The Bank Slate


BMO Harris takes bite out of overdraft, NSF fees

BMO Harris Bank in Chicago is reducing its overdraft and nonsufficient funds (NSF) fees for consumer and small business banking accounts. 

The $167 billion-asset unit of Bank of Montreal said in a press release Thursday that it will eliminate overdraft transfer fees on July 12 and do away with NSF fees on Aug. 23. Overdraft fees will be lowered from $36 to $15 per occurrence beginning in the fall. 

“Our latest fee changes mark another significant milestone for BMO in our journey to empower customers to achieve their financial goals and to make real financial progress,” Paul Dilda, the bank’s head of consumer strategy, said in the release. 

“Given the current economic climate, we know it is more important than ever to help our consumer and small business customers work toward their financial goals,” Dilda added. 

BMO last November reduced the number of overdraft or NSF charges a customer may incur to three per day. It also eliminated consecutive day overdraft fees for accounts that remain overdrawn for an extended period.

A growing number of banks have been eliminating or reducing overdraft and NSF fees in recent months.

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