BMO’s most popular chequing account, the Performance Chequing Account, costs $15.95/month — waived when you maintain a $4,000 minimum daily balance. Students pay $0. The NSF fee is $48. Non-BMO ATMs cost $2.00 + operator fee.
Quick answer: BMO Performance Chequing: $15.95/month (waived at $4,000). Plus Chequing: $11.95/month (25 transactions). Premium: $30.00/month (waived at $6,000). NSF: $48. Student/Youth: $0.
BMO Chequing Account Fees 2026
| Plan | Monthly Fee | Transactions | Fee Waiver | Best For |
|---|---|---|---|---|
| BMO Plus Chequing | $11.95 | 25 included | None | Moderate users |
| BMO Performance Chequing | $15.95 | Unlimited | $4,000 balance | Most customers |
| BMO Premium Chequing | $30.00 | Unlimited | $6,000 balance | Premium banking |
| BMO NewStart® | $0 | Limited | New Canadians | 1st year free |
| BMO Smart Money Chequing | $6.95 | Basic | None | Low-use |
| BMO Student Chequing | $0 | Unlimited | Students | Post-secondary |
| BMO Youth Chequing | $0 | Unlimited | Under 19 | Youth |
The Fee Waiver Decision: Is $4,000 Worth It?
Keeping $4,000 in your BMO Performance Chequing account waives the $15.95 monthly fee — saving $191.40/year. But that $4,000 earns very little interest in a chequing account (typically 0.00%–0.05%). Is the waiver worth it?
Opportunity cost calculation:
- $4,000 at 0.00% (BMO chequing) = $0/year
- $4,000 at 3.75% (EQ Bank savings) = $150/year
- BMO fee without waiver = $191.40/year
- BMO fee with waiver = $0 (but opportunity cost of ~$150 in foregone savings interest)
Net cost of maintaining the waiver: ~$150 in foregone savings interest Cost of not maintaining the waiver: $191.40/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) exceeds switching to a no-fee bank like Simplii, Tangerine, or EQ Bank.
Additional BMO Fees
| Service | Fee |
|---|---|
| NSF (Non-Sufficient Funds) | $48 |
| Non-BMO ATM (Canada) | $2.00 + operator surcharge |
| International ATM | $5.00 + operator + conversion |
| Stop payment | ~$12.50 |
| Certified cheque | ~$10 |
| Overdraft protection | ~$5/month + interest |
| Incoming international wire | ~$15 |
BMO NSF Fee: $48
At $48, BMO’s NSF fee is among the higher fees in Canada. For comparison, the Big 5 average is $40–$50. The NSF fee triggers when a pre-authorized debit, cheque, or bill payment hits your account with insufficient funds.
BMO offers optional overdraft protection for approximately $5/month — this converts NSF events into overdraft advances (which accrue interest) rather than declined transactions with a $48 fee. For customers who occasionally run close to zero, overdraft protection at $5/month may be cheaper than one NSF event.
How to avoid BMO NSF fees:
- Enable BMO’s low-balance alerts in the BMO app (My Alerts → Balance Alert)
- Link overdraft protection to your savings or credit account
- Set pre-authorized payment dates to 2–3 days after your direct deposit date
- 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 ($15.95, unlimited) makes more sense
BMO vs. Competitors: Monthly Fee Comparison
| Bank | Account | Fee | Waiver Balance | Unlimited Txns |
|---|---|---|---|---|
| BMO Performance | Chequing | $15.95 | $4,000 | Yes |
| RBC Day to Day | Chequing | $4.00 | None | No (12 txns) |
| TD Everyday | Banking Plan | $10.95 | $2,000 | Yes |
| CIBC Smart Tier 3 | Account | $14.95 | None | Yes |
| Scotiabank Preferred | Package | $16.95 | $4,000 | Yes |
| Tangerine No-Fee | Chequing | $0 | None | Yes |
| Simplii No-Fee | Chequing | $0 | None | Yes |
BMO’s Performance Chequing is priced similarly to Scotiabank’s Preferred Package but higher than TD’s Everyday Banking Plan. 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 approximately 900 branches across Canada
- 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
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