BMO is Canada's oldest bank (founded 1817) and 4th largest by market cap. It serves 13 million Canadian customers across personal, business, wealth management, and capital markets. The brand has historically been positioned as the "private banking" Big-6 with strong wealth management for high-net-worth clients. Retail banking sits middle-of-Big-6 with mixed customer reviews.
BMO's 200+ year history is unmatched in Canada. The bank has weathered every major economic event since Confederation: two world wars, the Great Depression, three banking crises, and the 2008 global financial crisis without major losses. The conservative balance sheet philosophy has historically translated to strong shareholder returns and predictable dividends — but also to slower innovation in retail banking.
BMO's strengths lie in wealth management and business banking. BMO Nesbitt Burns serves the high-net-worth advisor channel with strong performance. BMO InvestorLine is a competent self-directed brokerage (though not as low-cost as Wealthsimple Trade). BMO Private Banking for $1M+ clients receives consistent positive reviews. BMO's commercial banking is among Canada's strongest, particularly for mid-market and SBB customers.
Retail banking is where complaints accumulate. Trustpilot rates BMO at 1.6 / 5 across 1,400+ reviews. The most common complaints follow a similar pattern to other Big-6: 30-45 minute phone hold times, fraud disputes that drag, account-closure decisions without clear explanation, and aggressive cross-selling at the branch level. BBB gives BMO an A+ rating — again reflecting formal complaint responsiveness rather than overall service quality.
BMO's credit card lineup is competitive. The BMO eclipse Visa Infinite ($120/year) offers 5x BMO Rewards on dining + groceries + gas + transit (capped at $3,000/month), one of the best non-Amex rewards rates. BMO World Elite Mastercard ($150) is a solid mid-tier travel card. BMO CashBack World Elite ($120) competes with the CIBC Dividend on cash-back basics.
BMO's chequing accounts are middle-of-Big-6. The BMO Performance Chequing at $16.95/month is comparable to peers. BMO AIR MILES Mastercard integration is unique among Big-6 — the only major bank with deep Air Miles partnership. Savings rates are below average (0.50% standard) but promotional offers exist.
Who should bank with BMO? BMO eclipse cardholders (great rewards card), commercial / SBB customers (dedicated specialists), HNW clients ($1M+ Private Banking), Air Miles collectors (only Big-6 with the integration), and customers who value the conservative balance sheet (predictable history). Who should look elsewhere? Customers seeking lowest fees (use EQ Bank), customers who rely on phone service (use TD branch), and borrowers seeking the absolute lowest mortgage rate (use online brokers).
BMO's commercial + wealth management offerings are best-in-class for HNW clients. Retail banking is middle-of-pack with a strong rewards card (eclipse). 1.6 ★ Trustpilot reflects real complaints but doesn't capture the strong wealth-management and BMO eclipse experiences. Use BMO for the card and Private Banking; pair with EQ Bank for everyday banking and savings.
Aggregated from Trustpilot, BBB, Reddit (r/PersonalFinanceCanada), and Google Reviews. We pulled the most-helpful reviews — both positive and negative — to give you a balanced picture.
"Tried to dispute a fraudulent transaction. Was on hold 52 minutes. Eventually told I needed to come into a branch. Branch said I needed to call the dispute line. Circular nightmare for 3 weeks."
"BMO eclipse is the best rewards card I've had. 5x on basically everything I buy. App is decent. Branch experience is meh but I rarely visit."
"BMO investment advisor pushed me into mutual funds with 2.4% MERs while I had specifically asked about index ETFs. Found out later that the advisor was compensated on the fund commissions. Switched to Wealthsimple."
"Banked with BMO for 32 years. Never had a major issue. Branch is friendly, my advisor knows my situation. Maybe my experience is outdated but it works for me."
"Wired $15k internationally. Money disappeared for 9 days. BMO said it was "in transit" but couldn't trace it. Eventually returned to my account. No explanation, no apology."
"eclipse Visa is amazing. Trade-off: BMO chequing fees are annoying. Use BMO for the card, EQ Bank for savings."
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