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 inside

BMO offers three main ways to close a savings account: calling their customer service line, visiting a branch in person, or using online banking if your account type supports it. The fastest route is usually a phone call, which takes about 10 to 15 minutes. Before you close, you need to decide what happens to any money in the account — you can transfer it to another bank account, have BMO mail you a check, or move it to a different BMO account you're keeping open.

The process itself is straightforward, but there are a few things to know first: whether you have any pending transactions, what happens to automatic payments linked to that account, and whether there are any fees or holds on the account. If you're closing because of a problem with BMO or because you found a better rate elsewhere, understanding your options now saves you from having to call back later.

Key Takeaways

  • Call BMO at 1-800-363-7328 (or your local branch number) to close your account; phone closure is the fastest method and takes 10 to 15 minutes.
  • You must empty the account before closing — decide whether to transfer funds to another bank, request a check, or move money to a different BMO account.
  • Cancel or update any automatic payments or direct deposits tied to the account before you close it, or they will fail after closure.
  • Some BMO accounts have monthly fees that may apply until the account is fully closed, so confirm the exact closure date with the representative.
  • If the account has a hold or pending transactions, BMO may delay closure until those clear, which can take several business days.

Closing by phone: the fastest method

Call BMO customer service at 1-800-363-7328 and tell them you want to close your savings account. Have your account number ready — you can find it on your debit card, a recent statement, or in online banking. The representative will ask you to verify your identity, usually by confirming your Social Security number, date of birth, or answers to security questions you set up when you opened the account.

Once verified, the representative will ask what you want to do with the money in the account. If you choose to transfer it to another bank, you'll need to provide the routing number and account number of the receiving bank. If you want a check mailed to you, confirm your mailing address. The representative will also ask whether you have any automatic payments or direct deposits linked to the account — if you do, you need to cancel or update those before the account closes, or those transactions will fail.

The representative will give you a confirmation number and tell you when the account will be closed. Most accounts close within one to three business days, though if there are pending transactions or holds, it may take longer. Write down the confirmation number and the closure date.

Closing in person at a BMO branch

Visit any BMO branch with a government-issued photo ID and your account number. Tell the teller you want to close your savings account. They will verify your identity and ask the same questions as a phone representative: what to do with the money, whether you have automatic payments or direct deposits, and confirm your contact information.

Closing in person takes about 15 to 20 minutes. The advantage is that you can ask questions face-to-face and get a printed receipt showing the closure. If you want the money as a check, the teller can often print one on the spot, though some branches may mail it instead. If you're transferring to another bank, provide the routing and account numbers, and the teller will process the transfer.

Ask the teller for a written confirmation of the closure, including the date and any reference number. Keep this for your records in case you need to dispute a charge or confirm the account is closed later.

Closing through online banking

Not all BMO account types allow online closure, and the option is not always visible in the main menu. Log into your BMO online banking account, go to the account settings or account management section, and look for a "Close Account" or "Account Services" option. If you don't see it, you cannot close online and will need to use phone or in-person closure instead.

If the option is available, click it and follow the prompts. You'll be asked what to do with remaining funds and whether you have automatic payments. After you submit, BMO will send you a confirmation email with a reference number and closure date. Online closure typically takes the same time as phone closure — one to three business days — but you won't have a live person to ask questions, so make sure you understand each step before you confirm.

What to do with the money in your account

You cannot close an account with money still in it. Before you call or visit, decide how you want the funds handled. The three options are transfer to another bank account, check by mail, or transfer to a different BMO account.

Transfer to another bank: You'll need the routing number (a nine-digit code that identifies the bank) and the account number of the receiving account. You can find the routing number on a check from that bank, by calling the bank, or by searching online for "[Bank Name] routing number." BMO will initiate an ACH transfer, which usually takes one to three business days. The money will land in the other account automatically.

Check by mail: BMO will mail you a check for the full balance. Confirm your mailing address with the representative. Checks typically arrive within five to seven business days, though mail times vary. Once you receive it, you'll need to deposit it into another account yourself. Do not close the account until you have the check in hand, because if it gets lost in the mail, you'll have a harder time getting a replacement.

Transfer to another BMO account: If you have another BMO account open, you can move the money there. This is the fastest option — the transfer happens immediately or within one business day. You just need to tell the representative which account to transfer to.

Canceling automatic payments and direct deposits before closure

If you have automatic bill payments or direct deposits set up on the account you're closing, you must cancel or update them before the account closes. If you don't, those transactions will fail after closure, which can result in late fees, missed payments, or missing paychecks.

Log into your BMO online banking account and go to the bill pay or transfers section. Look for any recurring payments or standing instructions tied to the account. Cancel each one, or update it to use a different account. If you're not sure what's set up, call BMO and ask the representative to review all automatic transactions on the account.

For direct deposits (like paychecks or government benefits), contact your employer or the organization sending the deposit and provide them with your new account number at your new bank. This usually takes one to two pay cycles to take effect, so do it at least a week before you close the account.

Fees and holds that may delay closure

Some BMO savings accounts charge a monthly maintenance fee. If your account has one, that fee may be charged right up until the account closes. Ask the representative whether any fees will be deducted from your balance before the money is transferred or mailed to you.

If your account has a hold — for example, because of a disputed transaction, a check that hasn't cleared, or a pending investigation — BMO may not close the account until the hold is lifted. This can add several days or weeks to the closure timeline. If the representative tells you there's a hold, ask what it's for and how long it will take to clear.

If you have a negative balance (you owe BMO money), you cannot close the account until the balance is paid. The representative will tell you the amount owed and how to pay it.

What happens after your account closes

Once the account is closed, you cannot use the debit card linked to it. If you have a BMO debit card tied only to that savings account, destroy it or contact BMO to have it deactivated. If the card is linked to another BMO account you're keeping open, it will continue to work, but transactions will draw from the other account instead.

BMO will send you a final statement showing the closure date and the final balance. Keep this for your records. If you need to dispute a charge or verify that the account closed, you can reference this statement and the confirmation number you received.

If you closed the account because of a problem with BMO — such as unexpected fees, poor customer service, or a data breach — you may want to file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's banking regulator. This creates a record and may help other consumers.

Frequently Asked Questions

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

Yes, you can open a new BMO savings account at any time. However, if you closed the account because of a problem — such as a negative balance or fraud — BMO may flag your name in their system, and you may not be able to open a new account immediately. If this happens, contact BMO to ask when you can reapply.

What if I close my account but forget to cancel an automatic payment?

The payment will fail, and the company trying to charge you will likely send you a notice. Contact that company and provide your new account number so they can retry the payment. If the payment was a bill (like a utility or loan), a failed payment may result in a late fee or service interruption, so call the company right away.

How long does it take to get my money after I close the account?

If you transfer to another bank, the money arrives in one to three business days. If you request a check, it arrives in five to seven business days by mail. If you transfer to another BMO account, the money is available immediately or within one business day. The closure itself is complete within one to three business days.

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

Phone closure is just as valid as in-person closure. Call BMO at 1-800-363-7328 and follow the same steps. The only reason to close in person is if you want a printed receipt or if you prefer to speak face-to-face.

What if there's a pending transaction on my account when I try to close it?

BMO may delay closure until the transaction clears, which can take one to three business days. The representative will tell you when the account can close. You can still transfer or withdraw the available balance; the pending transaction will be deducted once it clears.