The basic process: what happens when you close an account

To close a BMO bank account, you contact BMO directly—by phone, in person at a branch, or online through your account settings—confirm you want to close it, move any remaining money out, and wait for the account to be marked closed. BMO does not charge a fee to close an account. The whole process usually takes a few minutes on the phone or in a branch, though it can take several business days for the account to fully close in their system.

Before you close, you need to handle three things: make sure no automatic payments or direct deposits are still connected to the account, withdraw or transfer out any remaining balance, and decide what to do with any cheques or debit cards linked to it. If you skip these steps, payments can bounce, direct deposits can fail, and you may end up with a negative balance that BMO will try to collect.

The timing matters. If you close an account on a Friday afternoon, it may not show as closed until Monday or Tuesday. If you have pending transactions, they can still post after you close, which can create overdraft fees. For that reason, it is safer to wait a few days after your last transaction before closing, or to call and ask BMO when they recommend you close based on your account activity.

Key Takeaways

  • Contact BMO by phone, in a branch, or through online banking to request closure; there is no fee and no waiting period.
  • Before closing, cancel all automatic payments and direct deposits, and move any remaining money to another account.
  • If you have pending transactions, wait a few business days after the last one posts before closing to avoid overdraft fees.
  • BMO will send you a confirmation once the account is closed, which you should keep for your records.
  • If the account has a negative balance, you must pay it before closing, or BMO will pursue collection.

How to contact BMO to close your account

You have three ways to close: call BMO customer service, visit a branch in person, or use online banking if your account type supports it. The phone number for BMO customer service is on the back of your debit card or on the BMO website. When you call, have your account number and a piece of ID ready. The representative will ask why you are closing (they may offer to keep you as a customer, but you can decline), confirm your identity, and process the closure.

If you go to a branch, bring your debit card and a piece of ID. A teller can close the account on the spot. This is the fastest way if you want to withdraw your remaining balance in cash at the same time. If you use online banking, log in and look for account settings or account management. Not all account types allow online closure, so if you do not see the option, you will need to call or visit a branch.

Closing over the phone takes about 10 to 15 minutes. In a branch, it is usually faster—5 to 10 minutes. You will receive a confirmation number or reference code. Write it down and keep it with your records. This is your proof that you requested closure on a specific date.

What to do with automatic payments and direct deposits before closing

Any automatic bill payments or subscription charges tied to your account will fail once the account closes. This can result in late fees from the company you owe, a hit to your credit report, or service interruption. Before you close, log into your account and review the last three months of transactions. Look for recurring charges—gym memberships, insurance, utilities, streaming services, loan payments, anything that repeats.

For each recurring payment, contact the company and update your payment method to a different account or credit card. Do this at least a week before you plan to close. If you have a direct deposit set up (paycheck, benefits, pension), contact your employer or the organization sending the deposit and provide them with your new account number at your new bank. Direct deposits can take one or two pay cycles to update, so start this process early.

If you are unsure whether a charge is recurring, call the company. It takes five minutes and prevents a failed payment. Once you have moved all recurring payments and direct deposits, you can safely close the account.

Moving your money out and handling a negative balance

Before closing, transfer or withdraw your remaining balance. If you have another bank account, you can transfer the money electronically—this usually takes one to two business days. If you want cash, visit a BMO branch and withdraw it. If the balance is small (under $100), you can ask the teller to close the account and give you the cash at the same time.

If your account has a negative balance—meaning you owe BMO money—you cannot close it until you pay what you owe. This can happen if you had overdraft fees, a cheque that bounced, or a payment that posted after you thought the account was empty. Call BMO and ask for the exact amount owed. You can pay it by transferring money from another account, by debit card, or in cash at a branch. Once paid, the account can be closed.

If you do not pay a negative balance and close the account anyway, BMO will pursue collection. They may report it to a credit bureau, which will damage your credit score. They may also send the debt to a collection agency. It is much simpler to pay the balance before closing.

What happens to cheques and debit cards after closure

Once your account is closed, any cheques you wrote that have not yet cleared will bounce. If you have already written cheques, contact the people or companies you wrote them to and let them know the account is closing. Provide them with a new account number or payment method. For cheques that have not been deposited yet, ask the recipient to wait until you can provide a new cheque or payment method.

Your debit card will stop working when ready or within a few hours of closure. You do not need to do anything with it—it will straightforward decline at the point of sale. If you want to be cautious, you can cut it up or destroy it. BMO does not require you to return it, but some people prefer to destroy it to prevent accidental use.

If you have a chequebook with unused cheques, you can throw them away or shred them. Do not use them after the account closes—they will bounce and may result in fees from the recipient.

How long it takes for the account to fully close

The closure request itself is when ready or takes a few minutes. However, the account may remain in BMO's system for several business days before it is fully closed. During this time, pending transactions can still post. For example, if you close on a Monday and a bill payment posts on Wednesday, it will go through and may overdraw the account.

For this reason, BMO recommends waiting at least three to five business days after your last transaction before closing. If you have a paycheck that deposits weekly, wait until after it posts and you have moved the money. If you have a monthly bill that has not yet posted, wait until it does.

Once the account is fully closed, BMO will send you a written confirmation. This can take one to two weeks. Keep this confirmation with your records. If there is ever a dispute about whether the account was closed, this letter is your proof.

What to do if you want to reopen the account later

If you close your account and then change your mind within a certain timeframe, you may be able to reopen it. BMO's policy on reopening varies—some accounts can be reopened within 30 days, others within 90 days, and some cannot be reopened at all. Call BMO and ask whether your account type can be reopened and within what timeframe.

If you can reopen it, the process is straightforward: call customer service and request reopening. Your account number and history will be restored. If you cannot reopen it, you will need to open a new account, which takes about 10 minutes over the phone or in a branch.

If you are thinking about closing because of a problem with the account—fees, poor service, or a feature you do not like—consider calling BMO first to see if they can fix the issue. Sometimes a straightforward change to your account type or a fee waiver can solve the problem without closing.

Frequently Asked Questions

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

No. You must pay the negative balance first. Call BMO to find out how much you owe, then transfer money from another account or pay in cash at a branch. Once the balance is zero or positive, you can close.

Will closing my account hurt my credit score?

Closing a bank account itself does not affect your credit score. However, if you leave a negative balance unpaid, BMO may report it to a credit bureau, which will hurt your score. Pay any balance owed before closing.

What happens to pending transactions after I close?

Pending transactions can still post for several days after closure. If they overdraw the account, you may be charged overdraft fees. Wait at least three to five business days after your last transaction before closing to avoid this.

Do I have to go to a branch to close, or can I do it by phone?

You can close by phone, in a branch, or sometimes online depending on your account type. Phone is fastest if you do not need to withdraw cash. A branch visit is best if you want to withdraw your balance in cash at the same time.

What if I have cheques that have not cleared yet?

Contact the people or companies you wrote cheques to and tell them the account is closing. Ask them to hold the cheques or provide a new payment method. Cheques will bounce if deposited after the account closes.