You can close a BMO savings account by phone, in person, or online, but the method depends on your account type and whether you have a balance remaining

BMO offers three main ways to close a savings account: calling their customer service line, visiting a branch in person, or using their online banking platform if your account is set up for it. The fastest route is usually a phone call to the number on the back of your debit card or statement, which takes about 10 to 15 minutes. If you have money in the account, you will need to decide whether to transfer it to another bank, withdraw it, or move it to a different BMO account before closing. BMO will not close an account with a negative balance—you must pay any overdraft or fees first.

The process itself is straightforward, but timing matters if you have automatic deposits or bill payments linked to the account. You should stop or redirect those at least a few days before you close, because transactions can still post after you request closure and cause problems. If you have a joint account, both owners typically need to agree to close it, though some branches will allow one owner to request closure if the other is unreachable.

Key Takeaways

  • Call BMO customer service, visit a branch, or use online banking to close your account; phone is usually fastest.
  • You must have a zero or positive balance before closing—pay any overdraft fees or negative balance first.
  • Stop automatic deposits and bill payments at least a few days before closure to avoid transactions posting after the account closes.
  • If the account is joint, both owners should agree to closure, though one owner can sometimes request it alone depending on the branch.
  • Keep your final statement and confirmation of closure for your records, especially if you had recurring payments tied to the account.

Closing by phone: the fastest method

Call the BMO customer service number on the back of your debit card, on your statement, or on the BMO website. Have your account number and a form of ID ready. The representative will ask why you are closing the account (this is optional to answer), confirm your current balance, and walk you through what happens next. If you have money in the account, they will ask how you want to handle it—transfer to another account, receive a check, or move it to a different BMO product.

The call usually takes 10 to 15 minutes. The representative will give you a confirmation number and may send a written confirmation to your mailing address on file. Ask them to confirm the exact date the account will close and whether any pending transactions are still expected to post. This is important because some transactions take several days to clear, and if one posts after closure, it can create a problem with your account status.

Closing in person at a BMO branch

Visit any BMO branch with your ID and debit card or account information. Tell the teller you want to close your savings account. They will pull up your account, confirm your balance, and ask how you want to handle any remaining money. You can withdraw it in cash, have them transfer it to another account (at BMO or another bank), or request a check mailed to you.

In-person closure takes about 10 to 20 minutes depending on how busy the branch is. The teller will print a receipt showing the closure and any final balance. Keep this receipt. If you have a joint account, the branch may require both owners to be present, though some branches will close it if one owner provides written authorization from the other. Call ahead to ask about your branch's policy on joint accounts.

Closing online or through the mobile app

Not all BMO accounts can be closed through online banking, and the option is not always visible in the app. Log into your BMO online account or mobile app and look for account settings or account management options. If a close account button appears, click it and follow the prompts. You will be asked to confirm your balance and how to handle any remaining funds.

If you do not see a close account option online, it means your account type requires phone or in-person closure. This is common for older accounts or accounts with certain features. In that case, use the phone or branch method instead. Online closure usually generates an immediate confirmation number, but you should still keep records and watch for any unexpected transactions in the days after.

What to do with your remaining balance

Before you close, decide what to do with any money in the account. You have three main options: transfer it to another BMO account you own, transfer it to an account at a different bank, or withdraw it as cash or a check. If you choose a transfer to another bank, the representative will ask for the receiving bank's routing number and your account number there. This usually takes 1 to 3 business days to complete.

If you want cash, you can withdraw it at the branch or ask for a check to be mailed to you. A check usually arrives within 5 to 10 business days. Do not close the account until the money has actually moved or been withdrawn—if you close first and then realize you forgot to transfer the balance, retrieving it becomes much harder and may require calling BMO to reopen the account temporarily.

Stopping automatic payments and deposits before closure

If you have direct deposits (paychecks, benefits) or automatic bill payments (utilities, subscriptions, loans) linked to this account, you must stop or redirect them before closing. Log into your BMO account and look for the automatic payment or deposit settings, or call the companies making the deposits or withdrawals and give them your new account information. Do this at least 3 to 5 days before you plan to close the account.

If a payment posts after the account is closed, it can bounce or create a negative balance that BMO may charge you for. Some companies take time to process changes, so starting early gives you a buffer. If you are closing because you are switching banks entirely, update your direct deposit information with your employer and any benefits programs as soon as possible. Keep a list of which companies you notified and when, in case something goes wrong.

What happens after you close: timeline and what to expect

Once you request closure, the account typically closes within 1 to 5 business days, depending on whether there are pending transactions. BMO will send a final statement to your mailing address showing the closing date and final balance. You should receive this within 7 to 10 business days. Keep this statement for your records, especially if you had recurring payments or if you need proof of closure for another bank or creditor.

After closure, you will no longer be able to access the account online or use any debit card tied to it. If you have a joint account, the account closes for both owners once one owner requests it. If you need to reopen the account or dispute something about the closure, you will need to contact BMO directly—there is no automatic reversal period. For this reason, make sure you have transferred or withdrawn all your money and stopped all automatic transactions before confirming closure.

Frequently Asked Questions

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

No. You must pay any overdraft fees or negative balance first. Call BMO or visit a branch to find out exactly what you owe, then pay it before requesting closure. Once the balance is zero or positive, you can proceed with closing.

What if I have a joint account—do both owners need to be present?

It depends on the branch and how the account is set up. Some branches require both owners to be present in person; others will close it if one owner calls and provides authorization. Call your branch ahead of time to ask about their policy, or call customer service to close by phone.

How long does it take for my money to transfer to another bank after I close?

If you request a transfer to another bank during closure, it usually takes 1 to 3 business days. If you ask for a check instead, allow 5 to 10 business days for it to arrive. Do not close the account until the money has actually left or been withdrawn.

Can I reopen my BMO savings account after I close it?

Yes, you can reopen an account, but it is treated as a new account with a new account number. You will need to go through the opening process again. If you closed it recently and changed your mind, call BMO immediately to ask if they can reverse the closure before it fully processes.

What if a bill payment bounces after I close the account?

If a payment posts after closure and bounces, the company that tried to charge you will contact you about the failed payment. You may be charged a fee by that company. This is why it is critical to stop or redirect all automatic payments before closing. If this happens, contact the company to make the payment another way and ask them to waive any fees if possible.