Posted by William Charles on January 19, 2016
Bank Account Bonuses

Published on January 19th, 2016 | by William Charles

74

[Expired] BMO Harris – $250 Checking Bonus – Available Nationwide

This deal has now expired, but there is a $200 bonus that is still available.

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Nationwide
  • Direct deposit required: $300
  • Additional requirements: None
  • Hard/soft pull: Soft
  • Credit card funding: Up to $1,000
  • Monthly fees: $10, waivable
  • Early account termination fee: $50 if closed within 90 days, you’ll also forfeit the bonus if you closed the account within six months.
  • Expiration date: February 8th, 2016

The Offer

Direct link to offer

There are no longer any online opening options, but you can open the account over the phone or at a BMO harris branch. Make sure to confirm the bonus when giving them the promotional code “flexcode12”.

  • Receive a bonus of up to $250 when you open a checking account with BMO Harris, use the promotional code “flexcode12” and complete the following requirements:
    • Open a BMO Harris Everyday Checking®, BMO Harris Select Checking® or BMO Harris Portfolio Checking® account
    • Set up a qualifying recurring direct deposit of at least $300 (these first two steps qualify you for a $200 bonus)
    • Meet the requirements for the $200 bonus and turn on paperless statements (this qualifies you for another $50)

bmo harris 250 bonus

The Fine Print

  • Offer not available to existing BMO Harris personal checking account customers (including all signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months of opening a new account as part of this promotion
  • “Qualifying direct deposits” are recurring direct deposits of a paycheck, pension payment, Social Security payment, or other government benefits payment electronically deposited into your new personal checking account on a recurring basis, at least monthly, from an employer or an outside agency. Each direct deposit must be in an amount of $300 or more and the first direct deposit must occur within 60 days of account opening
  • We reserve the right to request documentation to support that the direct deposits are qualifying direct deposits
  • If we determine you have met the terms of the offer, the cash bonus will be deposited into your new BMO Harris personal checking account on the Payment Date. “Payment Date” means approximately 120 days after account opening
  • To receive the $50 paperless statements cash bonus, you must 1) meet the criteria to receive the $200 checking cash bonus, 2) enroll in BMO Harris Online Banking® and 3) opt to receive electronic only statements on your new checking account by February 8, 2016.
  • You must still be opted in for electronic only statements on the Payment Date. “Payment Date” means approximately 120 days after opting to receive electronic only statements
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Your best option is to open the BMO Harris Everyday Checking ($10 monthly fee), the monthly fee is waived if you meet any of the following requirements:

  • You receive an external deposit of $500 or more
  • The minimum daily balance is $1,000 or more
  • You’re a college student and you request a fee waiver. This will result in the account being fee free for a period of four years
  • Your BMO Harris Select Checking® account meets its $10,000 minimum Combined Balance requirement, and you have requested we link this account to your BMO Harris Select Checking account to receive benefits under Relationship Waiver. (Monthly maintenance fee waiver is limited to one (1) BMO Harris Everyday Checking account.)
  • Your BMO Harris Portfolio Checking® account meets its $25,000 minimum Combined Balance requirement, and you have requested we link this account to your BMO Harris Portfolio Checking account to receive benefits under Relationship Waiver. (Monthly maintenance fee waiver is limited to a total of two (2) BMO Harris Everyday Checking accounts.)
  • Your Wealth Checking account meets its $25,000 minimum Average Daily Balance requirement, and you have requested we link this account to your Wealth Checking account to receive benefits under Relationship Waiver. (Monthly maintenance fee waiver is limited to a total of two (2) BMO Harris Everyday Checking accounts.)

Early Account Termination Fee

You need to keep your account open for a minimum of six months to keep the bonus, in addition to this if you closed it within 90 days you’ll be charged an additional $50.

Our Verdict

BMO Harris were previously offering a $200 bonus with the same direct deposit requirements, but they have now added the $50 bonus for setting up paperless statements. If you want to do this deal, I’d do it sooner rather than later otherwise you might run out of time to set up those paperless statements.

We’ve added this to our best bank bonus list and our complete list of all banking bonuses.

Hat tip to reader Jared



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Ryan
Ryan

They no longer have the CC funding option over the phone, I just signed up for one. Maybe only over the phone?

(At least for me they told me that they do not allow any type of CC funding and that the opening deposit must be a paper check..)

UBtraveler
UBtraveler

So to be clear. If I open up the everyday checking and do a one time direct deposit of $500, the monthly fee is waived? Does that mean I have to have the $500 DD every month to waive the fee?

Also does being a graduate student count? Or only undergrad counts?

bob
bob

can’t find a bank in georgia

Winston
Winston

Is the direct deposit requirement just one time or must be recurring?

Cowboyguy
Cowboyguy

I just called in to open the account. The CSR took the promotional code and said that some of the codes are expiring this Friday and if this is one of those codes, then they won’t be able to mail the welcome pack and open the account by that time. In his system he saw this code was expiring coming Friday.

jay
jay

Was your account not confirmed over the phone? Did u got account number or they are asking for identity proof? If you got all that done you should be good, no?

Cowboyguy
Cowboyguy

No I did not proceed to open the account. As told by the CSR, I’m afraid that the bonus won’t post if the account is not opened by Friday.

Adam
Adam

no branches in TX… infact a google search shows they are only in a few states. interesting that this is then a nationwide scheme… I didnt think BMO was one of those internet-only type of banks like BofI… but anyways, how was the phone opening process for you guys that went thru it – worth the hassle? esp if DD is easy to work around.

Jack
Jack

This line in the T&C seems a bit disturbing: We reserve the right to request documentation to support that the direct deposits are qualifying direct deposits

Avi
Avi

one per household rule enforced?

Wyle
Wyle

Web site still shows 1/22 as expiration date for offer.
https://www.bmoharris.com/main/personal/always-on/2015/checkingoffer250

John
John

Hey Wyle. I think Cowboy’s concern (above) makes sense. There’s been other offers at other banks where people were later denied the bonus because the account did not officially open until after the promotion expired. I’ve head about cases like this on a few other threads on this website,

Basically date of an account opening can sometimes be 4-5 business days after date of online application. And the promotion may be based on when the account opened.

Shawn
Shawn

Shows 2/8 for me as well

mark o
mark o

Call in…pass for me!

Dillon Welch
Dillon Welch

I called on December 28th to sign up for the old flexcode01 bonus. Before the account could actually be opened, they had to send me paperwork that I had to sign and return along with my $100 check for the opening deposit. I received a letter last week saying that my account was opened, and I saw the $100 removed from my checking account.

The system was not letting me sign up for an account online, so I called tech support morning to setup my account. After I did so, my account was showing an open date of January 12th, not December 28th. During the call to setup my account, I asked about switching my promo code to flexcode12 for the extra bonus. The rep said that was not possible. I just got off the phone with a rep from sales and they were able to switch to the new code.

There is an option online to open a new account, which includes savings accounts. I went through the beginning of the signup process to get to the funding page, and when I got there the dropdown has credit card as an option. I’m waiting for a bill pay from funding a Citibank savings account and I will try to open a savings account with a credit card and report back!

TL;DR:
* Account open date appears to be the date where they receive and process all your signed paperwork, not the date you call in to open the account (not sure if this impacts bonus or not)
* If you can get in touch with a sales rep, they can change the promo code on your account
* If you already have an account, it looks like you can open up other accounts with a credit card

EBF
EBF

I’m wondering if folks with a current (on going) relationship with a bank have ever had any luck asking for some kind of retention offer when new customer deals like this come up? I happen to have my normal banking with BMO. I’ve been with them for 10 years. I might send an email to customer service and ask. Can hurt.

mk712
mk712

This seems like a nice bonus really, but I’m not feeling it. A few things are bothering me:

– the February 8th deadline is really tight, that leaves barely two weeks to open the account and set up online banking while a comment above mentions it took more than two weeks for them to have everything set up,

– there must be a recurring direct deposit for 4 months to get the bonus… my employer only allows me to split my paycheck into 3 so I’m picking my bank bonuses carefully, and while in the past there have been some data points of ACH working as a DD, the new terms are extremely harsh regarding this,

– no branches near me (California)… while the same could be said with many banks, BMO isn’t really supposed to be an online bank, so I would expect some things to be only doable in branch and it could be a problem if there is an issue with the account,

– account can’t be opened online anymore so it can’t be funded with a credit card… not a huge financial loss (only $20), but I’m currently working on a few credit card retention offers so the easy spend would have been nice.

While neither of them is really a dealbreaker, taken together it makes me feel like it’s too big of a headache for $250 minus taxes so I’ll pass on this one. Thanks for sharing though!

Fan
Fan

Hi DoC,

What is your take on providing only non-clickable text links for bank deals?
That way, banks don’t get alerted by a large amount of hits with the direct link to your originating blog post. Copy and pasting the link removes this information, so that banks won’t know where the click came from. Alternatively, free websites such as http://linkanonymizer.net/ will redirect any URL that is put behind their URL, and hence achieving the same result: http://linkanonymizer.net/?https://www.doctorofcredit.com

Eric
Eric

William,

I just called BMO to open my account. The person I spoke to was 100% certain that the account needs to be opened by Friday (1/22) or it won’t qualify for the promo. I told him that my email and the website show a 2/8/16 deadline. He didn’t deny this but said that they won’t budge at all. Of course I decided not to open the account. Is there anything that be done about this as it seems like blatantly false advertising? He did say there would be more offers later in the year so I could wait but I’m not happy about this.

TJ
TJ

Since you called on the 20th to open an account and had until the 22nd to qualify for the promo, why didn’t you open the account??

Eric
Eric

I don’t live near a branch. Over the phone it takes 1-2 weeks to open it.

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