BMO Banking Fees 2026 — Performance Chequing Costs and Monthly Charges

BMO’s most popular chequing account, the Performance Chequing Account, costs $17.95/month (confirmed via bmo.com and aggregator cross-checks, September 2026) — waived when you maintain a $4,000 minimum daily balance. Students pay $0. As of March 12, 2026, the NSF fee is capped at $10 under federal regulation. Non-BMO ATMs cost $2.00 + operator fee.

Quick answer: BMO Performance Chequing: $17.95/month (waived at $4,000). Plus Chequing: $11.95/month (25 transactions). Premium: $30.95/month (waived at $6,000). NSF: capped at $10 since March 12, 2026. Student/Youth: $0.

BMO Chequing Account Fees 2026

Fees confirmed via bmo.com and aggregator cross-checks, September 2026. Always verify current fees at bmo.com.

The Fee Waiver Decision: Is $4,000 Worth It?

Keeping $4,000 in your BMO Performance Chequing account waives the $17.95 monthly fee — saving $215.40/year. But that $4,000 typically earns very little interest in a chequing account. Is the waiver worth it?

Illustrative opportunity cost calculation (confirm current rates before relying on this):

• $4,000 at 0.00% (typical BMO chequing) = $0/year
• $4,000 at EQ Bank’s confirmed base rate of 1.00% = $40/year; at the 2.75% bonus rate (requires qualifying $2,000+/month direct deposit) = $110/year
• BMO Performance fee without waiver = $215.40/year
• BMO Performance fee with waiver = $0 (but opportunity cost of foregone savings interest elsewhere)

Net cost of maintaining the waiver: the foregone interest you’d otherwise earn on that $4,000 at a competitive HISA Cost of not maintaining the waiver: $215.40/year in fees

Verdict for most people: If you always have $4,000 idle in your chequing account anyway, the waiver makes sense. If you’re money-conscious and prefer to keep savings in a high-interest account, the total cost of BMO (fees + foregone interest) can exceed switching to a no-fee bank like Simplii, Tangerine, or EQ Bank — run the numbers with current confirmed rates for your own situation.

Additional BMO Fees

BMO NSF Fee: Capped at $10 Since March 2026

As of March 12, 2026, BMO’s NSF fee is capped at $10 per occurrence under federal regulation — down from the pre-2026 range of roughly $45–$48 charged by Big 5 banks. The NSF fee triggers when a pre-authorized debit, cheque, or bill payment hits your account with insufficient funds, and a bank cannot charge more than one NSF fee per account within any 2-business-day period.

BMO offers optional overdraft protection — confirm the current monthly fee at bmo.com — which converts NSF events into overdraft advances (which accrue interest) rather than declined transactions with a fee. For customers who occasionally run close to zero, whether overdraft protection is cheaper than the now-much-lower $10 NSF fee depends on BMO’s current monthly overdraft fee — compare both before deciding.

How to avoid BMO NSF fees:

1. Enable BMO’s low-balance alerts in the BMO app (My Alerts → Balance Alert)
2. Link overdraft protection to your savings or credit account
3. Set pre-authorized payment dates to 2–3 days after your direct deposit date
4. Keep a buffer of at least $200 in chequing at all times

BMO Plus Chequing: 25 Transactions

The Plus Chequing plan at $11.95/month includes 25 transactions per month. Transactions count as: debit purchases, cheques written, ATM withdrawals, bill payments, and pre-authorized debits. Going over 25 costs approximately $0.65 per extra transaction.

Is Plus Chequing worth it? Track your monthly transactions. If you typically do:

• Under 12: Smart Money ($6.95) may be sufficient
• 12–25: Plus Chequing ($11.95) covers it
• Over 25: Performance ($17.95, unlimited) makes more sense

BMO vs. Competitors: Monthly Fee Comparison

Fees confirmed via bank websites and aggregator cross-checks, September 2026.

BMO’s Performance Chequing is priced slightly above Scotiabank’s Preferred Package and TD’s Unlimited Chequing. For customers who want to pay $0, the no-fee alternatives (Simplii, Tangerine, EQ Bank) are compelling — but lack BMO’s branch access and premium services.

When BMO’s Fee Is Worth Paying

BMO’s fees are justified when you value:

• Branch banking: BMO has hundreds of branches across Canada — confirm the current count at bmo.com
• Full-service banking: In-branch mortgages, lending, investments, foreign exchange
• Bundle discounts: BMO premium accounts include benefits like free safety deposit box, free certified cheques, and discounts on investment services
• Premium rewards: BMO World Elite Mastercard credit cards provide strong travel benefits tied to BMO banking
• Overdraft protection: Available — not offered by no-fee banks

Related Articles

• BMO ATM Limit 2026
• BMO e-Transfer Limit 2026
• BMO Routing Number 2026
• BMO Wire Transfer 2026
• EQ Bank vs Tangerine vs Simplii

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Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.