You can close a BMO savings account by phone, in person, or online, depending on your account type and what you need to do with the money first

BMO offers three main routes to close a savings account. The fastest is usually calling BMO customer service at 1-800-363-9992 (for BMO Harris Bank in the US) or 1-800-363-9992 (for BMO in Canada), where a representative can walk you through the closure and answer questions about your balance. You can also visit a BMO branch in person with your account number and ID, which works well if you want to withdraw cash or move money to another account at the same time. Some BMO online accounts can be closed through your online banking portal, though this option is not available for all account types.

Before you close the account, you need to know your current balance and make sure no automatic payments or direct deposits are still tied to it. If money is coming in or going out regularly, those transactions will fail once the account closes, which can trigger overdraft fees or cause bills to go unpaid. Spend a few days checking your recent statements and cancelling any automatic transfers or bill payments linked to that account.

Key Takeaways

  • Call BMO customer service at 1-800-363-9992 to close your account over the phone, or visit a branch with your account number and ID.
  • Check your account balance and cancel any automatic payments or direct deposits before closing, or they will fail and may trigger fees.
  • If your account has a balance, you can withdraw it as cash, transfer it to another account, or receive a check by mail.
  • Some BMO accounts close when ready after you request closure, while others may take a few business days to fully process.
  • If you have a negative balance or owe fees, BMO will deduct those from any remaining funds before closing the account.

What happens to your money when you close

Your balance does not disappear when you close the account—you have to tell BMO what to do with it. If you have money in the account, you can ask for it in one of three ways: as a cash withdrawal at a branch, as a transfer to another bank account (yours or someone else's), or as a check mailed to your address. The check option usually takes five to ten business days to arrive, so if you need the money quickly, a transfer or in-person withdrawal is faster.

If your account has a negative balance—meaning you owe BMO money—the bank will hold the account open until the debt is paid. You cannot close an account with an outstanding balance. If there are unpaid fees or overdraft charges, BMO will deduct those from your balance before processing the closure. Ask the representative handling your closure to confirm the exact amount you owe and whether it will be taken from another account you have with BMO or if you need to pay it separately.

Closing over the phone versus in person

Phone closure is the fastest route if you do not need to handle cash. Call 1-800-363-9992 and tell the representative you want to close your savings account. Have your account number, Social Security number (or Social Insurance Number in Canada), and a form of ID ready. The representative will confirm your balance, ask what you want to do with the money, and process the closure. Most phone closures are complete within minutes, though the account may take a day or two to fully close in BMO's system.

In-person closure at a BMO branch gives you more options and lets you handle everything in one visit. Bring your account number and a government-issued ID. If you want to withdraw your balance as cash, the teller can do that when ready. If you want to transfer the money to another account, you can set that up on the spot. Branch staff can also answer questions about fees or pending transactions that might affect your closure. Wait times vary by location, so calling ahead to ask how busy the branch is can save you time.

Online closure and account type limitations

BMO's online banking portal does not offer account closure for most savings accounts. If you log into your account and look for a closure option, you may not find one—this is by design. BMO requires phone or in-person closure for most savings products to make sure you have confirmed what happens to your balance and that no automatic transactions are still running.

Some BMO checking accounts can be closed online, but savings accounts almost always require a phone call or branch visit. If you have a BMO savings account linked to a checking account, closing one does not affect the other—you have to request closure for each account separately. Ask the representative whether your specific account type can be closed online, or assume you will need to call or visit a branch.

Timing and what to expect after closure

Account closure is not when ready. When you request closure, BMO typically processes it within one to three business days. During that time, the account is still open and can still receive transactions, so any automatic payments that have not been cancelled yet may still go through. Once the closure is final, the account number becomes inactive and cannot receive deposits or payments.

After closure, you will not receive statements for that account anymore. If you need a record of transactions for tax purposes or to dispute a charge, you can request a statement history from BMO before you close, or ask for one after closure—the bank keeps records for a set period. If you closed the account and later realize you need to dispute a transaction or recover information, contact BMO customer service with your former account number and they can pull the records.

Cancelling automatic payments and direct deposits

This is the step most people skip and then regret. Before you close your account, log into your online banking or call BMO and list every automatic payment and direct deposit tied to that account. Common ones are utility bills, insurance premiums, subscription services, and payroll deposits. For each one, you need to either cancel it or change it to a different account.

For automatic payments you set up with BMO (like bill pay), you can cancel them through your online banking portal or by calling customer service. For payments set up with the company itself (like your electric company or gym), you need to contact that company directly and give them your new account number or ask them to stop the payments. Do this at least a week before you close the account to make sure the cancellations process. If a payment tries to go through after the account is closed, it will be rejected and the company may charge you a fee for the failed transaction.

Fees and charges to watch for

BMO does not charge a fee to close a savings account. However, if your account has been inactive or if there are unpaid fees or overdraft charges, those will be deducted from your balance. Some BMO savings accounts have monthly maintenance fees—if you close mid-month, you may still owe the fee for that month.

If you close the account and later realize a transaction was pending, BMO may reopen the account temporarily to process it, or the transaction may be rejected. Either way, you could end up with unexpected charges. This is why confirming that all automatic payments are cancelled before closure is so important. If you are unsure whether something is still running, call customer service and ask them to review your account activity for the past 30 days.

Frequently Asked Questions

Can I close my BMO savings account if I have a negative balance?

No. You must pay off any negative balance or outstanding fees before BMO will close the account. If you have another account with BMO, the bank may deduct the amount owed from that account. Otherwise, you will need to make a payment to bring the account to zero or positive before closure can be processed.

How long does it take for my account to fully close?

Closure typically takes one to three business days after you request it. During that time, the account is still technically open and can receive transactions. Once the closure is final, the account number becomes inactive. If you transferred your balance to another account, that transfer may take an additional one to three business days to complete.

What if I close my account and then need to dispute a charge?

You can still dispute a charge after closure. Contact BMO customer service with your former account number and the details of the transaction. BMO keeps transaction records for several years, so they can pull the information and investigate the dispute even though the account is closed.

Do I need to close my account in person, or can I do it all by phone?

You can close entirely by phone if you do not need to withdraw cash. Call 1-800-363-9992, confirm your identity, tell the representative what to do with your balance (transfer or check by mail), and the closure will be processed. In-person closure is only necessary if you want to withdraw cash when ready or prefer to handle everything face-to-face.

What happens to my debit card when I close the account?

Your debit card will stop working once the account closes, usually within one to three business days. You do not need to do anything with the card—it will straightforward be declined if you try to use it. If you want to destroy it for security reasons, you can cut it up or shred it after the account is closed.