 5/3/22: Extended until May 31st.

Update 2/21/22: now $250 and $400 until April 29, 2022

Update 1/5/22: Deal is back and valid until January 31, 2022.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Must open in branch, all branches are located Can be opened online in AZ, FL, IL, IN, KS, MO, MN and WI. I imagine out of state applications will work in branch. [Branch locator]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Yes
  • Credit card funding: Cannot fund with a credit card
  • Monthly fees: $15-$20
  • Early account termination fee: $20 if closed within 90 days, bonus will post after 120 days
  • Household limit: None
  • Expiration date: October 31st, 2018 October 31st, 2019 January 31st, 2020 September 30th, 2020 January 31, 2021 April 30, 2021. May 31, 2021

The Offer

Direct link to offer

  • BMO Harris is offering three checking bonuses. Must open a new BMO Digital Business Checking, BMO Simple Business Checking, BMO Premium Business Checking, or BMO Elite Business Checking account and complete 10 debit card transactions within 90 days of account opening. The bonus you receive depends on Average Collected Balance in the account from Day 1 to Day 90.
    • $300 bonus: $4,000 – $24,999.99
    • $750 bonus: $25,000+

The Fine Print

  • You can receive either the $200 checking bonus or the $500 checking bonus.
  • To receive a checking bonus, you must open the account in a BMO Harris branch and present the promo code email from BMO Harris.
  • Your account must be open and in good standing when the bonus is paid approximately 120 days after opening.
  • For Business Advantage Checking, the accrued interest will be increased by the amount of the bonus.
  • The accrued interest will be credited at the next scheduled interest payment, which may be after the 120 days.
  • Offers are not available to existing BMO Harris business checking customers or those who have closed a BMO Harris business checking account within the past 12 months.
  • Bonus is not considered part of the opening deposit and will be reported to the IRS for tax purposes.
  • You are responsible for any applicable taxes.
  • Offers are subject to change without notice, cannot be combined with any other offer and are limited to one per customer. The minimum deposit to open a small business checking account is $100, however to receive the bonus you must open the account with the minimum as stated below.
  • To receive the $200 checking bonus: 1) Open a new Essential Business Checking account between November 1, 2018 and October 31, 2019. 2) Make a minimum opening deposit of $1,500 in funds not currently on deposit at BMO Harris Bank or its affiliates. 3) Maintain a minimum daily balance of at least $1,500 in the account for 90 days following account opening. 4) Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.
  • To receive the $500 checking bonus: 1) Open a new Business Advantage Checking account between November 1, 2018 and October 31, 2019. 2) Make a minimum opening deposit of $5,000 in funds not currently on deposit at BMO Harris Bank or its affiliates. 3) Maintain a minimum daily balance of at least $5,000 in the account for 90 days following account opening. 4) Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

You don’t need a specific account currently and the first three months of fees are waived. After that the fees are as follows:

  • Simple Biz Checking. Requires a $100 monthly balance
  • Essential business checking: $15 monthly maintenance fee. Waived with $1,500 average collected balance
  • Business Advantage checking: $20 monthly maintenance fee. Waived with $5,000 average collected balance

Our Verdict

Seems like a great deal to me, the requirements should be fairly easy to meet for most people. What bonus you go for will likely depend on whether you can float $5,000 or not, the $500 deal is definitely better if you can. Either way both deals are a return of 10% over the course for 120 days or so (annualized return of 30%+). That’s the good news, the bad news is that BMO Harris is known for slow bonus posting and having to manually follow up to get your bonus. If you don’t believe me please read the comments on the personal bonus. Given that this has an in branch component and it’s for businesses, I’m hopeful that the bonus posting will be easier. Either way I’d get the contact details of your bank and a reference number for your application when signing up so you have a good point of contact if anything goes wrong.  I’ll be adding this to our best business checking bonuses for sure.

Also since I’m sure some people won’t read the fine print, yes you’ll be able to get this bonus even if you’ve received a bonus on the personal account and even if you still have that personal account.

Hat tip to abhirupduttamit

Useful posts regarding bank bonuses:

Post history:

  • Offer extended to October 29, 2021
  • Update 7/12/21: Valid until September 30, 2021.
  • Update 6/30/21: Deal is back and valid until July 11, 2021. Hat tip to Ted
  • Update 5/11/21: Deal has been extended until May 31, 2021.
  • Update 2/12/21: Deal has been extended until April 30th 21. Hat tip to Carl J
  • Deal has been extended until January 31, 2021.Update 7/18/20: Deal is back until September 30th, 2020. Hat tip to reader Carl
  • Update 2/1/20: Deal has been extended until April 30th, 2020. Length of time the money needs to stay in the account has changed from 60 to 90 days
  • Update 11/3/19: Bonus extended until January 31st, 2020.
    William Charles
  • On January 10, 2024, 12:00

View Comments (716)

  • These motherfuckers actually paid, I'm shocked. After the previous two accts I had with them, this was their last chance. They even paid like 5 days after 90 days met.

    30Oct: open
    13Nov: 25k in
    3Feb: "PROMOTIONAL INCENTIVE+$750.00"

  • @guest_1726386 @guest_1251983 did you have any other interaction after submitting the files you created below for sole prop before approval?

    I'm applying sole prop from GA under name/ssn and they are insisting that I have to have the TIN verification letter from the IRS. Tried make a doc that said similar to what you two have below and no dice.

    • There's no such thing as a "TIN verification letter from the IRS."

      When you apply for a bank account that pays interest or other income, the bank is required to ask you for your TIN by having you complete IRS Form W-9 "Request for Taxpayer Identification Number and Certification" or an equivalent form. In that form, you provide the TIN you want the bank to use and certify that it's a valid TIN. The bank must use the TIN you provide in that form. If the TIN you provide is your SSN, the bank is required to use your SSN when reporting income it pays you.

      If they insist on using your EIN instead of your SSN, file a CFPB complaint. Your complaint will be sent to BMO's executive response unit. That should put a stop to this nonsense about a TIN verification letter from the IRS.

      • Does applying for and obtaining an EIN make filing taxes any more complicated? Or just an extra form/number to add? @guest_1726386

        • Even if you give BMO the EIN "verification letter from the IRS," BMO must still use the SSN you provided in the TIN certification section of the checking account application when they report income they pay you.

          You will report any income BMO pays you under your SSN, not the EIN.

        • I just applied for and received an EIN for a sole prop in my name and confirmation letter that bears the IRS letterhead, the assigned EIN, the name and address I provided in the application, and the following notice.

          WE ASSIGNED YOU AN EMPLOYER IDENTIFICATION NUMBER

          Thank you for applying for an Employer Identification Number (EIN). We assigned you EIN [xx-xxxxxxx]. This EIN will identify you, your business accounts, tax returns, and documents, even if you have no employees. Please keep this notice in your permanent records.

          Taxpayers request an EIN for their business. Some taxpayers receive CP575 notices when another person has stolen their identity and are opening a business using their information. If you did not apply for this EIN, please contact us at the phone number or address listed on the top of this notice.

          When filing tax documents, making payments, or replying to any related correspondence, it is very important that you use your EIN and complete name and address exactly as shown above. Any variation may cause a delay in processing, result in incorrect information in your account, or even cause you to be assigned more than one EIN. If the information is not correct as shown above, please make the correction using the attached tear-off stub
          and return it to us.

          A limited liability company (LLC) may file Form 8832, Entity Classification Election, and elect to be classified as an association taxable as a corporation. If the LLC is eligible to be treated as a corporation that meets certain tests and it will be electing S corporation status, it must timely file Form 2553, Election by a Small Business Corporation. The LLC will be treated as a corporation as of the effective date of the S corporation election and does not need to file Form 8832.

          To obtain tax forms and publications, including those referenced in this notice,
          visit our Web site at http://www.irs.gov. If you do not have access to the Internet, call 1-800-829-3676 (TTY/TDD 1-800-829-4059) or visit your local IRS office.

          • NOTE: You can apply online for a new EIN every day, and there's no limit on how many different EINs you can have.

        • The absurdity of BMO's insistence that you provide a "TIN verification letter from the IRS" before they will open a business checking for your sole prop is that having a TIN doesn't prove you own a business. Anyone can get an EIN, even if you don't have a business. The IRS application for an EIN for a sole prop doesn't even ask the name of the business!

          Enter your SSN in the TIN certification section of the account application. That will force the bank to use your SSN for tax reporting the bonus.

          If they pay the bonus under your EIN, you'll have to report the bonus as income on a Sch. C for the sole prop, which means you may have to pay self-employment tax if the net income from the business exceeds a certain amount, which was $400 last time I checked.

          • The application for an EIN for a sole prop only asks the name of the business if it's different from your name.

    • A few months ago, I applied in person at a local Citibank branch for a business checking account for a sole prop that I run under my legal name. The only documentation I provided was my valid CA driver's license.

      The banker and his manager said I needed to provide additional documentation. I told the manager that I had opened a business checking account for my sole prop at this same office 7 months before, and the only documentation I provided was my driver's license. She said, "Well, now they're requiring additional documentation." I informed her that California doesn't require any documentation for a sole prop that you run under your own name. That shut her up.

      I had to walk the banker through the application. He got stuck on the step where it asks for what documents did the applicant provide. I told him to check the box that says, "driver's license." He submitted the application to the back office for approval. The back office opened the next business day, no questions asked.

      The moral of the story is that bankers invent non-existent requirements for sole props.

    • The BMO banker you're dealing with doesn't know what he's talking about. TIN stands for "Taxpayer Identification Number." An SSN is a taxpayer identification number and therefore a TIN.

      I applied online for a BMO business checking account for a sole prop that I run only under my legal name. The only TIN I provided was my SSN. My online application was automatically approved. I was not asked to provide any additional documentation.

      The application includes the equivalent of IRS Form W-9, in which you certify that the TIN you're providing is valid, that you're US person for tax purposes, that you're not subject to backup withholding, etc. Most people use their SSN as a TIN.

      Refer the banker to the BMO PDF at https://www.bmo.com/en-us/pdf/sb/sb-checklist.pdf
      which describes the documents needed to open a BMO business checking account for a Sole Proprietor using an SSN or EIN. Note that there's no mention of TIN verification letter from the IRS.

      The type of TIN this ignorant banker might have in mind is an EIN ("Employer Identification Letter"). However, a sole prop doesn't require an EIN unless the sole prop has an IRS-approved retirement plan.

      • Thanks @guest_1726386 . That PDF is especially helpful. I've spoken to 3 (maybe 4) different reps now and they all continue to insist on the TIN doc even though I've walked them through what you've described above. All essentially end with "sorry, we can't move forward without it".

        Maybe I just catch the right rep on one of these calls, but eventually the juice isn't worth the squeeze, lol.

        • Show them the IRS "Taxpayers identification number (TIN)" webpage at https://www.irs.gov/tin/taxpayer-identification-numbers-tin

          On that IRS webpage, it states:
          "A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued either by the Social Security Administration (SSA) or by the IRS. A Social Security number (SSN) is issued by the SSA whereas all other TINs are issued by the IRS."

          The webpage lists the following types Taxpayer identification numbers:

          • Social Security number "SSN"
          • Employer Identification Number "EIN"
          • Individual Taxpayer Identification Number "ITIN"
          • Taxpayer Identification Number for Pending U.S. Adoptions "ATIN"
          • Preparer Taxpayer Identification Number "PTIN"

          According that webpage, an SSN is a TIN.

  • DP from PA:

    2024/10/28: BMO "Simple Business Checking" account opened.
    2024/11/12: Transfer from Fidelity CMA to BMO Checking posts ($10).
    2024/11/18: Transfer from Fidelity CMA to BMO Checking posts ($4010).
    2025/01/27: "Promotional Incentive" posts ($350).

    Since I've had the account for more than 90 days, I shouldn't face an EATF. So I'll zero out this account and close by early February.

    Thanks as always, Doc.

    • The fee is waived if you park $100. Just leave $100 in there and close after 180 days or you'll just be shooting us churners in the foot when banks see accounts opened and closed immediately after the bonus pays out

  • How do you close this account? Zero out and secure message? Zero out and chat? Zero out and call? Thanks!

  • How to find out when the previous account was closed?

    I thought my previous account was closed on 1/31/24, but just looked at my notes, it said "Called to close on 1/31/24, agent said it would take a couple of days to process", so the actual closing date could be different. The current promo ends 2/1/25, I am trying to figure out whether I will be eligible by then.

    I pulled my EWS, my personal BMO account was on it and I could see its closing date, but I didn't see the BMO business account. So business accounts do not report to EWS? If so how can I find out when exactly my previous BMO business checking was closed?

  • Account was opened on 9/30/24, $750 bonus was post on 12/30/24. When can I close account? Do I need to keep account for 6 months?

  • Hi, All; today is one month and 2 days since I opened the account. I completely forgot about pushing the money into this account. The fine print says you must have a balance X between the 30th and 90th days. Does this mean there is no point in sending the money now, and it is better to close the account? Please advise. Thanks.

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