BMO Bank Business Banking - BMO Business

BMO Bank's business banking division serves small and mid-size companies across the same 32-state footprint as its consumer operation. The product lineup is standard for a bank of this size: business checking and savings accounts, commercial lending, treasury management, and merchant services. What sets BMO apart from purely online business banks is the ability to sit down with a dedicated business banker who understands local market conditions, which matters for companies that need more than a generic call-center experience.

BMO Business Account Types

BMO offers several tiers of business checking, starting with a basic account for sole proprietors and freelancers who process a low volume of transactions each month. The mid-tier account adds more free transactions and cash deposits, while the premium account is built for larger businesses that need treasury services, wire transfers, and dedicated relationship management. Monthly fees scale with the tier, but they can be waived with minimum balances or combined average balances across business accounts.

Business Savings and CDs

Business savings accounts at BMO earn tiered interest based on balance, similar to the consumer side. Business CDs lock in rates for terms ranging from three months to five years, with the same $1,000 minimum as personal CDs. For companies that hold large cash reserves, BMO offers business money market accounts with check-writing privileges and competitive rates that rise with the balance. These accounts pair well with the premium checking tier for businesses that want to keep operating cash and reserve cash under one roof.

Commercial Lending

BMO's commercial lending covers term loans, lines of credit, commercial real estate financing, and equipment loans. The bank tends to favor existing business customers with a deposit relationship, though it does lend to new clients with strong financials. Term loans are typically used for expansion or large capital purchases, while lines of credit smooth out seasonal cash flow gaps. Commercial real estate loans follow a similar structure to residential mortgages but with shorter terms, usually 15 to 25 years, and larger down payment requirements.

How to Open a BMO Business Account

Opening a business account requires more paperwork than a personal account. BMO asks for a federal Employer Identification Number (EIN), business formation documents (articles of incorporation, LLC operating agreement, or partnership agreement), and personal identification for every owner who holds 25% or more of the business. Some entity types, like nonprofits, need additional documentation such as a 501(c)(3) determination letter.

Treasury and Merchant Services

BMO's treasury management platform handles ACH origination, wire transfers, positive pay fraud protection, and remote deposit capture for businesses that receive a high volume of checks. Merchant services allow businesses to accept credit and debit card payments in-store, online, or through mobile devices. Pricing for merchant services is negotiated based on transaction volume and average ticket size, so small businesses should compare BMO's rates against standalone processors like Square or Stripe before committing.

Working with a Business Banker

For businesses that need lending or complex treasury setup, BMO assigns a dedicated business banker. This person acts as a single point of contact for the relationship, which is useful when a company needs to move fast on a loan approval or troubleshoot a wire transfer. Business bankers are available by appointment at most branches, and BMO encourages scheduling ahead for anything beyond a basic account opening.