Business Current Account
Let’s keep things simple. Pay for only for the small business banking services you use with the Business Current Account.
This pay-as-you-go account lets you manage you day-to-day business banking needs. And as your business grows, add in a Business Banking Plan.
$6
monthly fee
No minimum balance required
Pay only for the services you need
Terms and Conditions
- Savings include: The annual value of savings for 2 Interac e-Transfer transactions per month is $36 = ($1.50/per Interac e-Transfer transaction) x 2 x 12 months. The annual value of savings for 10 electronic transaction fees = $72 ($0.60 x10 electronic transactions) x 12 months = $72. Note: Electronic transactions exclude client-initiated transfers between Business Bank Accounts, Interac e-Transfers, account transaction histories completed through BMO Online Banking for Business, BMO Online Banking, BMO Mobile or BMO Tablet Banking, and cheques deposited through Mobile Cheque Deposit.
- Subject to interruptions in telecommunications or online systems or in power supply or any other factor or event beyond the control of Bank of Montreal.
- Mobile Banking is only available for customers registered for Online Banking.
- The monthly Business Banking Plan fee can be eliminated by maintaining the minimum monthly balance at all times in a Business Account. Customers are responsible for all other fees relating to any transactions, services and products not included in the Business Banking Plan. The minimum balance waiver is only eligible for customers with the Business Builder 3 and 4 Business Banking Plan
- Assisted transactions refer to those completed at a BMO branch or with the assistance of a Customer Contact Centre associate.
- Although BMO will not charge any fees in addition to your monthly Plan or account fees to access Mobile Banking, additional service fees may be charged by your service provider. Check with your service or hardware provider if you have questions about your specific device.
- Applies to all deposits posted by Moneris to your BMO business account in connection with your acceptance of Mastercard, Visa*, Interac, Discover* or Union Pay* branded cards and American Express* transactions that are settled by Moneris - including deposit of settlement funds, terminal rental fee, and any other fees. American Express credit card transactions that are not settled through Moneris are not included in unlimited Moneris transactions, and are subject to separate terms and conditions. Standard transaction fees apply. Refer to Moneris Solutions for complete details. All other debit or credit transactions posted to your BMO account related to any other brand of card processed using Moneris services, are not included and may be subject to transaction limits associated with your Plan and/or excess per-item transaction fees. (* Visa, Discover, American Express and Union Pay are trademarks of their respective owners.)
- Transactions include cheques negotiated and other debit or credit transactions to the account, including deposits (except cash and coin), withdrawals, electronic credits and debits, bill payment debits or debit card debits and credits. Cash and/or coin deposits are subject to deposit content fees of $2.25 per each $1,000 for cash and $2.25 per each $100 for coin.
- There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each transfer.
- Overdraft limits range from $500 to a maximum of $2,499.99 and are subject to credit qualification.
- Available in Canadian dollars only.
- Interest is calculated on the daily overdrawn balance at prevailing overdraft interest rates and charged to the account on the last business day of each month.
- A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft up to your approved limit.
- There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft.
- This fee is in addition to any applicable transaction fees.
- You are required to provide initial setup instructions for this service.
- Interac e-Transfer service may be restricted based on BMO Debit Card for Business privileges.
- Interac e-Transfers can only be sent from a Canadian dollar business account. Sending an Interac e-Transfer is considered an electronic debit to the account. Excess item or account per item fees may apply. The Interac e-Transfer fee is non-refundable, this includes cancellations. The AgriInvest Account and Business Premium Rate Savings Account are restricted from sending Interac e-Transfers.
- Interac e-Transfers can only be credited to a Canadian dollar account. There is no additional charge to receive an Interac e-Transfer. Receiving an Interac e-Transfer is considered an electronic credit to the account. Excess item or account per item fees may apply.
- Your Interac e-Transfer send limit may be lower than the posted daily limit depending on the Bill Payment Limit assigned to your BMO Debit Card for Business.
- BMO self-serve channels include BMO Online, Mobile and Tablet Banking, BMO Online Banking for Business, Telephone Banking (when using the interactive voice response (IVR) sytem and BMO ATMs.
- Speak to your tax professional for tax advice.
- Moneris payment processing fees still apply. Applies to all deposits posted by Moneris to your BMO business account in connection with your acceptance of Mastercard, Visa*, Interac, Discover* or Union Pay* branded cards and American Express* transactions that are settled by Moneris - including deposit of settlement funds, terminal rental fee, and any other fees. American Express credit card transactions that are not settled through Moneris are not included in unlimited Moneris transactions, and are subject to separate terms and conditions. Standard transaction fees apply. Refer to Moneris Solutions for complete details. All other debit or credit transactions posted to your BMO account related to any other brand of card processed using Moneris services, are not included and may be subject to transaction limits associated with your Plan and/or excess per-item transaction fees. (* Visa, Discover, American Express and Union Pay are trademarks of their respective owners.)
- Customers are allowed one Canadian Dollar Business Account included in the Business Banking Plan. Interest-Bearing Business Current Accounts (existing customers) are not eligible for Bank Plan benefits.
- The $1.50 per-item fee is waived for the first two Interac e-Transfer transactions sent each month. Sending and receiving money with Interac e-Transfer counts as an electronic transactions. Electronic excess or per-item transaction fees may apply.
- Access to BMO Online Banking for Business is subject to individual agreements and applicable fees. Fees subject to change.
- The monthly Business Banking Plan transaction limit includes cheques negotiated and other debit and credit transactions to the account including deposits, withdrawals, electronic credits and debits, bill payments or BMO Debit Card for Business purchases and refunds, and excludes customer initiated transfers between Business Bank Accounts. Cheques debited and transactions completed in branch or with an associate at the Customer Contact Centre count towards the monthly transaction limit first. Customer initiated transfers between Business Bank Accounts and account transaction histories completed through BMO Online Banking for Business, BMO Online Banking, BMO Mobile or BMO Tablet Banking do not count towards the monthly transaction limit.
- The monthly Business Banking Plan transaction limit includes cheques negotiated and other debit or credit transactions to the account including deposits, withdrawals, electronic credits and debits, bill payment debits or debit card debits and credits.
- Standard deposit contents fees will be waived on each month’s deposits up to these limits.
Features and benefits
- Make deposits on your schedule – in-branch or BMO ATM
- Get easy access to your account in-branch or online
- Keep track of everything with free monthly eStatements
- Add one of our Business Banking Plans when you need for a low monthly fee
- Available for Canadian or U.S. dollar accounts
Connect with us
- Book an appointment
Pick a date, time and location that works for you.
- Call usLaunch a dialling app to call us at 1-877-262-5907
1-877-262-59071-877-262-5907
- Find a branch
And talk to us about your business.
Account Fees and Additional Features
If you prefer to pay as your go or need a U.S.U S dollar account.
Pay only for the services you need
| Deposit fee per transaction | Canadian dollarsC$ | U S dollars *US$* |
|---|---|---|
| Branch deposits | Canadian dollarsC$ $1.25 | U S dollars *US$* $1.25 |
| ATM deposits | Canadian dollarsC$ $1.25 | U S dollars *US$* N/A |
| Point of sale | Canadian dollarsC$ $1.25 | U S dollars *US$* N/A |
| Debit card return/reversal | Canadian dollarsC$ Free | U S dollars *US$* N/A |
| Pre-authorized credits/Electronic Funds Transfer | Canadian dollarsC$ $1.25 | U S dollars *US$* $1.25 |
| Deposit content fees | Canadian dollarsC$ | U S dollars *US$* |
|---|---|---|
| Notes (currency) on deposit (per $1,000) | Canadian dollarsC$ $2.25 | U S dollars *US$* $2.25 |
| Coin on deposit (per $100, U.S. coin accepted at par) | Canadian dollarsC$ $2.25 | U S dollars *US$* $2.25 |
| Items on deposit – (per item, e.g. cheque) – Value for U.S. dollar items deposited to U.S. dollar accounts will be delayed from one to three business days to allow for clearing and international settlement. | Canadian dollarsC$ $0.20 | U S dollars *US$* $0.20 |
| Account debit per transaction | Canadian dollarsC$ | U S dollars *US$* |
|---|---|---|
| Cheque | Canadian dollarsC$ $1.25 | U S dollars *US$* $1.25 |
| Pre-authorized payment/electronic funds transfer | Canadian dollarsC$ $1.25 | U S dollars *US$* $1.25 |
| Debit card purchase | Canadian dollarsC$ $1.25 | U S dollars *US$* N/A |
| ATM withdrawal | Canadian dollarsC$ $1.25 | U S dollars *US$* N/A |
| Branch withdrawal | Canadian dollarsC$ $1.25 | U S dollars *US$* $1.25 |
| Bill payment (branch or via debit card) | Canadian dollarsC$ $1.25 | U S dollars *US$* $1.25 |
| Customer Initiated transfer via branch or via debit card | C$ Free | U S dollars *US$* Free |
| Monthly account administration fee | Canadian dollarsC$ $6.00 | U S dollars *US$* $6.00 |
| Monthly eStatement with cheque images | Canadian dollarsC$ Free | U S dollars *US$* Free |
| Monthly paper statement fee with cheque images | Canadian dollarsC$ $4.00 | U S dollars *US$* $4.00 |
| Fee per statement cycle, if statement produced more frequently than account standard | Canadian dollarsC$ $5.00 | U S dollars *US$* $5.00 |
Footnote star, U.S. Dollar Accounts are not eligible for Canadian Deposit Insurance Corporation (CDIC) deposit insurance.
Add on a Business Banking Plans as your business grows.
| Service | eBusiness Plan | Business Start | Business Builder 1 | Business Builder 2 | Business Builder 3 | Business Builder 4 |
|---|---|---|---|---|---|---|
| Monthly fee | $0 | $6 | $22.50 | $45 | $80 | $120 |
| Transactions | Unlimited electronic transactions* | 7 | 35 | 70 | 120 | 160 |
| Items deposited | 0 | 0 | 25 | 45 | 65 | 90 |
| Cash deposited | $0 | $0 | $2,500 | $4,000 | $8,000 | $12,000 |
| Minimum balance to waive plan fee | No minimum | N/A | N/A | N/A | $35,000 | $80,000 |
Be prepared for those just-in-case moments.
Overdraft protection
If you have a Business Current Account or an account with a Business Banking Plan, Small Business Overdraft Protection is available to support your cash flow needs. Great if you require less than $2,500 in overdraft protection. Choose from two fee options:
1. Fixed Fee
- Overdraft protection always there in case you need it
- $4.00 per month fee applies
2. Pay-per-use
- Only pay for overdraft when you need it
- $5.00 per item fee applies
Overdraft Transfer Service allows you to easily transfer funds from your other BMO account, BMO Small Business Mastercard®* card or your Small Business Line of Credit. A fee of $5.00 per transfer applies
Need an account in U.S.U S dollars?
U.S.U S Dollar Business Current Account
Do you use cheques to make payments in the United States?
We’ll be clearing all your U.S.U S Dollar Business Current Account cheques in Canada.
Customers who use U.S.U S dollar cheques to make payments in the United States should be aware that it may take additional time for billers to receive funds. All cheques are encoded for payment through Canada, as specified by Payments Canada (PC). BMO Bank of Montreal has no control or authority over this delay. There may also be an additional service fee charged to the biller by their financial institution. Additionally, some smaller U.S. banks may not accept the PC encoded cheques.
Our solution for businesses that frequently make payments to U.S.U S suppliers/billers in the United States:
We can provide you with alternative U.S. cash management solutions. For example, Harris Bank**, our affiliate in the United States, provides services to meet cheque clearing within the United States.
**BMO Harris Bank is a trade name used by BMO Harris Bank N.A. and its affiliates. BMO Harris Bank N.A. is a member of the FDIC. Products offered by Harris Bank are subject to their approval process. Bank of Montreal does not represent BMO Harris Bank N.A. and is not an agent of BMO Harris Bank N.A.
What to bring to a branch meeting
If you're a sole proprietor
Registered documents you'll need to bring
If operating under a registered Trade Name, bring one of the following:
- Trade Name Registration
- Master Business License
For a corporation
Registered documents you'll need to bring
If your business has been in existence less than 18 months, bring one of the following:1footnote 1
- Complete Articles of Incorporation
- Letters Patent/Company Charter
- Articles of Amendment
- Articles of Amalgamation
- Corporate Profile Report
If your business has been in existence more than 18 months, in addition to the above documents, bring one of the following:
- Annual/Statutory Return
- Certificate of Status
- Certificate of Compliance/Existence and any filings under the applicable provincial securities legislation, such as financial statements
- Financial statement or annual report signed by independent accounting firm
- Government Assessment
- Corporate search
If your business operates under a registered Trade Name, bring one of the following:
- Trade Name Registration
- Master Business License
- Identification
Please bring the following identification:
- Name, address, and nature of primary business
- Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
- Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
- Name and occupation information for any directors or officers
If you're in a partnership
Registered documents you'll need to bring
If your business is a General Partnership, bring the following:
- Partnership Registration (if applicable)
- Partnership Agreement
If your business is operating under a registered Trade Name, bring one of the following:
- Trade Name Registration
- Master Business License
- Identification
If your business is a Limited Partnership, bring the following:
- Limited Partnership Agreement
- Certificate of Limited Partnership/Declaration of Limited Partnership/Application for Registration of a Limited Partnership
Please bring the following identification:
- Name, address, occupation or nature of primary business
- Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
- Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
If you run an Unincorporated Association
Registered documents you'll need to bring
If your business has been formally established, bring one of the following:
- Articles of Association
- Copy of by-laws or constitution disclosing names and titles of directors and/or officers
If your association isn’t formally established, bring:
- Letter from the organization disclosing who has the authority to open and operate the account
Please bring the following identification:
- Name, address, occupation or nature of primary business
- Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
- Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
- Name and occupation information for any directors or officers
