Ever found a mysterious charge on your BMO bank statement labeled "Performance Plan"? You're not alone. This article demystifies this charge, helping you understand what it is and why it appears on your account.
BMO, or Bank of Montreal, offers a range of banking services and products. One of these is their Performance Plan, a checking account designed for frequent transactors. But what does this have to do with the charge you're seeing?
Understanding the Performance Plan Charge
The Performance Plan charge is a monthly maintenance fee associated with BMO's Performance Plan checking account. This account is designed for customers who maintain a high balance or conduct numerous transactions each month.
Like many banks, BMO charges a monthly maintenance fee for their checking accounts. The Performance Plan charge is simply the fee for this specific account type.
What's Included in the Performance Plan Fee?
The Performance Plan charge covers a range of benefits and services. These include:
- Unlimited day-to-day transactions, including debits, Interac e-Transfers, and bill payments.
- No-fee ATM withdrawals at BMO and certain partner networks worldwide.
- Free access to BMO Online Banking, Mobile Banking, and BMO Mobile Cheque Deposit.
- Complimentary personal banking services, such as in-branch transactions and cheque printing.
How Much is the Performance Plan Charge?
The Performance Plan charge varies depending on your account balance and transaction activity. Here's a breakdown:
- If your daily closing balance is $5,000 or more, or you conduct 50 or more transactions in a month, you won't be charged the fee.
- If neither of these conditions is met, the monthly fee is $14.95.
BMO may also waive the fee under certain circumstances, such as if you're a student or have a linked BMO credit card.
How to Avoid the Performance Plan Charge
If you're looking to avoid the Performance Plan charge, there are a few strategies you can employ:
Firstly, ensure you maintain a daily closing balance of $5,000 or more. Alternatively, conduct 50 or more transactions in a month. This will automatically waive the fee.
Consider Other BMO Checking Accounts
If you find that you're consistently incurring the Performance Plan charge, it might be worth considering other BMO checking accounts. For instance, the BMO Everyday Banking account has a lower monthly fee, which may be waived with a lower balance or fewer transactions.
In conclusion, the Performance Plan charge is simply the monthly maintenance fee for BMO's Performance Plan checking account. Understanding what this fee covers and how to avoid it can help you make the most of your BMO banking experience. If you have any questions or need further clarification, don't hesitate to contact BMO directly.