BMO Relationship Checking Review: Introvert-Friendly Banking

The BMO Bank Relationship Checking account is BMO's top-tier checking product. It is a solid option for introverts seeking convenience, moderate fees, and the potential for a long-term banking relationship.

Intended to be an entry point into a whole banking relationship with BMO, the features and benefits continue to grow as you add more products (and money) with BMO.

These perks can save you money, from covering an overdraft fee to outgoing wire transfer fee credits and a credit card spend bonus.

BMO also offers Relationship Checking account holders with loans through BMO rate discounts if they meet specific additional criteria.

This account accrues interest, and some associated rates and fees might not make it an excellent option for everyone, but let's look at some of what this account offers to see if it might be the right choice for you.

Why BMO Relationship Checking Works for Introverts

With a preference for independence and a desire to avoid in-person communication, the BMO Relationship Checking account may give introverts many advantages over traditional checking accounts.

By providing an online app with many robust features, introverts can manage their money their way. These features and an entirely online sign-up process allow users to avoid in-person communication at a local branch for nearly all banking activities.

Another significant factor here is the benefits of bundling together multiple BMO services, which results in additional savings on interest and fees and reduces the number of institutions you need to interact with to conduct business.

Streamlining and automating daily banking activities can give introverts the desired feelings of comfort, control, and relief.

Key Features of BMO Relationship Checking: What to Expect

Rates and Fees for BMO Relationship Checking

The rates and fees of the BMO Relationship Checking account are not ideal for most users. The account offers unlimited non-BMO ATM transactions and surcharge fee rebates of up to $25 per statement period. Still, it carries a $25 monthly maintenance fee and a low 0.01% APY, which doesn't provide much value. The threshold for waiving that fee and achieving an overdraft fee rebate is difficult for most customers to achieve requiring a $10,000 balance.

Rating: ⭐⭐⭐☆☆ (3/5)

• $25 monthly maintenance fee, waivable with a high bar to do so.
• Unlimited Free Non-BMO ATM Transactions in the U.S.
• Rebate of ATM surcharge fees, up to $25 per statement period.
• No overdraft fee rebate unless the balance exceeds $250,000 or additional protection is added.
• Pays interest but a paltry 0.01% APY, regardless of balance.

Fast, Simple Sign-Up Process: Perfect for Introverts

The BMO Relationship Checking account signup process was simple, taking just five minutes to complete from my phone on my couch—an introvert's dream. 

Options to add paper checks and a debit card were helpful, though the repeated follow-up calls were unwelcome, as I preferred to avoid potential upselling or unnecessary questions.

Rating: ⭐⭐⭐⭐☆ (4/5)

• Entirely online and mobile-friendly, the sign-up process was fast and efficient.
• No in-person branch visit was required to complete the sign-up, though BMO attempted several follow-up calls.
• Options for complimentary checks and a debit card were provided, adding flexibility for everyday banking needs.

Note: I have provided some screenshots of the sign-up in a gallery at the end of this post.

Transaction Speed: How Quickly Does BMO Process Your Money?

Overall, transaction completion speed has been good. The one exception is that there is no support for early direct deposit, which is common in the industry. 

Mobile deposit funds are available quickly, and nearly instant BMO-to-BMO account transfers and P2P transfers via Zelle are convenient. For introverts, BMO's fast transaction times save mental energy by reducing delays, allowing you to manage your money efficiently and independently without waiting or needing external input.

Rating: ⭐⭐⭐⭐☆ (4/5)

• No early direct deposit feature.
• Bank-to-bank transfers take an average of three days.
• Mobile check deposit funds are available in 3 days for a $100 check.
• Instant P2P transfers via Zelle.
• Same-day transfers between BMO accounts

BMO Notifications and Tracking: Keeping You in Control

Transaction notifications and tracking in the BMO Relationship Checking account are highly sufficient, with granular controls to customize how and when you receive specific notifications. While notifications are timely, they aren't real-time, which would improve the ability to manage your finances more accurately. Most notifications arrive the same day a transaction or update takes place. One glaring feature for me is not receiving notifications for direct deposits and no option to do so.

Rating: ⭐⭐⭐⭐☆ (4/5)

• Mobile check deposit notifications are almost instant.
• No notifications for direct deposit, which would be a helpful addition.
• Good notification options for specific account activities, but no direct deposit alerts.
• Granular notification settings for push, email, and text alerts.

Mobile Banking with BMO: A Smooth, Intuitive Experience

The BMO app's user experience is no-frills, smooth, and intuitive. It includes all the standard features plus a few additional ones, which I'll cover later in this post. Navigation is straightforward and uncluttered, unlike many banking apps. Some customization is available via the Quick Action menu, and robust security features with multiple support options offer a competitive app experience.

Rating: ⭐⭐⭐⭐☆ (4/5)

• Strong security features, including multi-factor authentication, biometric login, and data encryption.
• Easy navigation makes account management simple.
• Customization options, like Quick Actions, are available.
• Integrated support services include BMO Assist, the Message Center, and a service requests page for assistance.

Extra Features and Perks: What Else Does BMO Offer?

With a robust set of additional features and a sign-up bonus of up to $600, BMO Relationship Checking offers significant value. BMO Total Look integrates external accounts into one view, though privacy concerns may arise from sharing access. Built-in budgeting tools are helpful but carry similar security considerations. For BMO-only accounts, privacy concerns are minimized, with similar tracking provided passively in the app. The split sign-up bonus offers $500 for $7,500 in direct deposits within 90 days, with the remainder requiring a potentially uncomfortable meeting with a banker.

Rating: ⭐⭐⭐⭐☆ (4/5)

• A sign-up bonus of up to $600 when you meet direct deposit requirements and a discussion of financial priorities.
• BMO Total Look integrates external accounts for a complete financial overview.
• Budgeting tools help track spending and manage cash flow through the app.
• BMO CreditView monitors your credit score and provides real-time alerts.
• Account bundles allow managing additional BMO products like savings accounts, mortgages, and loans.

Why BMO Relationship Checking Aligns with Introvert Values

A checking account represents a central hub for much of the activity that drives our financial lives. It's typically where our income lands, whether through direct or physical deposits, and the source for outflows like bill payments, debit card transactions, checks, or cash withdrawals.

Given their importance, our checking accounts must align with our financial strategies. As introverts striving to build wealth and achieve financial freedom, this also means reflecting our values—managing money on our terms.

Online banking offers advantages that play to our natural strengths. By avoiding energy-draining social interactions, which can infringe on autonomy, we can stay in our comfort zone and truly focus. This practice lets us build an intimate connection with our finances, see the big picture, and think about money in a way that supports long-term success.

BMO Relationship Checking supports this journey. From a quick and easy online setup to its intuitive app, the account offers introverts the necessary control. The app's timely notification system enhances financial awareness, and multiple payment options give extra choice and control—letting small, mindful decisions make a significant impact.

Personal Experience with BMO Relationship Checking

The BMO Relationship Checking account meets many of my expectations for managing my finances. That said, it does not stand out as superior in any category.

One major downside for me is the $25 monthly fee or the need to maintain a $10,000 minimum to avoid it, which, at a 0.01% APY, means I'm moving backward. With so many checking accounts offering over 6% on idle cash, this rate doesn't compete. While there are hoops to jump through for those rates, other options like money market accounts (such as Ally's 4% yield) can be better for those with fewer monthly transactions.

Additionally, perks like interest rate discounts don't seem valuable since BMO's auto loan rates are significantly higher than average. While I found the app user-friendly, it needs a more seamless integration of accounts that competitors like Fidelity or SoFi offer.

In the end, while the $600 sign-up bonus was appealing and made trying the account worthwhile, I needed more to stick with BMO long-term.

Final Thoughts and Overall Rating

The BMO Relationship Checking account offers many features that provide convenience and control over the finances introverts crave. While it may not be the best option for everyone, it remains a solid choice for introvert-friendly banking. There are probably better choices for someone just getting started with taking control of their finances, but it is a long-term option if you are looking for a partner to provide you with several financial products from a single source. 

That is definitely where this account shines. While the fees and interest rates are drawbacks, it's simple to use straightforward app, and integrated tools provide a lot of value. With the generous $500 sign-up bonus and an opportunity for introverts to move outside their comfort zones for an additional $100, this might be worth trying, especially if you are unhappy with your current checking account.

BMO Relationship Checking

• Pros: Quick and easy sign-up, intuitive app, robust security, and financial tools like BMO Total Look.
• Cons: High fee waiver threshold, low interest rate, no early direct deposit.

Learn More

Are you considering BMO Relationship Checking? Visit BMO's site to learn more about their introvert-friendly features. Or, if you've tried it already, share your experience in the comments—your feedback could help others decide! Are you looking for more reviews? Check out my posts on other introvert-friendly financial tools.