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BMO Bank N.A.
BMO Handbook
Dated May 5, 2024
Deposit Account Agreement for Personal and Business Accounts
Overdraft Funding Agreement for Personal Accounts
Overdraft Funding Agreement for Business Accounts
Safe Deposit Box Services Agreement (for boxes opened after May 5, 2024)
These documents contain important terms and conditions, including your rights and responsibilities, regarding your deposit Account, overdraft
funding service and safe deposit box with us.
Please read this carefully and be sure to keep it handy for future reference. If you need additional information or have questions, please call us and
we will be happy to help you.
Your deposits are insured by the FDIC up to the maximum limits allowed by law. Information and tools describing how deposit insurance coverage
works are provided by the FDIC at www.fdic.gov or by calling 1-877-ASK-FDIC or 1-800-925-4618 (for the hearing impaired).
NEW ACCOUNT OPENING PROCEDURES
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify,
and record information that identifies each person and business who opens an Account.
What this means for you: When you open a personal Account, we will ask for your name, address, date of birth, Social Security Number, driver’s
license or other identifying documents that will allow us to identify you. When you open a business Account, we will ask for your business name,
Taxpayer Identification Number and business address and other documents that will allow us to identify your business and confirm your authority.
We will also ask you for your name, residential address, date of birth, Social Security Number and other identifying documents including your driver’s
license that will allow us to identify you.
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ARBITRATION DISCLOSURE. The Deposit Account Agreement for Personal
and Business Accounts contains an arbitration provision to be followed
in the event of any disputes between you and us in connection with
your Account(s) or the agreements related thereto. Please read the
Arbitration Provision in Section 7.EE of the Deposit Account Agreement
carefully. It requires, with limited exceptions, all disputes between you
and us relating to your Account(s) or your Deposit Account Agreement to
be resolved by final and binding arbitration. Section 7.EE also contains a
class action and jury trial waiver. YOU HAVE THE RIGHT TO OPT OUT OF THE
ARBITRATION PROVISION. Unless you opt out of the Arbitration Provision
within 60 days: (1) you will only be permitted to pursue disputes or
Claims and seek relief against us on an individual basis, not as a member
in any class or representative action or proceeding and you waive your
right to participate in a class action lawsuit or class-wide arbitration;
and (2) you are waiving your right to pursue disputes or Claims and seek
relief in a court of law and have a jury trial. Subject to Applicable Law,
Section 7.M and 7.EE require any Claims related to your Account to be
commenced no later than one year after the conduct giving rise to the
alleged Claim occurs or else that Claim will be permanently barred.
OVERDRAFT DISCLOSURE. The Deposit Account Agreement for Personal and
Business Accounts contains detailed information regarding how Items
will be processed against your Account, how you may incur an Overdraft,
and the fees that you may incur if you do not have Sufficient Available
Funds in your Account when the Items are presented for payment. Please
read the discussion on Insufficient Funds and Overdrafts in Section 2.B of
the Deposit Account Agreement.
TABLE OF CONTENTS
I. GLOSSARY ............................................................................................. 3
II. DEPOSIT ACCOUNT AGREEMENT FOR PERSONAL AND
BUSINESSACCOUNTS ...........................................................................6
1. INTRODUCTION .............................................................................. 6
2. BMO CHECKING ACCOUNTS ............................................................6
A. Withdrawals ................................................................................ 6
B. Insufficient Funds and Overdrafts ............................................. 6
C. Debiting Your Account; Order of Posting .................................. 7
D. Check Safekeeping ..................................................................... 7
E. Use of Signature Devices ........................................................... 8
F. Preauthorized Drafts and Electronic Debits ..............................8
G. Postdated and Stale Checks ......................................................8
H. Stopping Payment on a Check ..................................................8
I. Cashing Your Checks for Non-Customers..................................8
J. Sub-Accounts ..............................................................................8
3. BMO SAVINGS AND CERTIFICATE OF DEPOSIT
(TIMEDEPOSIT)ACCOUNTS ...........................................................9
A. Savings Accounts ........................................................................ 9
B. Certificate of Deposit (Time Deposit) Accounts .......................9
4. SPECIAL PROVISIONS RELATED TO CERTAIN TYPES OF
ACCOUNTOWNERSHIP ...................................................................9
A. Individual Accounts ....................................................................9
B. Joint Accounts .............................................................................9
C. Payable on Death Accounts, including Totten
TrustAccounts .............................................................................9
D. Custodial Accounts for Minors ...................................................9
E. Marital Accounts in Wisconsin ................................................. 10
5. DISCLOSURE AND AGREEMENT FOR ELECTRONIC FUNDS
TRANSFERSFOR PERSONAL ACCOUNTS ....................................... 10
A. Services Offered ....................................................................... 10
B. Service Fees ..............................................................................10
C. Documentation of Transactions .............................................. 10
D. Our Liability for Failure to Make Transfers ..............................10
E. Stop Payments ......................................................................... 10
F. Unauthorized Transactions, Errors, and Questions .................11
G. Termination; Miscellaneous .....................................................11
6. SUBSTITUTE CHECKS AND YOUR RIGHTS AS A CONSUMER ...........11
7. TERMS APPLICABLE TO ALL ACCOUNTS .........................................12
A. Deposits .................................................................................... 12
B. Interest ...................................................................................... 12
C. Fees and Service Charges ........................................................ 12
D. Forms Specifications; Special Instructions ............................. 13
E. Endorsements ........................................................................... 13
F. General Withdrawal Limitations ............................................. 13
G. Money Market Deposit Accounts Withdrawal Limitations .... 13
H. Wire and Other Funds Transfers .............................................. 13
I. BMO Bank by Phone ................................................................ 14
J. BMO Digital Banking ................................................................ 14
K. Internet Gambling or Illegal Transactions .............................. 14
L. Relationship Waiver for Deposit Accounts .............................. 14
M. Statements, Notifications and Your Duty to Examine ........... 14
N. Combined Statements ............................................................. 15
O. Change in Terms; Notices ........................................................ 15
P. Change of Address; Personal Information;
Returned Mail; andSubsequentCommunications ................ 15
Q. Customer Communications ...................................................... 16
R. Signature Requirements; Forgeries and Alterations ............. 16
S. Use and Disclosure of Customer Information ........................ 16
T. Security Interest, Setoff and Assignment Restrictions .......... 16
U. Taxpayer Identification Numbers ............................................ 17
V. Transfer of Account Ownership ............................................... 17
W. Dormant and Abandoned Accounts ........................................ 17
X. Closing Your Account ................................................................ 17
Y. Attorneys-in-Fact and Agents.................................................. 17
Z. Legal Proceedings; Disputes and Protection Against Loss .... 18
AA . Indemnity ................................................................................. 18
BB. Limitation of Liability ............................................................... 18
CC. Waiver/Enforceability ............................................................... 19
DD. Security ..................................................................................... 19
EE. Arbitration Provision ................................................................ 19
8. FUNDS AVAILABILITY POLICY FOR DEPOSITACCOUNTS ................21
9. BMO CARDHOLDER AGREEMENT ................................................. 22
A. Services Offered for All Personal and Business Cards ...........23
B. Limitation on Frequency or Dollar Amounts
ofTransactions ......................................................................... 23
C. Special Provisions Regarding ATM Deposits...........................24
D. Service Fees ..............................................................................24
E. Documentation of Transactions ..............................................24
F. Your Representations and Warranties RegardingCards ........24
G. Additional Representations and Warranties for
BusinessCustomerswith Cards ..............................................24
H. Limitations on Services ............................................................24
I. Your Liability .............................................................................24
J. Our Liability for Failure to Make Transfers ..............................24
K. Unauthorized Transactions, Errors, and Questions ................25
L. Termination; Miscellaneous ....................................................25
10. SPECIAL PROVISIONS APPLICABLE TO BUSINESS ACCOUNTS
ANDTRUSTACCOUNTS ................................................................ 25
A. Account Documentation ..........................................................25
B. Special Agreements by Companies, Trusts
and Non-ConsumerCustomers ...............................................26
11. SPECIAL PROVISIONS APPLICABLE TO PASS-THROUGH
DEPOSITACCOUNTS ..................................................................... 26
III. OVERDRAFT FUNDING AGREEMENT FOR PERSONALACCOUNTS ........ 27
IV. OVERDRAFT FUNDING AGREEMENT FOR BUSINESSACCOUNTS ......... 27
V. SAFE DEPOSIT BOX SERVICES AGREEMENT ........................................ 28
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I. GLOSSARY
This Glossary contains defined terms used in the Deposit Account
Agreement for Personal and Business Accounts, the Deposit Account
Disclosure, the BMO Business Service Fee Schedule, the Overdraft Funding
Agreement for Personal Accounts, the Overdraft Funding Agreement for
Business Accounts and the Safe Deposit Box Services Agreement.
Account, Checking Account or Savings Account, as applicable, means
each checking and/or savings deposit account you have with us that is
governed by this Agreement.
Account Owner means each person or entity that has an ownership
interest in the Account as designated on our records.
Account to Account Payment, sometimes also called a PIN-less debit
card transaction, means a direct transfer of funds using your Card from
your Account to another account owned by a third party that may be held
at a financial institution other than BMO. Generally, Account to Account
Payments are used to pay bills to vendors.
ACH refers to any automated clearing house which processes credits and
debits through an electronic network.
Agreement refers to the Deposit Account Agreement for Personal and
Business Accounts.
Applicable Law means applicable federal law and Illinois law (to the
extent not preempted by federal law), rules and regulations of the
Board of Governors of the Federal Reserve System, ACH rules, and Card
association rules, including those that may modify the terms of this
Agreement. To the extent not allowed by applicable federal and Illinois
law, the laws of the state where your Account is assigned or your Box is
located, as applicable, will govern. Typically, your Account will be assigned
to the branch or location where it was opened. However, we reserve the
right upon notice to you to assign your Account to a particular branch in a
different state and the laws of that state will then govern your Account.
For Dormant Accounts, the applicable law for unclaimed property purposes
will be the law of the state of your address, as shown in our records.
ForDormant Boxes, the applicable law for unclaimed property purposes
will be the law of the state where the Box is located.
ATM refers to an automated teller machine.
ATM Card means any Card that is labeled “ATM Card” on the front of the
Card, or any Card that can only be used to conduct transactions at an ATM.
Authorized Signer refers to the individual(s) named in the legal
documents accepted by us evidencing that such individual has the
authority, as specified in the legal documents, which may include the
authority to transact and affect legal change to the Account on behalf of
the Account Owner(s).
Auto Pay means automatic periodic scheduled payments automatically
deducted from a Checking or Savings Account with us to pay a loan withus.
Auto Save means automatic periodic scheduled transfers between
your Accounts.
Average Collected Balance: For business Accounts, the Average
Collected Balance is calculated by adding the Collected Balance in the
Account for each day of the period (monthly or other applicable period)
and dividing that figure by the total number of days in that period. The
Average Collected Balance for the period may be a negative number if
we permitted you to overdraw the Collected Balance on any day(s). For
business Accounts that are not subject to Earnings Credit, the Average
Collected Balance may be calculated based on the number of days the
Account was open during the relevant period.
Average Daily Balance: The Average Daily Balance is calculated by adding
the Ledger Balance in the Account for each day of the statement period and
dividing that figure by the total number of days in the statementperiod.
Average Ledger Balance: The Average Ledger Balance is calculated by
adding the Ledger Balance in the Account for each day of the statement
period and dividing that figure by the total number of days in the
statement period.
BMO refers to BMO Bank N.A.
BMO ATM refers to an ATM in the United States branded with the BMO logo.
BMO ATM Transaction means a transaction conducted at a BMO ATM
including, for example, a deposit, withdrawal, transfer or balance inquiry.
BMO Business Service Fee Schedule refers to the description of an
Account’s features, including a schedule of fees, interest rates (if applicable)
and important Account disclosures provided to customers when a business
Account is opened, including any changes or amendments from time to
time. BMO Business Service Fee Schedules apply to business Accounts and
do not apply to personalAccounts.
BMO Banker means a BMO personal banker or teller.
The BMO Family of Companies means BMO Bank N.A. and all affiliates
such as our brokerage, insurance, and investment advisory companies,
which are affiliated with BMO by common ownership or control.
Box means a safe deposit box offered by us at one of our locations.
Business Days are Monday through Friday excluding any holiday on
which the Bank and/or the Federal Reserve are closed for processing.
Transactions received or occurring on a day other than a Business Day
willbe posted the next Business Day.
Card means any ATM card, debit card, contactless debit card, or other
electronic device or vehicle (such as any digital card, digital code, electronic
serial number, mobile identification number, or personalized identification
number) that is issued by the Bank and used to access your Account for
an ATM transaction, POS purchase or cash advance. Card excludes any gift
card or other prepaid card not directly related to an Account.
Cardholder refers to any individual to whom you have authorized us
to issue a Card for use in connection with your Accounts. For business
Accounts, a Cardholder may include employees, officers and other agents
of the underlying business. For personal Accounts, a Cardholder may
include your power of attorney or agent.
CD refers to Certificate of Deposit.
Check means check, draft, electronic image, or other negotiable
instrument, including substitute checks deposited to or debited from
yourAccount including withdrawals.
Check Images means copies of your canceled Checks.
Checking Account is defined under “Account” above.
Claims means all disputes, controversies, or claims between you and us
arising out of or relating to your Account(s), this Agreement, any other
agreement related to your Accounts, or any transactions arising thereunder,
whether based in contract, tort, statute, fraud, misrepresentation or any
other legal theory. As used herein, “Claims” do not include any disputes
or claims arising out of or relating to any credit card agreement or any
agreement for a loan secured by real property (including, for example, a
home equity line of credit).
Collected Balance means the balance in your Account at the close of the
Business Day, consisting of cash, wire transfers and electronic deposits,
plus those non-cash Items on deposit for which you have received credit,
and interest credited to the Account, minus all withdrawals, holds and
other debits to the Account.
Company refers to any business entity, including a corporation,
unincorporated association, partnership, limited liability company or sole
proprietorship.
Contract refers to the Safe Deposit Box Services Agreement.
Daily Balance Method means the method used to calculate interest on
your Account. We take the Daily Rate and multiply it by the Collected
Balance in your Account each day.
Daily Rate is the interest rate applicable to your Account divided by 365
days (or 366 days in a leap year).
Debit Card means any Card other than an ATM Card.
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Incoming External Deposit refers to a deposit from an account maintained
somewhere other than with the Bank or an account not owned by you
and deposited to your Account. This includes ATM deposits but does not
include any other credits received through a Card.
Interest Rate Sheet refers to a list disclosing the interest rates we
areoffering on our deposit products, as may be changed from time to
time. Ask your BMO Banker or call 1-888-340-2265 for current interest rates.
IOLTA refers to an Interest on Lawyers Trust Account.
IRA refers to an Individual Retirement Account.
Item means transactions posted to your Account including, but not limited
to, Checks deposited to or debited from your Account, drafts, in-person
withdrawals or transfers, ATM transactions, Card purchases, preauthorized
electronic transactions, ACH entries, telephone transfers, Auto Pay, Auto
Save, BMO Digital Banking transactions and all other debits and credits
to your Account.
ITF refers to “in trust for.”
Ledger Balance refers to the balance in your Account that consists of all
deposits, plus interest credited to the Account, minus all withdrawals and
other debits to the Account at the close of the Business Day.
Linked Plus Account(s) are deposit Accounts that receive a monthly
maintenance fee waiver if your Wealth Checking Master Account meets its
Average Daily Balance requirement.
Loss refers to any loss, liability, penalty, damage or expense (including
fees paid for collection and attorneys’ fees) we or you may incur with
respect to a breach of any term of the Agreement.
Marital Account means an Account established on or after January 1,
1986, in Wisconsin without the right of survivorship by two parties who
claim to be married. This type of Account is more fully described in Section
4.E of the Deposit Account Agreement.
Master Account means your Wealth Checking Account in which an
Average Daily Balance requirement must be met in order to waive the
monthly maintenance fee on your Linked Plus Account(s).
Monthly Combined Balance is calculated by adding the Ledger Balance
in the BMO Relationship Checking Account, the Ledger Balance in all other
Eligible Deposit Accounts, and Eligible Investment Balances for each day of
the calendar month and dividing that figure by the total number of days
in the calendar month. There is no limit to the number of Eligible Deposit
Accounts and Eligible Investment Balances used to calculate the Monthly
Combined Balance. The Ledger Balance of Eligible Deposit Accounts that
sweep funds to non-FDIC insured investment accounts only include those
funds that remain in the Eligible Deposit Accounts.
Monthly Combined Business Balance is calculated by adding the
Ledger Balance in the BMO Elite Business Checking Account and the
Ledger Balance in all other Eligible Business Deposit Accounts for
each day of the calendar month and dividing that figure by the total
number of days in the calendar month. There is no limit to the number
of Eligible Business Deposit Accounts used to calculate the Monthly
Combined Business Balance. The Ledger Balance of Eligible Business
Deposit Accounts that sweep funds to non-FDIC insured investment
accounts only include those funds that remain in the Eligible Business
Deposit Accounts.
Negative Collected Fee occurs when the Average Collected Balance of a
business Checking Account is negative for any monthly or other applicable
period, and is calculated by applying the applicable daily rate (currently
the Bank’s prime rate plus three percent (3%) divided by three hundred
sixty-five (365) days or three hundred sixty-six (366) days in a leap year)
to the Average Collected Balance and multiplying by the number of days in
such period. This rate is subject to change at our discretion without notice.
Non-BMO ATM means any ATM other than a BMO ATM or Participating ATM.
Non-BMO ATM Transaction means any transaction conducted at
a Non-BMO ATM, including, for example, a withdrawal, transfer, or
balance inquiry.
Deposit Account Agreement means the Deposit Account Agreement for
Personal and Business Accounts and includes additional banking service
disclosures and terms provided to you by the Bank when we open your
Account, when you receive new products and services or if we change
terms and conditions of your Account. For personal Accounts, in addition
to this Agreement, see the (i) Deposit Account Disclosure; (ii) the Privacy
Notice; (iii) the signature card you sign when you open your Account; (iv)
Interest Rate Sheet, if applicable; and (v) any additional banking service
disclosures regarding your Account we may provide you. For business
Accounts, in addition to this Agreement, see the (i) BMO Business Service
Fee Schedule; (ii) Interest Rate Sheet, if applicable; (iii) Account opening
documentation; and (iv) any special supplements as applicable to your
Accounts which include important Account disclosures.
Deposit Account Disclosure refers to the description of an Account’s
features, including, but not limited to, a schedule of fees, interest rate
information (if applicable) and important personal Account disclosures
required by Applicable Law provided to consumers and other personal
Account holders when an Account is opened, including any changes or
amendments from time to time. Deposit Account Disclosures do not apply
to business Accounts.
Digital Wallet means any digital platform that stores Card information for
making payments.
Direct Deposit means automatic electronic deposit of recurring payments
such as payroll, government benefits, and other preauthorized credits to
your Account.
Dormant means there has not been a transaction initiated by you or
communication in writing from you about the Account for three (3) years.
This definition does not apply to IRAs and CDs.
Earnings Credit (also known as Earnings Credit Allowance) is a feature
available on certain business Checking Accounts that allows you to earn
credit based on the Average Collected Balance in the Accounts. This
credit is then used to offset certain fees on qualifying business Checking
Accounts for the monthly or other applicable period. Earnings Credit
equals the positive Average Collected Balance (as adjusted by a reserve
rate) multiplied by an earnings credit rate. The earnings credit rate and
the types of fees that may be offset by an Earnings Credit are subject to
change at our discretion without notice. Refer to the BMO Business Service
Fee Schedule for your Checking Account to determine whether the Account
is eligible for Earnings Credit. The earnings credit rate, if applicable, will be
provided in your periodic statement.
Eligible Business Deposit Accounts include all BMO business checking,
savings and CDs on which you are listed as an Account Owner. Eligible
Business Deposit Accounts do not include Public Funds Accounts, Escrow
Accounts, IOLTAs, IBRETAs, or personal Accounts. Other BMO deposit
accounts you may own that are not governed by the terms of this
Agreement are not Eligible Business Deposit Accounts.
Eligible Deposit Accounts include all BMO personal checking, savings,
CDs and IRAs on which you are listed as an Account Owner or Trustee.
Eligible Deposit Accounts do not include business Accounts, Accounts held
in escrow, estate Accounts, or other BMO deposit accounts you may own
that are not governed by the terms of thisAgreement.
Eligible Investment Balances include the value of all BMO Investment
Services and BMO Direct Invest, Inc. personal investment accounts, for
which you are listed as an account owner or Trustee. Eligible Investment
Balances do not include business investment accounts, investment
accounts subject to ERISA, or BMO Investment Services investment
accounts that are held outside of LPL Financial LLC.
ERISA refers to the Employee Retirement Income Security Act of 1974.
Handbook refers to the BMO Handbook, which includes the Deposit
Account Agreement, the Overdraft Funding Agreements, and the Safe
Deposit Box Services Agreement.
IBRETA refers to an Interest-Bearing Real Estate Trust Account. References
to IBRETA include any state specific variations, such as Real Estate Trust
Accounts (RETAs) in Minnesota.
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Quarterly Combined Business Balance is calculated by adding the
Ledger Balance in the BMO Elite Business Checking Account and the
Ledger Balance in all other Eligible Business Deposit Accounts from the
first day of the prior calendar quarter through the last day of the prior
calendar quarter, and dividing that figure by the total number of days in
the period. There is no limit to the number of Eligible Business Deposit
Accounts used to calculate the Quarterly Combined Business Balance. The
Ledger Balance of Eligible Business Deposit Accounts that sweep funds
to non-FDIC insured investment accounts only include those funds that
remain in the Eligible Business Deposit Accounts.
For new BMO Elite Business Checking Accounts: The initial calculation is
based on the Ledger Balance in the BMO Elite Business Checking Account
and the Ledger Balance in all other Eligible Business Deposit Accounts
from the day the new Account is opened (or the day of Account type
change) through the last day of the calendar month. The first quarterly
calculation is based on the Ledger Balance in the BMO Elite Business
Checking Account and the Ledger Balance in all other Eligible Business
Deposit Accounts from the first calendar day of the month after the new
Account is opened (or the day of Account type change) through the last
day of the calendar quarter.
Relationship Waiver is a feature that offers monthly maintenance fee
waivers on eligible deposit Accounts if they meet the requirements
described in Section 7.L of the Deposit Account Agreement and your
Deposit Account Disclosure.
Savings Account is defined under “Account” above.
Signature Device refers to the use of an automatic Check writing service
which operates through the use of a personal computer, the use of a
facsimile signature or stamp, or other method(s) of providing a mechanical
signature that does not provide a personal signature.
Signer, as used in the Safe Deposit Box Services Agreement, refers to
anyone that you have notified us is authorized to access your Box and has
been provided a key to your Box.
SSN refers to your Social Security Number provided by the Social Security
Administration.
Sufficient Available Funds means that the Ledger Balance in your
Account, minus any holds placed on your Account, equals or exceeds the
amount of the Item being presented for authorization or payment. Holds
may be placed on your Account pursuant to this Agreement, including,
but not limited to, Section 7.Z for suspected fraud or to comply with
legal requirements and Section 8 for extended holds; or the BMO Digital
Banking Agreement for deposits made using Mobile Deposit.
TIN refers to your Taxpayer Identification Number, excluding SSN, provided
by the Internal Revenue Service.
Transfer FROM Account means the Checking Account, money market
Checking Account, money market Savings Account, or Savings Account you
authorize us to transfer funds from to pay Items that overdraw your Transfer
TO Account. CDs and IRAs are not eligible to be a Transfer FROM Account.
Transfer TO Account means the Checking Account or money market
Checking Account with an Overdraft that you authorize us to transfer funds
into to pay Items that overdraw your Transfer TO Account.
Us, our, we, and the Bank mean BMO Bank N.A. and its affiliates that
perform services and all agents and service providers that provide
services described under the Deposit Account Agreement, the Overdraft
Funding Agreements, the Safe Deposit Box Services Agreement and the
other provisions herein.
You and your mean the person or entity who opened the Account or
in whose name the Account was opened, including any joint Account
Owner or agent. When used in the Safe Deposit Box Services Agreement,
references to you and your mean all persons, jointly and severally, who
have entered into the Contract.
Non-BMO Customer refers to any person or entity who is not a customer
of BMO. Bank of Montreal customers who do not have a BMO account in
the U.S. are Non-BMO Customers for purposes of this Agreement.
Notice of Dispute means a letter describing a Claim and containing the
information described in Section 7.EE of the Deposit Account Agreement.
Overdraft means a negative balance in your Account that occurs when
we pay an Item that you do not have Sufficient Available Funds in your
Account to pay when the Item is presented for payment.
Overdraft Fee refers to the fee we charge when you do not have Sufficient
Available Funds in your Account to pay an Item and we pay the Item rather
than return the Item.
Overdraft Funding Agreements, as applicable, refer to the Overdraft
Funding Agreement for Personal Accounts and the Overdraft Funding
Agreement for Business Accounts.
Overdraft Item refers to an Item presented for payment that results in an
Overdraft on your Account.
Overdraft Program refers to BMO’s discretionary payment of Overdrafts
on a personal Checking Account. For personal Checking Accounts it includes
the optional service in which BMO uses its discretion to pay Overdrafts
caused by ATM and everyday debit Card transactions when you authorize
us to do so.
PAC refers to the personal access code used to access your Account
through BMO Bank by Phone.
Participating ATM refers to an ATM where BMO has agreed to provide
surcharge-free access for its Cardholders. Visit bmo.com/us to learn more
about Participating ATMs in the United States, bmo.com to learn more about
Bank of Montreal branded Participating ATMs, and allpointnetwork.com
to learn more about Allpoint
®
Participating ATMs worldwide. Foreign
Transaction Fees will still apply at Participating ATMs located outside of
the United States.
PIN refers to any personal identification number used with your Card.
POD refers to “Payable on Death.”
POS refers to point of sale, telephone, and Internet purchases made using
your Card.
Primary Account Owner refers to the Account Owner whose SSN or TIN
is associated with the Account and is listed first on the Account opening
documents.
Privacy Notice means the privacy notice provided to consumers at
account opening as may be updated from time to time and provided to
you, as required by Applicable Law. Our Privacy Notice is posted on our
website as “US Consumer Privacy Notice” .
Quarterly Combined Balance is calculated by adding the Ledger Balance
in the BMO Relationship Checking Account, the Ledger Balance in all other
Eligible Deposit Accounts, and Eligible Investment Balances from the first
day of the prior calendar quarter through the last day of the prior calendar
quarter, and dividing that figure by the total number of days in the period.
There is no limit to the number of Eligible Deposit Accounts and Eligible
Investment Balances used to calculate the Quarterly Combined Balance.
The Ledger Balance of Eligible Deposit Accounts that sweep funds to non-
FDIC insured investment accounts only include those funds that remain in
the Eligible Deposit Accounts.
For new BMO Relationship Checking Accounts: The initial calculation is
based on the Ledger Balance in the BMO Relationship Checking Account,
the Ledger Balance in all other Eligible Deposit Accounts, and Eligible
Investment Balances from the day the new Account is opened (or the
day of Account type change) through the last day of the calendar month.
The first quarterly calculation is based on the Ledger Balance in the BMO
Relationship Checking Account, the Ledger Balance in all other Eligible
Deposit Accounts, and Eligible Investment Balances from the first calendar
day of the month after the new Account is opened (or the day of Account
type change) through the last day of the calendar quarter.
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determine if you have Sufficient Available Funds to pay an Item when we
process the Item presented for payment. We will determine whether you
have Sufficient Available Funds to pay an Item only once each time the
Item is presented to us. If you do not have Sufficient Available Funds in your
Account to pay an Item, we will determine, in our sole discretion, whether
to pay the Item and create an Overdraft or return the Item unpaid. An Item
returned unpaid may be re-presented for payment multiple times. We will
determine, in our sole discretion, whether to pay or return the Item each
time it is presented or re-presented to us for payment.
We may determine if you have Sufficient Available Funds to authorize
transactions, including but not limited to Card transactions, at the time of
the authorization at the request of a merchant at POS or prior to receiving
the Item for payment. Even if you had Sufficient Available Funds when
the transaction was authorized, this authorization does not mean you will
have Sufficient Available Funds to pay that Item when it is presented for
payment, which may be several days later.
If you do not have Sufficient Available Funds in your Account to pay an Item,
but we choose to pay it and create an Overdraft, you agree that we are
permitted to charge you an Overdraft Fee, as allowed by Applicable Law and
as set forth in the Deposit Account Disclosure or the BMO Business Service
Fee Schedule. We will not charge you an Overdraft Fee if:
• The amount of the Item is less than or equal to $5;
• Your Account is overdrawn by $50 or less at the close of the Business
Day the Item is presented for payment;
• Your Account is overdrawn by $50 or less at the close of the first
Business Day after the Item is presented for payment. Deposits may
not be available immediately. Please see our Funds Availability Policy for
Deposit Accounts in Section 8 below for more information;
• Your Account has already been charged three (3) Overdraft Fees for the
applicable Business Day;
• The Item is a bank fee we assess pursuant to the terms of this Agreement;
• We previously returned the Item unpaid;
• You had Sufficient Available Funds to pay the Item when the Item
was authorized.
You agree to repay immediately any amount you owe us including fees and
the amount of your Overdraft. Failure to pay any such amounts in a timely
manner may result in closure of your Account as provided in Section 7.X
below. If you have a joint Account, all joint Account Owners will be jointly
and severally liable for any Overdraft Fees and the amount of the Overdraft
whether or not a particular Account Owner initiated the Item that resulted in
the Overdraft. Certain bank fees may overdraw your Account if your Account
does not have Sufficient Available Funds to paythem.
You authorize us to apply any deposit to your Account, including, for
example, any federal or state benefit payments, against any Overdraft Fees
and the amount of the Overdraft. Please contact your benefits payor and
follow its procedures to change your Direct Deposit instructions if you do not
want your benefits applied in this way.
If we pay Items that overdraw your Account, whether we do so once or
multiple times, does not mean that we will pay future Items that will
overdraw your Account. You should not, by any means, rely on us to pay
Items that overdraw your Account regardless of how frequently or under
what circumstances we have paid Overdrafts on your Account in the past.
For consumer Accounts, we will not charge Overdraft Fees when
the Overdraft is caused by ATM withdrawals or one-time debit Card
transactions if you have not opted-in to the Overdraft Program for ATM and
Everyday Debit Card Transactions. If you want us to consider authorizing
ATM withdrawals and one-time debit Card transactions when you do not
have Sufficient Available Funds in your Account to cover the Item at the
time of authorization, you must provide affirmative consent, or opt-in, for
us to pay ATM and one-time debit Card transactions that would result in an
Overdraft when the Item is presented for payment. If you opt-in to allow
ATM withdrawals or one-time debit Card transactions to overdraw your
Account, we will charge you an Overdraft Fee if we pay ATM withdrawals
II. DEPOSIT ACCOUNT AGREEMENT FOR PERSONAL AND
BUSINESSACCOUNTS
1. INTRODUCTION
The Deposit Account Agreement applies to each personal and business
Account, Card and CD you have at BMO Bank N.A., except for commercial
accounts governed by the Commercial Account Agreement or deposit
accounts provided under a BMO tradename. Products and services
described in this Agreement may not be available to all customers in all
locations. Except for the names of agreements, products, services, fees,
and proper nouns, capitalized terms used in this Agreement are defined in
the Glossary, which can be found in Section I of this BMO Handbook. The
Glossary is incorporated in its entirety into this Agreement by reference.
You accept and agree to the terms of this Agreement when you sign
our Account opening forms or signature card, or otherwise maintain an
Account or conduct a transaction with us. We recommend that you retain
this Agreement for future reference. Your Account and this Agreement are
governed by Applicable Law.
If there is a conflict between:
(a)the provisions of (i) any disclosure or agreement for another banking
product or service, the Deposit Account Disclosure or BMO Business Service
Fee Schedule and (ii) this Agreement, the disclosure or agreement for the
particular banking product or service, the Deposit Account Disclosure or
the BMO Business Service Fee Schedule will be controlling to the extent
of the conflict;
(b) the provisions of any written document, agreement, schedule
or disclosure we have provided and something said by one of our
representatives, the written document will be controlling.
2. BMO CHECKING ACCOUNTS
A. Withdrawals
Based on the features of your Account, you may withdraw funds from your
Account in various ways including but not limited to the following:
• You can write a Check.
• You can make a withdrawal at a BMO branch.
• You can arrange to make automatic transfers or payments from your
Account to other Accounts or to third parties (such as insurance or
mortgage payments).
• You can authorize a merchant or other person to initiate an electronic
withdrawal from your Account or to present a preauthorized draft which
does not include your signature.
• If you have a Card, you may withdraw funds from your Account through
an ATM that accepts Cards, whether the ATM is a BMO ATM, a Participating
ATM, or a Non-BMO ATM, or you may purchase goods and services (or
withdraw funds) at merchants that accept Cards. See Section 9 of this
Agreement for terms and conditions that apply to the use of Cards.
B. Insufficient Funds and Overdrafts
We determine whether there are Sufficient Available Funds to pay for an
Item using your Account’s Ledger Balance, minus any holds placed on your
Account pursuant to the terms of this Agreement, including, but not limited
to, Section 7.Z for suspected fraud or to comply with legal requirements and
Section 8 for extended holds; or the BMO Digital Banking Agreement for
deposits made using Mobile Deposit. This balance may not be the same
as any other balance described in this Agreement, and an Item may result
in an Overdraft or be returned unpaid regardless of your Account’s Ledger
Balance or any otherbalance.
We have no obligation to pay any Item unless you have Sufficient Available
Funds in your Account when the Item is presented for payment. We will
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3. POS transactions –
a) Card transactions presented to us with an authorization date and
time stamp will be processed in order from the earliest transaction
to the most recent.
b) Card transactions presented to us without an authorization date
and time stamp will be processed based on the amount of the
transaction, from lowest to highest.
4. ACH transactions – All ACH transactions will be processed based on the
amount of the transaction from lowest to highest. If you use a Check
which is electronically converted by the payee, it will be processed as
an ACH transaction.
5. Checks – All Check transactions will be processed based on the number
of the Check, from lowest to highest, regardless of the date on which
the Check was originally written or the amount of the Check. This
includes Checks created through a bill payment service, which may
have a number that is not in sequence with other Checks you write
from your checkbook. If a Check number is not available, all numbered
Checks will be processed first, any remaining Checks will be processed
based on the amount of the Check, from lowest to highest.
6. B
ank generated transactions – Bank generated transactions, such as
fees (including Overdraft Fees and monthly maintenance fees), interest
credits and ATM surcharge rebates, will generally be processed in the
order theyoccur.
EXAMPLE: During a single Business Day, you deposit $500 worth of Checks,
make two POS purchases with your Debit Card (a $2 cup of coffee at 9:00
a.m. and $50 in groceries at 10:00 a.m.), withdraw $100 using your Debit
Card at 11:00 a.m., transfer $300 to another bank account at noon through
BMO Digital Banking, send $20 to a friend through BMO Digital Banking
using Zelle
®
at 1:00 p.m., are assessed a $5 monthly maintenance fee for
your Account, and have a $50 Check that you wrote several weeks ago
presented for payment.
These transactions will be posted to your Account in the following order:
1. the $500 in deposits;
2. the $100 ATM withdrawal;
3. the $20 Zelle
®
payment;
4. the $300 transfer to your other bank account through BMO
DigitalBanking;
5. the $2 cup of coffee purchased with your Debit Card;
6. the $50 in groceries purchased with your Debit Card;
7. the $50 Check; and
8. the $5 monthly maintenance fee.
The description of the Items above is intended to provide an example of
the most common types of transactions within each category. However,
other Items may be debited from your Account even though not specifically
listed above.
D. Check Safekeeping
Checking Accounts require “Check Safekeeping.” With Check Safekeeping,
we will send or otherwise make available to you (i) Check Images or (ii)
information that identifies Checks that have posted to your Account. With
Check Safekeeping, your canceled Checks will not be returned to you with
your statement, and the front and back of all Checks processed against
your Account will be imaged and retained by us for seven (7) years. You
agree that the original Check may be destroyed after a reasonable period
of time as determined by us. There is no charge for storage of your Check
Images. You agree that by maintaining the original Check or a copy on
your behalf, we have otherwise made the Check available to you in a
reasonable manner. If for any reason we are unable to return a copy of
your Check, we may be liable for your Loss but you agree that we will not
be liable for more than the face amount of the Check. Some merchants,
and one-time debit Card transactions that overdraw your Account to the
extent allowed by Applicable Law. If you do not opt-in to allow us to pay
ATM and one-time debit Card transactions that result in an Overdraft,
we may pay or decline the transactions in our sole discretion. If we pay
the transaction and it results in an Overdraft, we will not charge you an
Overdraft Fee but you are still required to promptly repay us the amount
of the Overdraft. We have no control over how a merchant chooses to
present an Item for payment, such as submitting a Check as an ACH
payment or a one-time debit Card transaction as a recurring debit Card
transaction, and we are permitted to process the Item in the manner in
which it is presented, which may, for example, result in an Overdraft Fee
if a merchant presents a one-time debit Card transaction as a recurring
preauthorized transaction. Please use BMO Digital Banking, or BMO Bank
by Phone by calling 1-888-340-2265, if you would like to opt-in for us to
pay ATM and one-time debit Card transactions that would result in an
Overdraft when the transaction is presented for payment and charge you
an Overdraft Fee. Please use BMO Digital Banking, BMO Bank by Phone
by calling 1-888-340-2265, or speak with your banker by visiting a branch
or by calling 1-888-340-2265 to opt-out and revoke any authorization you
have previously given.
BMO Digital Banking and BMO Bank by Phone may help you manage your
Account by keeping you informed of posted and pending transactions
to your Account. You can enroll in BMO Digital Banking at bmo.com.
The balances displayed in BMO Digital Banking are for informational
purposes only and may be different from the balance used to determine
if you have Sufficient Available Funds to pay an Item if there is a
hold on an Item presented for deposit, a hold on any funds in your
Accounts, or there are pending deposits that have not yet posted to your
Account. Talk to your BMO Banker for more information on BMO Digital
Banking and BMO Bank by Phone. We also offer overdraft services for
qualified customers, including Overdraft Funding service, which may
automatically transfer funds from a linked Account (see Sections III and
IV of this Handbook) or an overdraft protection line of credit.
C. Debiting Your Account; Order of Posting
We, in our sole discretion, determine the order we process and post
Items to your Account. The order in which you write Checks and
authorize other withdrawals from your Account will not necessarily
be the same as the order in which we process and post Items to
your Account, and this posting order will affect whether you incur
Overdraft Fees.
Your Account may be debited on the day an Item is presented by any
means, including, for example, electronically, or at an earlier time based
on notification we receive that an Item drawn on your Account will be
presented for payment or collection. There may be a delay debiting or
crediting your Account if an Item cannot be automatically posted by
oursystems.
ORDER OF POSTING
At the end of each Business Day, we will process and post Items to your
Account in the following order, by category and within each category:
1. Credits – Any deposits and other credits we receive, prior to the identified
cut-off times, will be posted to your Account. Credits for interest and
surcharge rebates will be handled in accordance with category 6 below.
2. ATM withdrawals and certain other debits identified below –
a) ATM withdrawals presented to us with a date and time stamp will be
processed in order from the earliest transaction to the most recent.
b) ATM withdrawals presented to us without a date and time stamp
will be processed based on the amount of the transaction, from
lowest to highest.
c) Outgoing wires, most internal transfers to other Accounts with us,
transfers to other accounts initiated through BMO Digital Banking
(including funds sent through Zelle
®
), cash withdrawals, and Checks
which were cashed by us, will be processed based on the amount of
the transaction, from lowest to highest.
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If a stop payment order is submitted through a call or in person, we
may require you to put your stop payment order in writing, which we
must receive within fourteen (14) days after you submit your stop
paymentorder. Your stop payment order will expire and no longer be
effective if we do not receive written confirmation of the stop payment
order within fourteen (14) days of our request for such confirmation.
Your stop payment order must include your Account number, the number
and date of the Check, the name of the payee, and the amount of the
Check. We must receive your stop payment order before our stop payment
cut-off time, which is 10:00 a.m. Central Time on the next Business Day
after the Check is presented to us for payment. If you submit a stop
payment order on a Check through BMO Digital Banking, you must
complete the information required. Cut-off times for stop payment orders
submitted through BMO Digital Banking will be shown when you submit
your stop payment.
We will accept a stop payment order from any Account Owner or
Authorized Signer regardless of who signed the Check. Your stop payment
order will be effective for six (6) months. If you want the stop payment
order to continue after six (6) months, you must renew it. We will charge
you a stop payment fee as shown in the Deposit Account Disclosure or
the BMO Business Service Fee Schedule.
Notwithstanding anything in this Section 2.H, different terms may apply
to stop payment requests on certain payments made through BMO
Digital Banking. Please refer to your BMO Digital Banking Agreement for
more details.
When submitting a stop payment order, you agree to defend, indemnify
and hold us harmless for all expenses, costs and attorney fees incurred
by us due to our refusal to pay the Check.
I. Cashing Your Checks for Non-Customers
If a Check drawn on your Account is presented for payment by a Non-BMO
Customer, you agree that we may require that person to pay a Check
cashing fee and provide identification satisfactory to us as a condition for
cashing a Check drawn on your Account. You also agree that we may refuse
to pay any such Check if the payee refuses to furnish such identification
or pay the fee.
We may limit the Bank locations at which someone who is not a customer
of ours may cash a Check written on your Account. We may select and
change these locations at any time without notice to you, and you agree
that we may refuse to pay a Check presented by such a person at any other
Bank location.
You also agree that we may refuse to cash or otherwise honor any Check
that is presented to us over the counter by any Non-BMO Customer, even
if the Check is properly payable and that person can verify his or her
identity as the holder of such Check. In such cases, the holder of the Check
is expected to deposit the Check with his or her bank and have the Check
presented to BMO through regular banking channels.
You also agree that our refusal to pay a Check based on the reasons described
above will not be considered wrongful dishonor of the Check by us.
J. Sub-Accounts
This Section applies to all Checking Accounts (excluding money market
Checking Accounts). For the Bank’s accounting purposes, each Checking
Account may consist of two sub-Accounts: a transaction sub-Account
and a Savings sub-Account. We may transfer funds between your sub-
Accounts in our sole discretion as allowed by law, and will transfer
funds from your Savings sub-Account to meet your transactional needs.
The sub-Accounts and any transfers between them are recorded in our
internal accounting records only. Both sub-Accounts are treated as a single
Account for purposes of your access to your Account to make deposits
and withdrawals, calculating fees and interest (if applicable to your
Account), determining and reporting any Account balance at any time,
and for generating Account statements, tax reporting, and similar reports
of Account details.
utilities and other billers may elect to convert your Check into an electronic
funds transfer and we will receive electronic information (rather than
Checks) for payment from other financial institutions. In such case, you
will receive information regarding your transaction on your statement but
will not receive your Check or an image of the Check.
E. Use of Signature Devices
You agree not to utilize a Signature Device when issuing a Check unless
specifically authorized by a separate agreement with us which includes
a specimen of the Signature Device signature. We may refuse to honor
Checks drawn by means of a Signature Device without such agreement
even if we have previously honored Checks with a Signature Device.
Alternatively, at our discretion, we may honor such Checks without such
an agreement if the Signature Device signature(s) resemble the Signature
Device signature(s) appearing on any Check that was issued previously
and that you did not report to us as unauthorized. In doing so, we are
hereby authorized to rely upon and to accept as genuine such Signature
Device signature that you have ratified by prior use without any duty for
us to determine the genuineness thereof or whether or not the affixing of
such Signature Device signature to a Check has been authorized by you or
the person whose name is so affixed.
If you utilize a Signature Device, you have the sole responsibility for
maintaining the security of any such Signature Device and you bear the
entire risk of unauthorized use of any such Signature Device that reasonably
resembles the signature you use whether or not you are negligent. You
also recognize that the treatment of each Check presented against your
Account through the use of such Signature Device will be the same as if
such Check was signed by you. You further agree to indemnify and hold
us harmless from and against any and all Losses we may incur as a result
of the unlawful use, unauthorized use or misuse by any person of such
Signature Device or of any Signature Device signature that reasonably
resembles the signature you use.
F. Preauthorized Drafts and Electronic Debits
If you give or otherwise make available your Account number or a sample
of your Check or write a Check to a third party, we may treat such disclosure
or issuance as your authorization to that third party to issue written or
electronic drafts or other debits against your Account, as allowed by
Applicable Law. We will not be liable to you for the payment of any such
Items, unless you give us notice that the Items are not authorized before
they are presented to us for payment.
If a third party elects to convert the particular Check you issued to them to
an electronic funds transfer you will not receive an image of the cancelled
Check with your statement, since we did not receive the Check as further
described in Section 2.D above.
G. Postdated and Stale Checks
We reserve the right to pay or not pay any Check (i) that is postdated (i.e. a
Check presented before the date written on it) or (ii) that is more than six
(6) months old. If you do not want us to pay a postdated Check or Check
that is more than six (6) months old, you must provide us with a stop
payment order as described in Section 2.H below.
H. Stopping Payment on a Check
If you do not want us to pay a Check you have written, you must order us to
stop payment. You cannot request a stop payment order if we have already
certified, paid, or otherwise become responsible for the Check. For example,
you cannot stop payment on a Check that we have already cashed because
we became responsible for that transaction when we cashed the Check.
You can submit a stop payment order by notifying us in person, by BMO
Bank by Phone (1-888-340-2265), or through BMO Digital Banking. You
can also submit a stop payment order by mail at BMO, Attn.: Support,
P.O. Box 94033, Palatine, IL 60094-4033.
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You agree to notify us of the death of any joint Account Owner. At our
option, we may request certain documents upon notification of the death
of any of the joint Account Owners before the Account titling can be
updated or the funds in the Account can be released.
Each co-Account Owner acts as the agent of each other co-Account Owner.
Each co-Account Owner authorizes the other co-Account Owner to operate
the Account without the consent or approval of any other co-Account
Owner. We may act on the instruction of any co-Account Owner without
liability to any other co-Account Owner. We also may act on the instruction
of the attorney-in-fact for any co-Account Owner without prior approval
from or notice to any other co-Account Owner. Each co-Account Owner
owns the sums on deposit in the Account, regardless of the amount of his
or her contribution. When a married couple selects a joint tenancy Account,
they will not necessarily create a community property Account. Consult
your legal advisor regarding creation of a community propertyAccount.
This type of Account ownership does not create a tenancy by the entirety.
As described above, all joint Accounts will be presumed to be owned as
joint tenants with right of survivorship, unless: (a) Applicable Law does not
permit such a presumption, or (b) we otherwise agree with you in writing
that the Account is owned in some other capacity. As to any Account to
which Florida or Missouri law applies, unless specifically elected in the
signature card agreement, in no event will any joint Account established
with us by spouses be deemed to be owned as tenants by the entirety but
will only be owned as joint tenants with right of survivorship.
1. Joint Accounts with Minors
If you open a joint Account with a minor, you understand that the
minor has access to freely transact on the Account and that you will
be fully liable for all such transactions as if the transactions were
your own. You agree to hold the Bank harmless and indemnified from
and against any and all Loss, costs, damage and expense, including
court costs and attorneys’ fees, the Bank may sustain which in any
manner relate to the use of this joint Account by the minor party.
You understand and agree that you are responsible for any and
all actions taken by the minor related to the Account, through any
banking channel whatsoever (including, but not limited to, BMO
Digital Banking), and that you consent to such actions by opening
this joint Account.
C. Payable on Death Accounts, including Totten TrustAccounts
If you open an Account as trustee for a named beneficiary, without other
formal trust papers, or if you make an express “Payable on Death” or so-
called POD designation of beneficiaries (in states where that designation
is applicable), the Account will be treated as a POD Account. During your
lifetime, a POD Account belongs to you. You may make deposits and
withdrawals or close the Account at your discretion, and you may change
the beneficiary. After the death of the last surviving Account Owner, the
balance in the Account will be paid to the beneficiary, or to his or her legal
representative if the beneficiary is a minor. The POD Account is subject
to Applicable Law and to the provisions of other documents covering the
Account. The Account Owner, or any Account Owner if there is more than
one, may change the designated beneficiary(ies) without the consent
of any other Account Owner or the beneficiary(ies). Between Account
Owners, where there is more than one, the Account is considered a joint
Account with right of survivorship and is subject to the provisions referred
to above for joint Accounts. The beneficiary must survive all Account
Owners to acquire an interest in the Account. If none of the beneficiaries
survive, the balance in the Account will be paid to the estate of the last
surviving Account Owner. A beneficiary’s right to funds is subject to our
security interest and right of setoff. A beneficiary is not required to survive
the death of an Account Owner by any specified period of time.
D. Custodial Accounts for Minors
When you establish an Account under the Uniform Transfers to Minors Act
as enacted in the state in which you reside (the “Act”) and make deposits
as custodian for the benefit of a minor, all deposits to that Account will be
governed by the Act. Deposits may be made to an Account controlled by an
3. BMO SAVINGS AND CERTIFICATE OF DEPOSIT
(TIMEDEPOSIT)ACCOUNTS
Please refer to the Deposit Account Disclosure or BMO Business Service
Fee Schedule for minimum deposit requirements, interest computation
methods and fees, and maturity conditions and early withdrawal penalties
for CDs.
A. Savings Accounts
We offer various Savings Accounts. You cannot write Checks from your
Savings Account. Please see your Deposit Account Disclosure or BMO
Business Service Fee Schedule for more information.
For Statement Savings, you will receive a regular quarterly statement
regardless of transaction activity or a monthly statement for each month
your Statement Savings Account has an electronic funds transfer. For all
other personal Savings Accounts, you will receive a monthly statement.
B. Certificate of Deposit (Time Deposit) Accounts
By opening your CD or IRA CD, you have agreed to keep funds on deposit
until the stated maturity date. For single maturity CDs, your CD will not
automatically renew on the maturity date. No interest is earned or paid
after the maturity date.
1. Maturity, Renewal and Grace Period
Unless you have instructed us or we have disclosed to you otherwise,
your CD will automatically renew at the maturity date to another CD
of an equal term at the then current interest rate for that term and
current balance. You will have a grace period of ten (10) calendar days
after the maturity date to withdraw the funds without being charged
an early withdrawal penalty as described in the Deposit Account
Disclosure or BMO Business Service Fee Schedule, as applicable. If your
CD is redeemed during the ten-day (10-day) grace period, it will not
earn interest after the maturity date.
2. Early Withdrawal Policy
We reserve the right to permit withdrawals of principal only upon
maturity. If we permit you to make an early withdrawal of principal,
we are permitted to charge you an early withdrawal penalty,
regardless of the length of time the funds withdrawn have remained
in the Account. The early withdrawal penalty applicable to your CD
is explained in the Deposit Account Disclosure or the BMO Business
Service FeeSchedule.
4. SPECIAL PROVISIONS RELATED TO CERTAIN TYPES OF
ACCOUNTOWNERSHIP
A. Individual Accounts
If you establish an individual Account you are the sole owner of the
Account and only you have the right to withdraw from the Account. In the
event of your death, you agree that we have the right to honor Checks
or other Items drawn against your Account until ten (10) days after we
receive written notice of your death or any longer period as permitted
under Applicable Law. We may restrict access to your Account upon notice
of your death until the documentation requested by us is provided by the
executor, administrator or other representative of your estate or person.
Your individual Account does not create any additional ownership rights
or survivorship rights nor does the Account create or extinguish any
community or marital property rights.
B. Joint Accounts
If two (2) or more persons select a joint Account on the application or
signature card for an Account, the signers agree that they own that Account
as joint tenants with right of survivorship. This means we may follow
instructions of one Account Owner. Also, if an Account Owner dies, the funds
remaining in the Account will be payable to the surviving Account Owner(s).
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applicable transaction limits. If you wish to terminate recurring
electronic withdrawals, you should notify the payee. To stop
payment on a one-time electronic withdrawal or on all electronic
withdrawals to a particular payee, see Section 5.E below.
2. Electronic Check Conversion. When you provide a Check as payment,
you authorize a merchant or other payee to make a one-time
electronic withdrawal from your Checking Account using information
from your Check to pay for purchases or pay bills.
B. Service Fees
Electronic funds transfers may be subject to a fee. Our fees currently
in effect for electronic funds transfers are disclosed in the Deposit
Account Disclosure.
C. Documentation of Transactions
1. Confirmation of Preauthorized Deposits (Credits). If you have arranged
to have electronic deposits made to your Account from the same payor at
least once every sixty (60) days (for example, if you have Direct Deposit
of your Social Security payments to your Account), you can find out if
your deposit has been received through BMO Digital Banking or by
calling 1-888-340-2265. These electronic deposits will also appear on the
periodic statements for your Account. We are not required to provide any
other written notice to you concerning the receipt of such payments.
2. Periodic Statements. You will get a statement for any month in
which you have an electronic funds transaction described in this
Section 5 affecting your Account.
3. Notice of Varying Payment Amounts. If your recurring electronic
payments may vary in amount, the person or company you intend to
pay should tell you, ten (10) days before each electronic payment, the
date the payment will be made and how much it will be. The person or
company that you are paying may choose to give you the option to get
this notice only when the payment would differ by more than a certain
amount from the previous payment or when the amount would fall
outside certain limits that you set. You should contact the person or
company you are paying with any question about thesenotices.
D. Our Liability for Failure to Make Transfers
If we do not complete a transfer to or from your Account on time or in the
correct amount according to our agreement with you, we will be liable
for your Losses or damages. However, there are some exceptions. We
will not be liable, for example, if (i) through no fault of ours, you do not
have Sufficient Available Funds in your Account to make the transfer; (ii)
the transfer would go over the credit limit on your overdraft protection
line of credit; (iii) any merchant or financial institution refuses to honor
your transfer; (iv) a transfer is not completed due to communications
or systems failure; (v) access to the Account is restricted due to its
involvement in legal proceedings or by other claims or actions; or (vi)
the Loss or damage occurs as a result of any other reason identified in
Section7.BB below. Except for your rights and our responsibilities actually
stated in this Section 5.D, in Section 9 below, or as otherwise required by
Applicable Law, and in cases of our gross negligence or willful misconduct,
we are not responsible for any Loss or injury resulting from any electronic
funds transfer services, and you waive all such claims.
E. Stop Payments
1. Rights and Procedures for Stop Payments. To stop payment on a
one-time electronic withdrawal or to stop payment on all electronic
withdrawals to a single payee (for example, to pay insurance), you
must notify us orally in person at one of our branches, by calling
us at 1-888-340-2265 or by writing to us at BMO, Attn.: Support, P.O.
Box 94033, Palatine, IL 60094-4033 in time for us to receive your
order request at least three (3) Business Days before the payment is
scheduled to be made. If you call or tell us in person, we may require
you to put your stop payment request in writing, which we must
receive within fourteen (14) days after your call or visit. If we advise
adult acting as custodian for a minor. Once a deposit is made to the Account,
that deposit and the interest it earns belong to the minor. Until the child
reaches the age of majority as defined in the Act, control of the Account
generally remains in the hands of the custodian. Taxliability generally will
be in the name of the minor, and the custodian must therefore include
the minor’s SSN when the Account is opened. Only one adult at a time
may serve as custodian for a minor Account. A successor custodian may be
designated at the time of Account opening on the signature card, or at a
later time. Consult your tax advisor concerning this type of Account.
If the Applicable Law of your state allows for the establishment of Accounts
for minors other than under the Act, that Account is not subject to the Act
and we may allow control over the Account to the extent permissible
under the Applicable Law.
E. Marital Accounts in Wisconsin
A Marital Account is an Account established on or after January 1, 1986, in
Wisconsin without the right of survivorship by two parties who claim to be
married, which is payable on request to either or both of the parties and
which is designated as a Marital Account. A Marital Account belongs, during
the lifetime of both parties, to the parties without regard to the proportion
of their respective contributions to the sums on deposit or to the number
of signatures required for payment. A party to a Marital Account may name
one or more POD for that party’s interest. A Marital Account is owned as a
Marital Account by the parties named thereon. Upon the death of either of
the parties, the survivor owns 50% of the sums on deposit and the estate
of the deceased is entitled to the other 50%. A Marital Account with POD
is owned as a Marital Account by the named parties and, upon the death
of either of them, 50% of the sums on deposit are owned by the survivor
and 50% are owned by the POD beneficiary(ies). Except as described in
this Section 4.E, Marital Accounts are governed by the same terms and
conditions as other jointly ownedAccounts.
5. DISCLOSURE AND AGREEMENT FOR ELECTRONIC FUNDS
TRANSFERSFOR PERSONAL ACCOUNTS
The terms in this Section 5 govern your use of electronic fund transfer
services, including electronic deposit and electronic withdrawal
transactions. Services for electronic funds transfers are only available
to Account Owners (or their authorized agents) who have specifically
arranged for these services.
A. Services Offered
We offer electronic funds transfer services for consumer Accounts including
transactions using your Card, BMO Bank by Phone, BMO Digital Banking,
BMO Bill Pay, and electronic payments such as ACH and Direct Deposit.
Payments made by Check through BMO Bill Pay, and any other services
that are not subject to the Electronic Fund Transfer Act and Regulation E,
are not covered by this Section 5 and are instead governed by Section 7.H
below and by the applicable provisions of the Uniform Commercial Code.
For additional provisions relating to your Card, please see Section 9 below.
1. Electronic Deposits and Withdrawals. If you provide authorization to accept
deposits or honor withdrawals electronically, we will provide such services.
a) Preauthorized Deposits (Credits) – You can arrange with the payor
to have certain Direct Deposits (for example, Social Security or
payroll payments) automatically deposited to your designated
Account. All credits to your Account for funds transfers are
provisional until we receive final settlement for the funds. If we
do not receive such final settlement, we are entitled to reverse
the amount credited to your Account for that transfer.
b) Direct Withdrawals (Debits) – You can arrange to have certain one-
time withdrawals (for example, to pay a merchant) or recurring
withdrawals (for example, regular monthly insurance premium
payments) automatically paid from your Account, subject to
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2. Limitations on Your Liability for Unauthorized Electronic
FundsTransfers
If you tell us within two (2) Business Days after you learn of an
unauthorized transaction, you can lose no more than $50. However,
you could lose as much as $500 if:
• You do not tell us within two (2) Business Days after you learn of
the loss; and
• We can prove that we could have stopped the loss from occurring if
you had told us within two (2) Business Days.
Also, if your statement shows transactions that you did not make,
tell us at once. If you do not tell us within sixty (60) days after the
statement was provided to you and if we can prove that we could
have stopped someone from taking the money if you had told us
within sixty (60) days, you may not get back any money you lost after
the sixty (60) days. If a good reason (such as a long trip or a hospital
stay) kept you from telling us, we may extend these time periods.
G. Termination; Miscellaneous
We may terminate or limit the electronic funds transfer services we offer
to you under this Section 5 at any time in our sole discretion. The rules,
regulations, and agreements that govern your deposit Accounts (as set
forth in your Deposit Account Agreement) apply to all electronic funds
transfers affecting your Accounts.
6. SUBSTITUTE CHECKS AND YOUR RIGHTS AS A CONSUMER
Important Information about Your Personal Checking Account
What Is a Substitute Check?
To make Check processing faster, federal law permits banks to replace original
Checks with “substitute Checks.” These Checks are similar in size to original
Checks with a slightly reduced image of the front and back of the original
Check. The front of a substitute Check states: “This is a legal copy of your
check. You can use it the same way you would use the original check.” You
may use a substitute Check as proof of payment just like the original Check.
Some or all of the Check Images that you receive back from us may be
substitute Checks. This notice describes rights you have when you receive
substitute Checks from us. The rights in this notice do not apply to original
Checks or to electronic debits to your Account. However, you have rights
under other laws with respect to those transactions.
What Are My Rights Regarding Substitute Checks?
In certain cases, federal law provides a special procedure that allows
you to request a refund for Losses you suffer if a substitute Check is
posted to your Account (for example, if you think that we withdrew the
wrong amount from your Account or that we withdrew money from
your Account more than once for the same Check). The Losses you may
attempt to recover under this procedure may include the amount that
was withdrawn from your Account and fees that were charged as a
result of the withdrawal.
The amount of your refund under this procedure is limited to the amount
of your Loss or the amount of the substitute Check, whichever is less.
You also are entitled to interest on the amount of your refund if your
Account is an interest-bearing Account. If your Loss exceeds the amount
of the substitute Check, you may be able to recover additional amounts
under other laws.
If you use this procedure, you may receive up to $2,500 of your refund
(plus interest if your Account earns interest) within ten (10) Business Days
after we receive your claim and the remainder of your refund (plus interest
if your Account earns interest) not later than forty-five (45) calendar days
after we receive your claim.
you that written confirmation is necessary when you call or visit us
and we do not receive your written confirmation within fourteen
(14) days, your oral stop payment order will expire and no longer be
effective. As applicable, we may have to close your Card or Account
and reissue you a new Card or open a new Account if you wish to
cancel payments you had scheduled to be made at a future date
using that Card or Account. Please note that we are permitted to
charge a stop payment fee for any stop payment order we receive
and process as disclosed in your Deposit Account Disclosure. We also
strongly recommend that if you have authorized some company
other than us to initiate the payments from your Card or Account, you
contact that company and tell them you are revoking their authority
to take payments from your Card or Account.
2. Liability for Failure to Stop Payment. If you request us to stop
one of these payments three (3) Business Days or more before the
transfer is scheduled, and we do not do so, we will be liable for your
unrecoverableLosses.
F. Unauthorized Transactions, Errors, and Questions
1. In Case of Errors or Questions about Your Electronic Transfers
Call us at 1-888-340-2265 for errors involving Card transactions and
electronic transfers or write to us at BMO, P.O. Box 94019, Palatine, IL
60094-4019, immediately, if you believe your statement or receipt is
wrong or if you need more information about a transfer listed on the
statement or receipt. Telephoning us is the best way to minimize your
Losses for any error or unauthorized transaction.
In order to help resolve the problem, we will need you to:
a) Tell us your name and Account number;
b) Describe the error or the transaction and the date of the transaction
you are unsure about, and explain as clearly as you can why you
believe it is an error or why you need more information; and
c) Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you also send us your
complaint or question in writing within ten (10) Business Days.
We will determine whether an error occurred within ten (10) Business
Days after we hear from you and we will correct any error promptly.
If we need more time, however, by law we may take up to forty-
five (45) days to investigate your complaint or question. If we decide
to take this additional time, and you have provided us with written
confirmation if requested, we will provisionally credit your Account
within ten (10) Business Days of first receiving your error notice for
the amount you think is in error, so that you will have the use of the
money during the time it takes us to complete our investigation. If
we request written confirmation of your complaint or question and
you fail to provide it within ten (10) Business Days, then we may
not provide provisional credit to your Account or we may revoke the
provisional credit we previously gave to you.
The time periods in the preceding paragraph may be extended as
follows: (a) the applicable time is twenty (20) Business Days in place of
ten (10) Business Days for new Accounts if the notice of error involves
a transfer to or from the Account within the first thirty (30) days your
Account is open; and (b) the applicable time is ninety (90) days in place
of forty-five (45) days if the notice of error involves a transfer that (i)
was initiated outside the U.S.; (ii) resulted from a POS transaction; or (iii)
occurred within the first thirty (30) days your Account is open.
We will tell you the results of our investigation within three (3)
Business Days after completing our investigation. If we determine that
there was no error, we will send you a written explanation, and debit
your Account for any amount that was provisionally re-credited. You
may ask us for copies of the documents we used in our investigation.
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permitting you to cash the Check. We are not liable for deposits made to
our depository box (including night deposit boxes) until we retrieve and
process the deposit.
All deposited Items are credited to your Account subject to final payment
and receipt of proceeds by us. If funds are available for withdrawal, that does
not mean the deposited Item has cleared or has been paid by the paying
bank. Items may be returned to us unpaid after we have made the funds
available and you have withdrawn them. If a deposited Item is returned
to us unpaid for any reason, including any Item deposited by a third party
into your Account, we may subtract the amount of that returned Item from
the balance in your Account, together with any interest that may have been
earned while on deposit and the Deposited Item Returned fee, as disclosed
to you in the BMO Business Service Fee Schedule. If we receive notice that an
Item is being returned we may place a hold on the funds in your Account to
recover the amount of the Item when the Item is returned to us. We do not
have to give you prior notice of our actions with respect to an Item.
If a deposited Item is returned unpaid we may, at our option and without
notice to you, choose to redeposit the Item, either in its original form or by
converting it to an electronic payment and redepositing it as an ACH entry.
Such Check conversion (and any associated fee) is not an electronic funds
transfer subject to Section 5 of this Agreement.
At our discretion, we can refuse, limit, or return any deposit. We have sole
discretion to determine whether we accept Items for deposit or collection,
including Items drawn on a non-U.S. bank or Items payable in a foreign
currency. Handling an Item “for collection” means that instead of accepting
the Item for deposit, we send the Item directly to the issuer’s bank for
payment. We will credit your Account only when we receive final payment
for the Item. You agree to pay the Collection Items Fee for each collection,
as disclosed to you in the Deposit Account Disclosure or the BMO Business
Service Fee Schedule. Items sent for collection and Items we accept for
deposit which are drawn on a non-U.S. bank or are payable in a foreign
currency are not subject to our Funds Availability Policy for Deposit Accounts
in Section 8 below. If the Item is payable in foreign currency, the credit to
your Account will be determined by the paying bank using its exchange
rate in effect at the time of final collection in U.S. dollars and the credit will
reflect fees charged by the paying bank.
You agree that we, in receiving Items for deposit or collection, act only as
your collecting agent and assume no responsibility beyond reasonable
care and that all deposited Items are credits subject to our receipt of
final payment. We will not be responsible for an Item lost while not in
our possession.
B. Interest
If your Account is an interest-bearing Account, the terms governing our
payment of interest are explained in the Deposit Account Disclosure,
Interest Rate Sheet, or the BMO Business Service Fee Schedule. These
terms, including rate of interest, annual percentage yield, computation
of interest, maturity conditions, minimum deposit requirements, fees
and other terms are subject to change at our discretion. Contact your
BMO Banker or call 1-888-340-2265 for the current interest rate. Unless
otherwise provided at CD opening or renewal, the rate of interest paid,
computation of interest and maturity conditions of the CD will not change
during its term. For all deposits (except for Zelle
®
deposits received after
5:00 p.m. Central Time), interest begins to accrue on the Business Day we
receive the deposit in accordance with the Funds Availability Policy for
Deposit Accounts in Section 8 below. For Zelle
®
deposits received after
5:00 p.m. Central Time, interest begins to accrue on the next Business
Day. We will not pay interest on any deposited Item that is returned to
us unpaid. Interest is generally reported to the Internal Revenue Service
under the SSN or TIN for the Primary Account Owner.
C. Fees and Service Charges
Fees and service charges are listed in the Deposit Account Disclosure
or the BMO Business Service Fee Schedule. Applicable fees and service
charges are subject to change at any time. The Deposit Account
We may reverse the refund (including any interest on the refund) if we
later are able to demonstrate that the substitute Check was correctly
posted to your Account.
How Do I Make a Claim for a Refund?
If you believe that you have suffered a Loss relating to a substitute Check
that you received and that was posted to your Account, please contact
usat:
BMO
Attn: P&C Product Operations Retail Servicing
P.O. Box 5731
Carol Stream, IL 60197
1-888-340-2265
You must contact us within forty (40) calendar days of the date that we
mailed (or otherwise delivered by a means to which you agreed) the
substitute Check in question or the Account statement showing that
the substitute Check was posted to your Account, whichever is later.
We will extend this time period if you were not able to make a timely
claim because of extraordinary circumstances. If you submit your claim
orally, we will require you to submit the claim in writing within ten (10)
BusinessDays.
Your claim must include:
• A description of why you have suffered a Loss (for example, you think
the amount withdrawn was incorrect);
• An estimate of the amount of your Loss;
• An explanation of why the substitute Check you received is insufficient
to confirm that you suffered a Loss; and
• A copy of the substitute Check or the following information to help us
identify the substitute Check: the Check number, the amount of the
Check, the date of the Check, and the name of the person to whom you
wrote the Check.
7. TERMS APPLICABLE TO ALL ACCOUNTS
A. Deposits
Deposits to your Account may be made in person, by mail, or by other means
we make available to you, including at select BMO ATMs that accept deposits.
We may accept deposits to your Account at any time, from anyone, made in
any manner, including through a deposit based on an image of an Item.
The amount of your deposit is based solely on the deposit slip or amount
provided to us when the deposit is made. After your deposit is made, we
may verify the accuracy of the deposit amount. If we determine that the
deposit amount is incorrect, we may adjust (credit or debit) your Account
for any errors, including any discrepancies between the amount of funds
we received and the amount provided when your deposit was made. If we
adjust your deposit amount due to a discrepancy, we will notify you of the
adjustment, which will appear on your next Account statement.
If you believe the amount credited to your Account for a deposit is wrong or
disagree with our adjustment, you must notify us in accordance with Section
7.M of this Agreement. If you do not notify us of an error regarding your
deposit amount or disagree with our adjustment during the notice period
in Section 7.M, the deposit or adjustment amount will be considered final.
Unless we agree otherwise, Checks and other Items you want to deposit
must be in U.S. dollars. You agree not to deposit an Item to your Account
unless the Item is endorsed by all parties to whom the Item is payable. We
may require that an endorsement by a person other than you be verified
or guaranteed. We may credit a deposit to an Account based solely on the
Account number listed on the deposit slip or other instruction to credit
an Account, even if the name on the deposit slip or other instruction
differs from the name on the Account. We may refuse to accept all or any
part of any deposit. We may require that you deposit a Check instead of
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endorsements and cause delays in processing and returning such Items.
You agree to pay us for any Losses we incur as a result of your failure to
properly endorse any Item.
F. General Withdrawal Limitations
We will allow withdrawals from Accounts (except CDs) without prior
notice. However, federal regulations provide that we must retain the
right to require at least seven (7) days’ written notice prior to any
withdrawal or transfer from an interest-bearing Account, but not from
an interest bearing demand deposit Account. If you want to withdraw
large amounts in cash from your Account, we may place reasonable
restrictions on the time and place you may receive cash based on our
security and operational considerations.
G. Money Market Deposit Accounts Withdrawal Limitations
The number of withdrawals or transfers from money market Checking
Accounts are unlimited when made in person at the Bank, at an ATM,
by messenger, transfers for Overdraft Funding, by mailing a request, or
speaking to a telephone representative to have a Check made payable
to you.
For certain money market Checking Accounts we may limit all other
withdrawals or transfers to a combined total of six (6) per month or
monthly statement period, including, for example, those made by Check,
POS, ACH, wire, BMO Bank by Phone, BMO Digital Banking, or internal
transfers to repay BMO loans. We may, at our option, charge a fee for any
transaction that exceeds these limits. Please refer to the Deposit Account
Disclosure or the BMO Business Service Fee Schedule.
H. Wire and Other Funds Transfers
This Section 7.H does not apply to electronic funds transfers that are
governed by Section 5 above.
(i) Wire Transfers – General
Generally, unless you have entered into a separate wire transfer agreement
with us, the following provisions apply to both wire transfers that you send
and receive. If you have entered into a separate wire transfer agreement
with us, the provisions below govern wire transfers that you receive and
the wire transfer agreement governs the wire transfers that you send.
Any payment order verified through the use of our established security
procedures will be treated as your payment order, and you will be required
to pay us the amount of the payment order whether or not you authorized
it. We may, but are not required to, act on any payment order that does
not comply with our security procedures and you will be required to pay
us the amount of the payment order whether or not you authorized it if
we accepted the payment order in good faith. Please read our security
procedures at www.bmo.com/us/security. If you initiate a payment
order, you acknowledge and agree that our security procedures (a) are
commercially reasonable based on the size, type and frequency of the
payment orders you make; and (b) verify the authenticity of the payment
order but not whether the payment order is correct. We reserve the right
to delay the execution of any payment order until we are able to verify the
authenticity of the payment order by any means reasonably acceptable to
us. We will not be liable to you or any other person for such delay provided
that we acted in good faith.
You are responsible for the contents of each payment order you send to us.
You acknowledge and agree that, except as provided in Section 7.H.(ii) below,
we and any receiving bank are entitled to rely on your Account number or
the recipient’s account number (or bank identification number) that appears
on your payment orders without any obligation to look at the name of the
receiving customer or bank that may also appear on the payment order.
(ii) Additional Terms Applicable To Outgoing International Wire Transfers
for Consumers
For wire transfers initiated by a consumer in the United States to
transfer funds to a beneficiary in a foreign country for personal, family,
or household purposes, the following additional terms will apply. The
terms in this Section 7.H.(ii) do not apply to international wire transfers:
Disclosure and the BMO Business Service Fee Schedule may also include
requirements which, if met, will provide you with certain fee waivers on
your Account.
You agree to pay any applicable fees and service charges when due,
and you authorize us to deduct such fees and service charges from your
Account. For business Accounts, you authorize us to deduct such fees and
service charges from your Account to the extent they are not offset by
an Earnings Credit. You understand our withdrawal of fees and service
charges from your Account will result in your Account becoming overdrawn
if you do not have Sufficient Available Funds to pay such fees and service
charges. You agree that our right to deduct any fees and service charges
from the funds in your Account extends to any state and federal benefit
payments (including, but not limited to, Social Security benefits) that you
have chosen to deposit in the Account. If you do not want your benefits to
be applied in this way, you must change your Direct Deposit instructions
by contacting the benefits payor and following its procedures to change
your Direct Deposit.
D. Forms Specifications; Special Instructions
All Checks, withdrawal forms, deposit slips and transfer instructions used
in connection with your Account must be on forms obtained through or
approved by us.
You agree to maintain adequate safeguards to ensure the authorized use
of the forms you retain and agree to notify us immediately if you become
aware that any Checks or other forms are lost or stolen. In the case of a
lost cashier’s check or official bank check of which you are the remitter
or the payee, we will require a declaration of loss from you and at least a
ninety (90) day waiting period before reissuing or refunding the amount
of the check. In the case of a lost money order of which you are the
remitter or the payee we will require a declaration of loss from you. A
declaration of loss must be done through a specific form, which you must
request either at a BMO branch or by calling us at 1-888-340-2265.
You are responsible for the condition of Checks when you issue them.
We are not responsible for Losses you may suffer if a Check you issue or
deposit is returned or processing of the Check is delayed as a result of
any writing or marking that you or a prior endorser place on the front or
back of the Check, improper printing on Checks, your failure to maintain
adequate safeguards against unauthorized use, or your failure to issue
Checks in a manner so as to prevent unauthorized completion, alteration
or addition. You agree that we may refuse to accept for deposit or to
process any Item that is presented in a form that cannot be processed
or photographed using equipment that we use in our normal operations.
If you place an order to print Checks through us, you authorize us to
charge your Account a Check printing fee, as disclosed to you at the time
of yourorder.
We will not follow any restrictions or special instructions written on or
accompanying an Item (for example, “void after 30 days,” “paid in full,”
“not valid if drawn for more than $500”) unless we have separately
agreed to them in writing. We will not be liable for any Item paid contrary
to restrictions even if payment causes your Account to not have Sufficient
Available Funds to pay other Items drawn on it.
E. Endorsements
We may accept Items deposited to your Account without your endorsement
but may, at our option, require your personal endorsement prior to
accepting an Item. With respect to any such Item, our rights and your
liabilities will be determined as if you actually endorsed and deposited
the Item. Any endorsement made with a Signature Device will be deemed
to contain your endorsement, whether or not affixed by someone with
your authority.
When you endorse Checks that you ask us to cash or deposit, you must
endorse them in the area that extends one and one-half (1-1/2) inches
from the trailing edge of the back of the Check. The trailing edge is the left
side of the Check when you look at it from the front. You must also confine
information that you place or have preprinted on the back of your Checks to
the same area. Otherwise, it may overlap into the area reserved for the banks’
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services. Transactions made after 9:00 p.m. Central Time will be processed
on the following Business Day. When you enroll in BMO Bank by Phone
you will be required to establish a PAC which will be necessary to access
BMO Bank by Phone. You agree not to reveal your telephone identification
number or PAC to any person. Please read our security procedures at
www.bmo.com/us/security.
J. BMO Digital Banking
BMO Digital Banking is governed by the BMO Digital Banking Agreement
provided to you when you enroll.
K. Internet Gambling or Illegal Transactions
If we reasonably believe a transaction is prohibited or involves other
illegal activities, we reserve the right to refuse a transaction, freeze your
Account, or close your Account. Under the Unlawful Internet Gambling
Enforcement Act, transactions, including Checks, Card transactions,
electronic funds transfers, wires, drafts, or credit transactions that
fund illegal Internet gambling, are prohibited. You agree that you will
not use your Account to participate in any unlawful Internet gambling
transactionsor illegal transactions.
L. Relationship Waiver for Deposit Accounts
Relationship Waiver is a feature of certain Accounts that offers monthly
maintenance fee waivers on eligible Checking Accounts if the stated
requirements are met each statement period. The requirements to
receive benefits under Relationship Waiver are provided in your Deposit
Account Disclosure and this Agreement. Each month you do not meet
the Relationship Waiver requirement for the statement period, you will
be charged the monthly maintenance fee for your Accounts, unless
you satisfy the requirements for another way to waive the monthly
maintenance fee on the particular Account.
The following rules apply to Relationship Waiver. We do not automatically
link your Accounts or designate Accounts as your Master Account or Linked
Plus Accounts. Accounts that appear on a combined statement are not
necessarily or automatically linked to your Master Account for purposes
of determining your eligibility for Relationship Waiver. An Account may
only be linked to one Master Account. Contact your BMO Banker for more
information on Relationship Waiver and to link your Accounts.
Wealth Checking as Master Account
If you designate your Wealth Checking Account as your Master Account,
the Average Daily Balance in your Wealth Checking Account will determine
whether you receive a monthly maintenance fee waiver on your Linked
Plus Accounts under Relationship Waiver.
Linking Linked Plus Accounts
To receive a monthly maintenance fee waiver based on the Average
Daily Balance in your Wealth Checking Account, you must contact your
BMO Banker to request Relationship Waiver and designate your Master
Account and Linked Plus Accounts. You must read your Deposit Account
Disclosure to determine which Accounts are eligible to be linked as
Linked Plus Accounts to receive a monthly maintenance fee waiver
under Relationship Waiver.
You may not link any trust Account, as a Linked Plus Account, except
Accounts opened by you as part of your revocable living trust. We bear
no responsibility for your decision to link Accounts. You should carefully
consider your decision to link Accounts, and consult your legal advisor.
The statement period date and frequency for your Linked Plus
Accounts will be changed to be the same as the statement period and
frequency as your Master Account.
M. Statements, Notifications and Your Duty to Examine
A monthly statement for all Accounts (except CD Accounts) will be made
available to you, unless otherwise described in the Deposit Account
Disclosure or the BMO Business Service Fee Schedule. We will mail
statements to you at the address in our files, unless we agree otherwise.
(a) sent to a beneficiary in the United States, (b) initiated by a non-
consumer, or (c) initiated by a consumer for non-personal, non-family,
or non-household purposes. If there is a conflict between the provisions
in this Section 7.H.(ii) and the BMO Wire Transfer Services Agreement,
any disclosure, other provisions in this Deposit Account Agreement for
Personal and Business Accounts, or any other document governing our
relationship, the terms of this Section 7.H.(ii) shall control.
• As applicable, we will provide you disclosures identifying, among
other things, the amount that will be transferred to the beneficiary, a
description of any fees and taxes imposed by us, a description of any
fees and taxes to be applied by third parties to the extent known by us,
the exchange rate to be used, and the amount to be received by the
beneficiary in the foreign currency.
• You will have the right to cancel a wire transfer covered by this
Section7.H.(ii) for a full refund within 30 minutes of completing it.
• In the event you believe an error has occurred with regard to a wire
transfer covered by this Section 7.H.(ii), you must notify us no later
than 180 days after the date on which the funds will be available to
the beneficiary (disclosed as the “Availability Date”). You may notify us
by calling 1-855-734-2648 or mailing us at BMO Bank N.A., Attn:Wire
Support Unit 3D, 1200 Warrenville Road, Naperville, IL 60653. When
you contact us, we will require the following information to the extent
available: (a) your name, address and telephone number, (b) the
beneficiary’s name, address and telephone number, (c) the date,
dollar amount and transaction confirmation number of the outgoing
international wire transfer, and (d) specifics regarding what you believe
to be the error or problem. If you fail to notify us within this time period,
we will not be liable for any error or loss of interest relating to the
erroneous transaction.
• We are only liable for damages required to be paid as provided under
Regulation E, subpart B or, to the extent applicable, UCC4A. Except as
required by Regulation E, subpart B, we will not be responsible for
the acts or omissions of any other person or entity, including third
parties involved in the processing of the wire transfers covered by this
Section7.H.(ii), and no such party may be deemed our agent. In no event
will we have any liability for indirect, consequential, incidental, punitive,
or special damages, even if advised of the possibility of such damages.
(iii) ACH Credits and Debits
When we receive ACH credits or debits to your Account, we are authorized
to credit or debit your Account, as the case may be, and you agree to be
bound by the rules of the National Automated Clearing House Association.
Under these rules, you must promptly report unauthorized entries to us so
they can be returned to the originating source in a timely manner.
(iv) Provisional Credit
You also agree that funds to be credited to your Account are provisional
until we receive final payment. If we receive a demand for reimbursement
from any payor of a Direct Deposit to your Account claiming that you
were not entitled to certain payments, we are authorized to charge your
Account for the amount of the claim.
(v) Review of Wire and Other Transfers
The periodic statements we provide to you will notify you of funds
transfer payments credited to your Account or debited from your Account.
You agree that we are not required to provide any other notice to you of
receipt of funds transfers. Once we make your statement available to you,
you agree to notify us immediately if you believe a funds transfer shown
on your statement is incorrect.
I. BMO Bank by Phone
You can use BMO Bank by Phone to obtain certain automated services
on your Account with us, such as receiving information about the balance
or recent transaction activity in your Account, issuing certain stop
payment orders on your Account, and initiating the transfer of available
funds between your eligible Accounts. You agree that your call may be
monitored or recorded and your voice may be used to verify your identity.
You may be connected to a Contact Center associate to complete certain
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O. Change in Terms; Notices
We may change this Agreement, our Deposit Account Disclosure, or the
BMO Business Service Fee Schedule, or any other documents governing
your Account and our relationship at any time. This means we can amend,
add, delete or replace any provision or term governing your relationship
with us.
Unless otherwise required by Applicable Law or specified by us,
amendments and changes will be effective after any of the following:
(a) notice of amendment or change is mailed to your current address in
our records, (b) notice of amendment or change is posted in the lobbies
of our branches for a reasonable period of time, or (c) if applicable and
permitted, notice of amendment or change is provided in electronic form.
If we are permitted to send an electronic notice, we may provide such
notice of amendment or change to you: (1) by email at any email address
you provide to us at any time, (2) by access to a website that we will
identify in an email notice we send to you at the time the information is
available, or (3) by access to a website that generally we will identify to
you in advance for such purpose.
If you continue to use your Account, Card, or related services, or keep
the Account open after the effective date of any such notice you will be
deemed to agree to the amendment or change.
No notice is required for changes in the interest rate and corresponding
changes in the annual percentage yield for variable rate Accounts or for
any Check printing fees. In addition, if we make changes that are either
favorable to you, will have no adverse effect, or do not impact the terms
or services related to your Account, we will not provide you notice, unless
required by Applicable Law.
You may review the current Agreement applicable to your Account
at www.bmo.com/us/legal. Any provision of this Agreement may be
changed or terminated immediately, without notice, to the extent
necessary to comply with any Applicable Law.
Other notices sent or made available to you will be considered effective
in accordance with the delivery standards in this Section 7.O. Notice from
you will be considered effective when we receive it at our branches or
other location as designated by us and we have had a reasonable time to
act on it. Notice to any one Account Owner of your Account is notice to all
Account Owners of your Account. Also, notice to us from any one Account
Owner of or Authorized Signer on an Account will be considered notice
from all Account Owners.
There are different notice procedures that apply to marketing
communications and solicitations. Please refer to the Privacy Notice for
opt out procedures related to marketing and solicitations.
P. Change of Address; Personal Information; Returned Mail;
andSubsequentCommunications
You must notify us promptly if you change your personal information
such as your name, address, email address, phone number, SSN or TIN, or
resident/citizenship status, and we may require you to confirm this change
in writing. If you do not notify us of a change in your personal information,
we will send notices, changes in terms, fee changes, statements, or other
communications regarding your Account to you at the address (or email
address if you have agreed to receive electronic notices) maintained in
our records. If we receive information of a change in your address from
the U.S. Postal Service or other source in the business of providing address
information, we may change your address in our records to that new
address. For a business Account, we may update our records to reflect any
changes in information regarding your Account that have been conveyed
to us by an Authorized Signer.
If notices, changes in terms, fee changes, statements, or other
communications we send to you regarding your Account are returned
as undeliverable, you agree that (i) we may discontinue mailing such
documents to you until we receive a new address; and (ii) any information
in such documents will be retained by us in our computer system and
such documents will be available to you upon request; however, such
If you have agreed to receive statements electronically, we will send
you email notices at the email address we have on record when your
statements are available. The notice will identify the website where the
statements are posted. For Accounts owned jointly, the periodic statement
will only be sent to the primary address we have on file for your Account.
Please contact your BMO Banker for more information on the primary
address we have on file for your Account or to make changes.
The balance shown on your statement is not final until verified by us
in comparison with our records. We reserve the right not to send or
otherwise make available to you statements on Accounts (a) where no
transaction occurs other than the posting of interest, (b) a statement is
returned as undeliverable, or (c) we consider Dormant or abandoned. If
we retain your Checks or any other evidence of debit or credit entries to
your Account and do not return them to you, we may destroy them and
use reasonable care to maintain legible copies for any period required by
Applicable Law.
You must promptly and carefully examine all statements, the images
of your canceled Checks, and other Items we provide or make available
to you regarding your Account. If you believe there is an error on the
statement, or that some unauthorized person has withdrawn funds from
your Account, you must notify us immediately. Your Account statement
will be considered correct unless you notify us otherwise. Because you
are in the best position to prevent and discover an unauthorized or altered
transaction, you agree that we will not be liable: (a) if you did not exercise
reasonable care in examining the statement, the images of your canceled
Checks or any other Items; (b) if you did not report the unauthorized or
altered transaction to us within thirty (30) days of the date we mailed or
made available the earliest statement reflecting such transaction; (c) if the
Items drawn without authority or altered were forged, counterfeited or
altered so cleverly that a reasonable person cannot detect it (for example,
unauthorized Checks made with your facsimile or other Signature Device or
that look to an average person as if they contain an authorized signature);
or (d) as otherwise provided by Applicable Law.
The period in which you must notify us if your statement shows an
unauthorized transaction may be longer or shorter if the transaction is
related to wire transfers or other fund transfers (see Section 7.H of this
Agreement), a substitute Check for personal Accounts (see Section 6 of this
Agreement), or an unauthorized electronic funds transfer or Card transaction
on a personal Account or Card (see Sections 5 and 9 of this Agreement).
Subject to Applicable Law, you are precluded from commencing legal
action or an arbitration proceeding against us relating to or arising
from erroneous, unauthorized or altered Checks or Items, signatures,
endorsements or other problems unless you commence such legal action
or arbitration within one (1) year after we mailed or made available to
you the first statement reflecting the transaction in question.
Subject to Applicable Law, with regard to any transaction you claim to
be unauthorized or altered, we reserve the right to conduct a reasonable
investigation before re-crediting your Account and you agree to fully
cooperate with such investigation, including completing and signing an
affidavit of unauthorized transaction and providing us with a copy of any
police report you filed with regard to the transaction, if such steps are
deemed necessary in our sole discretion. If you are unwilling to fully
cooperate with our investigation, you agree that we may consider the
matter resolved and reverse any provisional credit we may have provided.
N. Combined Statements
You may elect to have deposit Accounts and loan accounts that meet our
eligibility requirements appear on a combined statement. You agree that
we may change the statement period for those deposit Accounts to a
single monthly statement period only for the purpose of providing you
combined statements. If you request a combined statement, and have
Check Images, we will only provide you images of canceled Checks for the
primary Account on the combined statement. You agree that information
regarding your accounts will be made available to other account owners
for all accounts appearing on the combined statement. Contact your BMO
Banker for more information on combined statements.
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an Account, you authorize us to honor or pay an Item through the Account
contrary to the signature requirements you have specified, provided at
least one of the required signatures appears on the Item.
S. Use and Disclosure of Customer Information
Generally, we will not disclose information about you, your Account or
transactions to third parties or our affiliates, except (i) as authorized by
you; (ii) as permitted by Applicable Law; or (iii) as described in the Privacy
Notice. By opening, maintaining or using an Account, you irrevocably
authorize us to disclose information (i) to our affiliates, accountants,
lawyers, service providers, vendors or agents; (ii) to our regulators; (iii)
to law enforcement authorities; and (iv) for the following purposes: (a)
to provide, exchange or verify credit information, in the regular course of
business (including collecting an obligation owed to us or a third party)
with other financial institutions, commercial enterprises or credit bureaus;
or (b) to comply with government or court requests, orders or legal process
including subpoenas, summonses or search warrants.
You understand and agree that we and our service providers may use
personal information about you for everyday business purposes, such as
to send you information about your Account, to perform fraud screening,
to verify your identity, to determine your transaction limits, to perform
collections, to comply with laws, regulations, court orders and lawful
instructions from government agencies, to protect the personal safety
of subscribers or the public, to defend claims, to resolve disputes, to
troubleshoot problems, to enforce this Agreement, and to protect our
rights and property. You further understand and agree that we and our
service providers may create, examine and record a digital representation
of your voice (a “voiceprint”) that may be used for verifying your identity
when you contact us.
Sharing and Use of Information within The BMO Family of Companies.We
may share within The BMO Family of Companies information about your
transactions or experiences with us, information you supply on your Account
applications, and information we receive from third parties. As an individual,
you have the right to instruct us not to share among our banks and affiliated
financial service companies certain information (other than information
about our transactions and experiences with you) from your Account
applications or information we receive from third parties. This information
includes your income and credit score. As an individual, federal law gives
you the right to limit some but not all marketing from The BMO Family of
Companies. You may limit our affiliates from marketing their products or
services to you based on personal information about you that they receive
from us. This information includes your income, Account history and credit
score. Please refer to the Privacy Notice for applicable opt out procedures.
T. Security Interest, Setoff and Assignment Restrictions
You hereby grant us and each of our affiliates a security interest in all
Accounts owned by you, either individually or jointly, now or in the future,
with us or with any one of our affiliates, regardless of the amount of your
contribution to an Account, in order to secure payment of any and all
claims including fees and service charges we or any one of our affiliates
may have against you, or a joint Account Owner, whether or not another
party is also liable for such claims and whether such claims relate to
the Account, an overdraft protection plan, a credit agreement, or other
circumstances. Prior to exercising our setoff right, we will provide you
with notice to the extent required by Applicable Law. If you fail to satisfy
a claim, you hereby authorize us or any one of our affiliates to pay all or
a portion of the amount of the claim by a debit to or withdrawal from
the Account, without obtaining your consent. Our right of setoff may
be exercised at any time subject to Applicable Law and we have sole
discretion to choose which Account we debit.
In addition to the rights granted herein, we and each of our affiliates
retain all rights of setoff pursuant to Applicable Law. If you owe money to
us or any of our affiliates, we can use the money from any Account (except
IRAs) to pay the debt. If we cash or otherwise give you credit for any Item
which is returned unpaid, we are authorized to deduct such amount from
any Account maintained by you whether individually or jointly, regardless
of the amount of your contribution to your Account. To the extent the debt
information may be destroyed by us in accordance with our standard
record retention policies and procedures. You also agree that (i) the
information contained in such documents will be deemed available to
you on the date that such documents would have been sent to you;
and (ii) any notices, changes in terms, fee changes, statements or other
communications contained in such documents are effective and binding
upon you, as of the date set forth in such documents.
In the event your mail is returned to us as undeliverable, the procedures
set forth in this Section 7.P will apply. You agree the process described in
this Section 7.P is an acceptable method of delivery of information to you.
You agree to defend, indemnify, and hold us harmless for taking the steps
described in this Section 7.P.
Q. Customer Communications
You expressly agree to be contacted at the email address, phone number
(whether landline or wireless), and address that you provide us or that we
obtain, including from a third party.
By providing us with a telephone number (including but not limited to a
wireless/cellular, mobile telephone number and/or email address), you
authorize us to contact you for our everyday business purposes (including but
not limited to your Account application, Account management/maintenance,
informational messages, debt collection, fraud prevention, survey/research,
identity verification, compliance with federal or state law or regulations,
and/or to determine how you intend to use and fund your Account) using
automatic telephone dialing systems, artificial or prerecorded voice message
systems and text messaging systems in order to provide you with information
or to seek information about, or to otherwise discuss (i) this Agreement and
any transactions hereunder, or (ii) any other agreements or transactions that
you may now have or may in the future establish or conduct with us. You
authorize us to make such contacts using any telephone numbers (including
wireless, landline and Voice over Internet Protocol numbers) you have
supplied or may in the future supply to us in connection with this Agreement
or the transactions hereunder, or any other agreement or transaction you
may now have or may in the future establish or conduct with us.
You acknowledge that anyone with access to your telephone may listen to
the voice messages we leave you or read the text messages we send you.
You further agree that we will have no liability for anyone accessing such
messages. You also acknowledge that, when you receive a telephone call
or text message from us, you may incur a charge from the company that
provides you with telecommunications, wireless and/or data services, and you
agree that we will have no liability as a result of such charges. You expressly
agree and consent that we and our affiliates, agents, independent contractors
or service providers may monitor and record your calls and other electronic
communications with us or use of our services. You also agree that transactions
conducted on our premises may be taped and audio recorded. You represent
to us that you are the owner and/or primary user of any number or email
address you provide to us, and agree that you will notify us if this is no longer
true as to any such number or email address.
We may use voice ID technology for authentication purposes when you call
us. To verify your identity, voice ID technology creates and stores a voiceprint,
a digital representation of your voice. Thereafter, each time you call us, voice
ID technology matches your voice to your voiceprint to make sure it is you
without the need to enter a password or provide other information verifying
your identity. Using voice ID technology to verify your identity is optional. If
you prefer to verify your identity without using voice ID technology, we will
use an alternative method to identify you. When you call us, you will have the
option to enroll in or opt out of using voice ID technology.
R. Signature Requirements; Forgeries and Alterations
You agree that our use of electronic processing and automated payment
of Checks without manual verification of signature, or other examination,
is a procedure that does not vary unreasonably from general banking
usage and constitutes ordinary care by us in paying Checks. We will have
no responsibility for reviewing the number or combination of signatures
on any Item drawn against an Account. Even if you have indicated that
more than one signature is required in connection with an Item drawn on
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X. Closing Your Account
Subject to Applicable Law, you can close your Account at any time for
any reason by giving us written notice. We can close your Account at
any time, and we may assess an Account Closing Fee, as disclosed in the
Deposit Account Disclosure or the BMO Business Service Fee Schedule.
We have the right to advise credit bureaus if your Account is closed for
any reason.
If we close your Account, we will mail you a notice and a check for the
balance if it is more than one dollar ($1). If your balance is between $0.01
and one dollar ($1), we will mail you a notice, but we will not mail you a
check. If your balance is $0.00, we may close your Account and will not
mail you a notice. Please allow four (4) to six (6) weeks to receive such
funds from us.
If a deposit Account, other than a CD, is closed before interest is credited,
you will receive any accrued and unpaid interest. If you close a CD within
the grace period, accrued and unpaid interest will not be paid. If you
close a CD on or prior to maturity, any accrued and unpaid interest will be
credited to your CD.
Any Items presented after your Account is closed will be returned unpaid.
After your Account is closed, you agree we have no obligation to accept
deposits or pay outstanding Items. In addition, after the Account is closed,
you agree to remain liable for fees and other obligations related to your
Account, regardless of when they were incurred, including liability for all
outstanding Items.
The provisions of this Agreement are intended to be binding after your
Account is closed and will remain binding between you and us, including,
but not limited to, indemnification obligations and limitations on liability.
Y. Attorneys-in-Fact and Agents
1. Powers of Attorney. You or your attorney-in-fact may provide us with
a written power of attorney designating an attorney-in-fact to have
authority to exercise all, or some, of your rights under this Agreement,
as limited by us in our sole discretion. Subject to Applicable Law, any
power of attorney appointment must be in a form satisfactory to us
and we may refuse to honor powers of attorney in our sole discretion.
Subject to Applicable Law, we may limit you to the appointment of
one attorney-in-fact. If the Account is a joint Account, we may honor
a power of attorney from one joint Account Owner and you agree that
we have no duty or obligation to notify any other Account Owner(s)
on that Account of the power of attorney. We may require that the
principal or attorney-in-fact provide us with an affidavit confirming
that the power of attorney has not been revoked or terminated. You
agree that we are authorized to permit any person to whom you have
granted a power of attorney to exercise all, or some, of your rights
under this Agreement until such time as we receive written notice that
the power of attorney has been terminated or revoked and we have
had a reasonable opportunity to act upon it. You agree to indemnify and
hold us harmless from and against any actions we have taken or your
attorney-in-fact has taken regarding this Agreement or any Account
prior to the revocation or termination of such power. You agree that
we do not have any duty to monitor the acts of any attorney-in-fact
or ensure that such acts are for your use or benefit or are otherwise
permissible under Applicable Law. You agree to indemnify and hold us
harmless and that we will not be liable or responsible if the actions or
inactions of any attorney-in-fact exceed his or her powers, or if his or
her actions cause you any harm or are against your interests, or if such
actions do not comply with Applicable Law.
2. Agents and Authorized Signers. If your Account allows for and you
have designated an Authorized Signer (including, for example, on a
signature card) for any Account, that Authorized Signer may perform
any action on your Account that you may perform except as may be
limited by us in our sole discretion or by you with our consent. You
agree to defend, indemnify and hold us harmless from and against
any action an Authorized Signer has taken or not taken with respect
to your Account or under this Agreement until such time as we receive
arises from the Account where Direct Deposits of federal or state benefit
payments are made, you expressly agree that all such rights extend to
any federal or state benefit payments (including, for example, Social
Security benefits) deposited into the Account. You understand and agree
that if you do not want your benefits applied in this way, you must change
your Direct Deposit instructions to the benefits payor. If your Account is
a joint Account and one or more joint Account Owners are indebted to
us in any manner, we may use the funds in the joint Account to pay the
debt. Our right of setoff does not apply: (a) to IRAs or other tax-deferred
retirement accounts; (b) if the debt is created under your non-fraudulent
consumer credit card plan; or (c) when your right to withdraw funds from
the Account arises only in a representative capacity. If we make a setoff
against your Account, you agree to release and indemnify us from all
liability for our actions. If you or any joint Account Owner draws a Check or
otherwise authorizes withdrawals not presented for payment until after
the drawer’s death, or if any joint Account Owner is indebted to us at
the time of his or her death, we are authorized to pay such Checks and
withdrawals and exercise our right of setoff against the Account after such
joint Account Owner’s death, notwithstanding any rights that a surviving
joint owner, a POD payee or a beneficiary of an ITF or “trustee for” Account
may have to funds in the Account.
You are prohibited from assigning your rights to or granting a security
interest in an Account without our prior written consent. You understand
that any assignment or pledge of your Account is subject to our prior
security interest and right of setoff. We also reserve the right to
determine whom to pay first among competing claimants. You further
agree to indemnify us against any Losses incurred by us if you assign or
grant a security interest in your Account (whether or not we consented
to such security interest). You also grant us a security interest in your
Account as security for your performance of this indemnity, and the right
to terminate or place a hold on the Account and dishonor all Items drawn
on the Account that you have assigned or in which you have granted a
security interest to any third party (whether or not we consented to such
security interest).
U. Taxpayer Identification Numbers
You must give your correct SSN or other TIN when you establish an Account
with us. When you sign an Account opening form or signature card, you
certify that the number you are giving is correct (or that you are waiting for
a number to be issued), that you are not subject to backup withholding,
and that you are a U.S. person (including a resident alien). If you are not
a U.S. person (including a resident alien or a foreign corporation, foreign
partnership or foreign trust), you must give us the proper Form W-8 or
other required forms.
V. Transfer of Account Ownership
You may not transfer any of your rights to your Account without our
consent. Ownership of your Account is only transferable on our records
with our consent. Even if we consent, we may require you to close that
Account and have the new Account Owner open a new Account in his or
her name.
IRAs may not be transferred except to a qualified successor custodian
or trustee. You may be liable for a fee upon transfer of your Account as
described in the Deposit Account Disclosure.
W. Dormant and Abandoned Accounts
If your Account becomes Dormant, we will notify you and continue to
impose any applicable Account maintenance fees as long as the Account
remains open. Refer to the Deposit Account Disclosure or the BMO Business
Service Fee Schedule for current fees.
Your Account will be presumed abandoned and the funds in the Account
will be transferred in accordance with Applicable Law. You also agree that
when your Account becomes abandoned in accordance with Applicable
Law, we will stop paying interest on the Account.
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• Your failure to provide a valid address;
• Your assignment of a security interest in your Account;
• We make a setoff against your Account;
• We place a hold on your Account after we receive notice of a claim
against your Account;
• We place a hold on your Account after we become aware of or suspect
a dispute regarding the funds in or the authority to act on the Account;
• We incur Losses related to a claim against your Account;
• Unauthorized use or misuse of your Account;
• Your failure to comply with our endorsement standards;
• Prior to receipt of notice of your death, disability or termination of
authority of an Authorized Signer or of a power of attorney, and
a reasonable opportunity to act, we take action on your Account at
your direction or at the direction of such attorney-in-fact, agent, or
Authorized Signer;
• Actions taken by your attorney-in-fact, agent, or Authorized Signer;
• Any Loss based on your instructions; and
• Any Loss arising from our refusal to act if you have not provided all
documentation we require.
BB. Limitation of Liability
This Agreement and the Account relationship do not create a fiduciary
relationship between us. We owe you a duty only of ordinary care.
To the extent permitted by Applicable Law, we are not liable to you for
errors that do not result in a financial Loss to you. If we fail to stop payment
on an Item, improperly dishonor an Item or pay an Item bearing an
unauthorized signature, forged drawer’s signature or forged endorsement
or alteration, our liability, if any, is limited to the face amount of the Item.
In no event will we be liable for indirect, special, incidental, exemplary,
punitive or consequential Losses or damages of any kind.
We may take any action authorized or permitted by this Agreement
without being liable to you, even if such action causes you to incur a Loss.
We are not liable to you for any Loss caused by an event that is beyond
our reasonable control including if circumstances beyond our reasonable
control prevent us or delay us in performing our obligations for a service,
including acting on a payment order, crediting a funds transfer to your
Account, processing an Item or crediting your Account. Circumstances
beyond our reasonable control include, but are not limited to: a natural
disaster; adverse weather conditions; acts of God; acts of terrorism;
emergency conditions; a legal constraint or governmental action or
inaction; strike or stoppage of labor; power failure; the breakdown or failure
of our equipment for any reason; the breakdown of any communication or
transmission facilities, any mail or courier service; suspension of payments
by another bank; or your act, omission, negligence or fault.
You agree that the amount of any claim you have against us in connection
with any Account or transaction with us is reduced by the extent that:
(a)negligence or failure to use reasonable care on your part, or on the part
of any of your attorney-in-fact, Authorized Signers, agents or employees,
contributed to the Loss that is the basis of your claim; and (b) the Loss
could not be avoided by our use of ordinary care.
Any Loss recovery you obtain from third parties on a particular claim will
reduce the amount of any obligations we may have to you on that claim
and you will immediately notify us of any such recovery. You agree to
pursue all rights you may have under any insurance policy you maintain
in connection with any Loss and to provide us information regarding
coverage. You agree to cooperate with us in good faith during any claims
process and agree to provide documents and assistance as necessary.
Our liability will be reduced by the amount of any insurance proceeds
you receive or are entitled to receive in connection with the Loss. If we
reimburse you for a Loss covered by insurance, you agree to assign us your
rights under the insurance to the extent of your reimbursement.
written notice that the authority has been terminated or revoked and
we have had a reasonable opportunity to act upon such notice. You
agree that we have no duty to monitor the acts of any Authorized
Signer or ensure that their acts are for your use or benefit or are
otherwise permissible under Applicable Law. If you have designated
one or more authorized users for Online Banking for Business and you
wish to remove an authorized user’s access to this service, you must
log on to your online account and remove such authorized user from
your online account. Notifying us that the authority for an Authorized
Signer on your Account has been revoked or terminated will not
result in our removal of that individual as an authorized user in online
banking. We do not delete authorized users from your online account.
Z. Legal Proceedings; Disputes and Protection Against Loss
We are authorized to comply with any legal process including, for example,
any subpoena, summons, garnishment, tax withholding order, court order,
injunction, execution, or any tax or other levy relating to your Account.
We are not required to determine whether the court had the authority to
issue the legal process. In addition, upon receipt of oral or written notice
from any party of a claim or dispute regarding the Account, we may place
a hold on the Account. In such case, you agree to indemnify and hold us
harmless for our failure or refusal to honor any Item drawn on the Account
or any other withdrawal instruction.
We may restrict your use of your Account in the event your Account
becomes involved in legal proceedings, we believe or receive notice that
there is a dispute or uncertainty regarding the ownership or control of the
funds in your Account or regarding the rights, powers, duties or authority
of a signer, or we suspect you may be the victim of fraud or that any
transaction is fraudulent or may involve illegal activity, until the dispute,
uncertainty, or suspicion is resolved to our satisfaction. In addition, if we
believe or receive notice that you have used or are using your Account in a
manner that is fraudulent, unlawful, or inconsistent with the terms of this
Agreement or any other agreement with us, we may reverse any deposits
to or payments from your Account, no matter when they were originally
made, in order to avoid or reduce any Loss which we would otherwise
incur because of the fraudulent, unlawful, or inconsistent use.
You may be charged a fee for each legal process as shown in the Deposit
Account Disclosure or the BMO Business Service Fee Schedule. In the event
we become a party in any legal proceedings involving you, another Account
Owner, your Account or a third person, you agree to pay us for all fees and
expenses (including reasonable attorneys’ fees) that we incur responding
to any legal process relating to your Account. You agree to indemnify us
for all Losses incurred by us as a result of such legal proceedings subject
to Applicable Law and you authorize us to deduct any such Losses from
your Account. Subject to Applicable Law, we have no liability to you if we
comply with legal process, including disclosure of Account information on
individual or joint Accounts and combined statements. In the event of your
death, we will not release funds on deposit until all legal documents we
require are accepted by us.
In the event you opt out of the arbitration provision in Section 7.EE of this
Agreement, and you or we file a lawsuit or legal proceeding in connection
with your Account, you consent to the jurisdiction and venue of the state
and federal courts of Illinois.
WAIVER OF TRIAL BEFORE JURY OR JUDGE. TO THE EXTENT ALLOWED BY
LAW, YOU UNDERSTAND AND AGREE THAT YOU AND WE ARE WAIVING THE
RIGHT TO A JURY TRIAL OR TRIAL BEFORE A JUDGE IN A PUBLIC COURT.
AA . Indemnity
For additional clarity, and not as replacement of any other provision of this
Agreement requiring indemnification by you, and to the extent permitted
by Applicable Law, you agree to defend, indemnify, and hold us harmless
for any breach of this Agreement, including for all Losses arising out of
or resulting from the following as further described in greater detail in
this Agreement:
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• Claims arising out of or relating to your Account(s), this Agreement,
any other agreement related to your Accounts, or any transactions
arising thereunder, whether based in contract, tort, statute, fraud,
misrepresentation or any other legal theory;
• Claims that arose or involve facts occurring before the effective date of
this Agreement or any prior deposit account agreement (including, but
not limited to, claims relating to advertising, promotions, or disclosures);
• Claims that are currently the subject of purported class action litigation
in which you are not a member of a certified class; and
• Claims that may arise after the termination of this Agreement.
This Agreement evidences a transaction in interstate commerce, and thus
the Federal Arbitration Act, 9 U.S.C. § 1 et seq., governs the interpretation
and enforcement of this Arbitration Provision and any arbitration
proceedings. Any dispute regarding the interpretation, scope, applicability
or enforceability of this Arbitration Provision or any portion thereof,
including whether a Claim is arbitrable, shall be decided by the arbitrator,
except that any dispute regarding the subsection entitled “Waiver of
Class and Representative Actions and Other Non-Individualized Relief,”
including any claim that all or part of the subsection entitled “Waiver of
Class and Representative Actions and Other Non-Individualized Relief” is
unenforceable, illegal, void or voidable, or has been breached, shall be
decided by a court of competent jurisdiction and not by an arbitrator.
This Arbitration Provision will survive the closing of your Account and/or
the termination of this Agreement.
Limitation of Claims
ANY ARBITRATION OR LAWSUIT RELATED TO YOUR ACCOUNT MUST BE
FILED NO LATER THAN ONE YEAR AFTER THE CONDUCT GIVING RISE
TO THE ALLEGED CLAIM OCCURS, OTHERWISE YOU AND WE AGREE
ANY ARBITRATION OR LAWSUIT FILED AFTER THAT TIME SHOULD BE
DISMISSED AND WILL BE PERMANENTLY BARRED, TO THE EXTENT
PERMITTED BY LAW.
Waiver of Jury Trial
YOU AND WE HEREBY WAIVE ANY CONSTITUTIONAL AND STATUTORY
RIGHTS TO SUE IN COURT AND HAVE A TRIAL IN FRONT OF A JUDGE OR
A JURY. You and we are instead electing that all Claims shall be resolved
by arbitration under this Arbitration Provision, except as specified in the
subsection above. There is no judge or jury in arbitration, and court review
of an arbitration award is subject to very limited review.
Waiver of Class and Representative Actions and Other
Non-Individualized Relief
YOU AND WE AGREE THAT EACH OF US MAY BRING CLAIMS AGAINST
THE OTHER ONLY ON AN INDIVIDUAL BASIS AND NOT ON A CLASS,
REPRESENTATIVE, OR COLLECTIVE BASIS, AND THE PARTIES HEREBY WAIVE
ALL RIGHTS TO HAVE ANY CLAIM BE BROUGHT, HEARD, ADMINISTERED,
RESOLVED, OR ARBITRATED ON A CLASS, COLLECTIVE, REPRESENTATIVE,
OR MASS ACTION BASIS. ONLY INDIVIDUAL RELIEF IS AVAILABLE. Subject
to this Arbitration Provision, the arbitrator may award declaratory or
injunctive relief only in favor of the individual party seeking relief and
only to the extent necessary to provide relief necessitated by that party’s
individual Claim. Nothing in this subsection is intended to, nor shall it, affect
the terms and operation of the subsection entitled “Batch Arbitration.”
Notwithstanding anything to the contrary in this Arbitration Provision, if
a court determines in a final decision, not subject to any further appeal
or recourse that the limitations of this subsection, “Waiver of Class and
Representative Actions and Other Non-Individualized Relief,” are invalid
or unenforceable as to a particular claim or request for relief (such as a
request for public injunctive relief), you and we agree that that particular
claim or request for relief (and only that particular claim or request for
relief) shall be severed from the arbitration and may be litigated in the
state or federal courts located in the State of Illinois after the arbitration
has concluded. All other Claims shall be arbitrated or litigated in small
claims court. This subsection does not prevent you or us from participating
in a class-wide settlement of claims.
To the extent permitted by Applicable Law, we will have no responsibility
and will incur no liability for any act or failure to act by any merchant,
other financial institution, Cardholder, or any other third party.
CC. Waiver/Enforceability
No delay in enforcing our rights will affect your obligations under this
Agreement. If we waive any of the provisions of this Agreement, such
waiver will apply only on that occasion and is not sufficient to modify the
terms and conditions of this Agreement. If there is a conflict between
this Agreement and Applicable Law, this Agreement will be considered
changed to the extent necessary to comply with Applicable Law. Except
as described in the arbitration provision, found in Section 7.EE of this
Agreement, if any provision of this Agreement is deemed to be invalid,
illegal or otherwise unenforceable, that provision may continue to be
enforceable to the extent permitted by the court, and the remainder
of that provision will no longer be considered part of this Agreement.
Allother provisions of this Agreement will remain in full force and effect.
DD. Security
It is your responsibility to safeguard information and equipment that may
allow access to your Account including, but not limited to, Account numbers,
statements, user identification and passwords, your Checks, Signature
Devices, Cards, PACs and PINs. If such information or equipment becomes
compromised, we will not be liable. For our complete security policy and
other helpful tips, please see our website at www.bmo.com/us/security.
EE. Arbitration Provision
PLEASE READ THIS PROVISION CAREFULLY. It affects your rights and will
have a substantial impact on how legal claims you and we have against
each other are resolved.
Summary
Most customer concerns can be resolved quickly and to the customer’s
satisfaction by calling us. In the unlikely event that we are unable to
resolve any Claims you may have to your satisfaction (or if we have not
been able to resolve a Claim we have with you after attempting to do so)
after following the procedures set forth in this provision, you and we each
agree to resolve those Claims through binding arbitration or small claims
court instead of in courts of general jurisdiction.
Arbitration is more informal than a lawsuit in court. Arbitration uses
a neutral arbitrator instead of a judge or jury, allows for more limited
discovery than in court, and is subject to very limited review by courts.
Any arbitration under this provision will take place on an individual basis;
class arbitrations, class actions, other representative actions, and non-
individualized injunctive relief are not permitted. By agreeing to arbitrate,
both parties are waiving the right to a trial by jury or before a judge.
YOU HAVE A RIGHT TO OPT OUT OF THIS ARBITRATION PROVISION AS
DISCUSSED BELOW.
Special Definition of Certain Terms
For purposes of this Section 7.EE only, references to “you,” “your,” “we,”
“our,” and “us” in this arbitration provision include each party’s respective
parent companies, subsidiaries, affiliates, agents, employees, officers,
directors, predecessors in interest, successors and assigns, as well as all
authorized or unauthorized Account Owners, Cardholders, custodians,
users or beneficiaries of Accounts under this Agreement or any prior
agreements between you and us, as applicable.
Disputes Subject to Arbitration
We and you agree to arbitrate any Claims between you and us arising out
of or relating to your Account(s), this Agreement, any other agreement
related to your Accounts, or any transactions arising thereunder. This
Arbitration Provision is intended to be broadly interpreted. Claims include,
but are not limited to:
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If the parties are unable to agree upon an arbitrator within thirty-five
(35) days of delivery of the Request, then NAM will appoint the arbitrator
in accordance with NAM Rules, provided that if the Batch Arbitration
process described below is triggered, NAM will appoint the arbitrator for
each batch. The arbitrator shall be a retired state or federal judge, or an
attorney with at least 10 years of active practice and admitted to practice
law in the State of Illinois.
Unless you and we otherwise agree, or the Batch Arbitration process
described below is triggered, any in-person arbitration hearing will take
place in the county where the address associated with your Account as
identified in our records at the time the arbitration is commenced is
located. Subject to the NAM Rules, the arbitrator may direct a limited and
reasonable exchange of information between the parties, consistent with
the expedited nature of the arbitration.
The arbitrator will decide the substance of all Claims in accordance with
all Applicable Law, including recognized principles of equity and statutes
of limitations consistent with the Section above entitled “Limitation of
Claims,” and Section 7.M, and will honor all claims of privilege recognized
by law. You and we agree that all applicable statutes of limitation will
apply to such arbitration in the same manner as those statutes of
limitation would apply in the applicable court of competent jurisdiction.
The arbitrator shall have the authority to award the relief contemplated
under Federal Rule of Civil Procedure 11. Under this Arbitration Provision,
arbitrators will not be bound by rulings in prior arbitrations involving
different customers but are bound by rulings in prior arbitrations involving
the same customer to the extent required by Applicable Law.
Unless both you and we agree otherwise, each party must bring all
related or similar Claims in a single arbitration proceeding. If you or we
later initiate a subsequent arbitration asserting Claims that are related or
similar to ones that were raised by such party in a prior arbitration, NAM
or the arbitrator will either: (1) consolidate the subsequent arbitration
with the earlier proceeding if it is ongoing or (2) dismiss the subsequent
arbitration if it raises Claims that would be barred by Applicable Law if
brought in court.
You and we agree that all materials and documents exchanged during
the arbitration proceedings shall be kept confidential and shall not
be shared with anyone except the parties’ attorneys, accountants, or
business advisors, and then subject to the condition that they agree
to keep all materials and documents exchanged during the arbitration
proceedings confidential.
You and we agree that at least 14 days before the date set for an
arbitration hearing, any party may serve an offer in writing upon the
other party to allow judgment on specified terms. If the offer made by
one party is not accepted by the other party, and the other party fails
to obtain a more favorable award, the other party shall not recover any
post-offer costs to which they otherwise would be entitled and shall pay
the offering party’s costs from the time of the offer. Neither you nor we
will disclose to the arbitrator the existence, amount, or terms of any
settlement offers made by either party until after the arbitrator issues a
final award resolving the Claim.
Regardless of the manner in which the arbitration is conducted, the
arbitrator shall issue a reasoned written award and statement of
decision describing the essential findings and conclusions on which the
award is based. The award of the arbitrator is final and binding upon you
and us. Judgment on the arbitration award may be entered in any court
having jurisdiction.
Attorneys’ Fees and Costs
Your responsibility to pay any NAM fees and costs will be solely as set forth
in the applicable NAM Rules. The parties shall bear their own attorneys’
fees and costs in arbitration unless the arbitrator finds that either the
substance of a Claim or the relief sought is frivolous or brought for an
improper purpose (as measured by the standards set forth in Federal Rule
of Civil Procedure 11(b)).
Notice of Dispute and Informal Dispute Resolution
A party who intends to pursue a Claim must first send to the other a Notice
of Dispute. Any Notice of Dispute sent to us should be addressed to:
BMO
P.O. Box 88840
Carol Stream, IL 60188-8840
Any Notice of Dispute sent to you by us will be sent to the address in
our records that is associated with your Account at the time the Notice of
Dispute is sent. The Notice of Dispute must (1) include your name, mailing
address associated with your Account, and the full Account number to
which the Claim relates; (2) describe the nature and factual basis of the
Claim; (3) set forth the specific relief sought; and (4) must be signed by
you personally if the Notice of Dispute is sent by you or by us if it is sent
by us. To safeguard your Account, if you have retained counsel to submit
the Notice of Dispute, your Notice of Dispute must include your signed
statement authorizing us to share information about the Account and the
Claim with your counsel. If we and you do not reach an agreement to
resolve the Claim described in the Notice of Dispute within forty-five (45)
days after the Notice of Dispute is received, you or we have the right to
refer the Claim to arbitration.
The forty-five (45) day period for informal dispute resolution is mandatory.
During this forty-five (45) day period, the statute of limitations period, any
contractual limitations period and any filing fee deadlines will be tolled. If
you or we attempt to commence arbitration proceedings before providing
the requisite Notice of Dispute, the National Arbitration & Mediation
(“NAM”) may not commence administration of arbitration proceedings
until the forty-five (45) day period has run.
Arbitration Rules and Procedures
The arbitration will be administered by NAM in accordance with the NAM
Comprehensive Dispute Resolution Rules and Procedures (the “NAM
Rules”) in effect at the time of arbitration, except as supplemented, where
applicable, by the NAM Mass Filing Supplemental Dispute Resolution
Rules and Procedures (the “NAM Mass Filing Rules”), and as modified
by this Arbitration Provision. The NAM Rules are currently available at
https://www.namadr.com/resources/rules-fees-forms/.
A party who wishes to initiate arbitration must provide the other party
with a request for arbitration (the “Request”). The Request must include:
(1) if the arbitration is initiated by you, your name, mailing address
associated with your Account, and the full Account number to which the
Claim relates; (2) a statement of the specific legal claims being asserted
and the specific factual bases of those claims; (3) a description of the
specific remedy sought and an accurate, good-faith calculation of the
amount in controversy in United States Dollars; (4) a statement certifying
the forty-five (45) day period for informal dispute resolution, as described
above, has run; and (5) evidence that the requesting party has paid any
necessary filing fees in connection with the arbitration.
If the party requesting arbitration is represented by counsel, the Request
shall also include counsel’s name, telephone number, mailing address, and
email address. Such counsel must also sign the Request. By signing the
Request, counsel certifies to the best of counsel’s knowledge, information,
and belief, formed after an inquiry reasonable under the circumstances,
that: (1) the Request is not being presented for any improper purpose,
such as to harass, cause unnecessary delay, or needlessly increase the
cost of dispute resolution; (2) the claims, defenses and other legal
contentions are warranted by existing law or by a nonfrivolous argument
for extending, modifying, or reversing existing law or for establishing
new law; and (3) the factual and damages contentions have evidentiary
support or, if specifically so identified, will likely have evidentiary support
after a reasonable opportunity for further investigation or discovery.
To safeguard your Account, if you have retained counsel to submit the
Request, your Request must include your signed statement authorizing us
to share information about the Account and the Claim with your counsel
if you have not previously submitted such a statement with your Notice
of Dispute.
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If you opt out of this Arbitration Provision, all other parts of this Agreement
will continue to apply to your Account(s). Opting out of this Arbitration
Provision has no effect on any previous, other, or future arbitration
agreements that you may have with us.
Future Changes to the Arbitration Provision
You and we agree that we retain the right to modify this Arbitration
Provision in the future. Notwithstanding any provision in this Agreement
to the contrary, we agree that if we make any future change to this
Arbitration Provision (other than a change to any notice address, website
link or telephone number provided herein), that change will not apply to
any Claim for which you or we have provided a Notice of Dispute complying
with the requirements set out in the subsection above entitled “Notice
of Dispute and Informal Dispute Resolution” on or before the effective
date of the change. If the change is material, we will also notify you.
Unless you reject that change within sixty (60) days of the effective date
of the change by following the opt out process described in the subsection
above (“60-Day Right to Opt Out”), continuing your Account(s) constitutes
acceptance of any such changes. Moreover, if we seek to terminate the
Arbitration Provision as included in this Agreement, any such termination
will not be effective until at least thirty (30) days after written notice of
such termination is provided to you, and will not be effective as to Claims
of which we had written notice from you or your counsel on the effective
date of termination.
Changes to this Arbitration Provision do not provide you with a new
opportunity to opt out of the Arbitration Provision if you were previously
bound by a prior deposit account agreement and did not validly opt
out of arbitration. If you reject any change to this Arbitration Provision,
the provisions of the prior arbitration provision remain in full force and
effect. We will also continue to honor any valid opt outs of the arbitration
provision that you made to a prior deposit account agreement.
Severability
Except as provided in the subsection entitled “Waiver of Class and
Representative Actions or Other Non-Individualized Relief,” if any part or
parts of this Arbitration Provision are found under the law to be invalid
or unenforceable, then such specific part or parts shall be of no force and
effect and shall be severed and the remainder of the Arbitration Provision
shall continue in full force and effect.
Other Remedies
This Arbitration Provision and the exercise of any of the rights you and
we have under this provision will not prohibit you or us from exercising
any lawful rights either you or we have to use other remedies available
to preserve, foreclose or obtain possession of real or personal property
or exercise self-help remedies, including setoff rights as described in
this Agreement.
8. FUNDS AVAILABILITY POLICY FOR DEPOSITACCOUNTS
Our general policy for all Checking Accounts (including money market
Checking Accounts) is to make funds from wire transfers and electronic
Direct Deposits available to you on the Business Day we receive the
deposit. Funds from cash deposits made with a BMO Banker or at an ATM
will be made available to you on the day of deposit. Funds from Check
deposits made at one of our branches, with one of our bankers or by ATM
will be made available to you on the first Business Day after we receive
your deposit. Once the funds are available, you can withdraw them in cash
and we will use them to pay Items presented for payment on your Account.
When Your Deposit Is Received
If you make a deposit in a branch or at an ATM on a Business Day before the
cut-off time, as described below, we will consider that Business Day to be
the day we received your deposit.
Deposits made at a night drop location or night depository will be retrieved
and verified by us once at the beginning of each Business Day. Therefore,
Batch Arbitration
To increase the efficiency of administration and resolution of arbitrations,
you and we agree that in the event that there are twenty-five (25) or
more individual Requests of a substantially similar nature filed against
us by or with the assistance of the same law firm, group of law firms,
or organizations, within a ninety (90) day period (or as soon as possible
thereafter), NAM shall (1) administer the arbitration demands in batches
of 100 Requests per batch (or, if between twenty-five (25) and ninety-nine
(99) individual Requests are filed, a single batch of all those Requests,
and, to the extent there are less than 100 Requests remaining after
the batching described above, a final batch consisting of the remaining
Requests); (2) appoint one arbitrator for each batch; and (3) provide for
the resolution of each batch as a single consolidated arbitration with one
set of filing and administrative fees due per side per batch, one procedural
calendar, one hearing (if any) in a place to be determined by the arbitrator,
and one final award (“Batch Arbitration”).
All parties agree that Requests are of a “substantially similar nature” if
they arise out of or relate to the same event or factual scenario and raise
the same or similar legal issues and seek the same or similar relief. To
the extent the parties disagree on the application of the Batch Arbitration
process, the disagreeing party shall advise NAM, and NAM shall appoint
a sole standing arbitrator to determine the applicability of the Batch
Arbitration process (“Administrative Arbitrator”). In an effort to expedite
resolution of any such dispute by the Administrative Arbitrator, the parties
agree the Administrative Arbitrator may set forth such procedures as are
necessary to resolve any disputes promptly. The Administrative Arbitrator’s
fees shall be paid by us.
You and we agree to cooperate in good faith with NAM to implement
the Batch Arbitration process, including the payment of single filing
and administrative fees for batches of Requests, as well as any steps to
minimize the time and costs of arbitration, which may include: (1) the
appointment of a discovery special master to assist the arbitrator in the
resolution of discovery disputes; and (2) the adoption of an expedited
calendar of the arbitration proceedings.
This Batch Arbitration provision shall in no way be interpreted as
authorizing a class, collective and/or mass arbitration or action of any
kind, except as expressly set forth in this provision.
Availability of Small Claims Court and Access to Government
Agencies
Notwithstanding the foregoing, either party may assert Claims or seek
relief in small claims court if such Claims qualify and remain in small
claims court. This arbitration provision does not preclude you from bringing
issues to the attention of federal, state, or local agencies. Such agencies
can, if the law allows, seek relief against us on your behalf.
60-Day Right to Opt Out
You can choose not to agree to this Arbitration Provision (“opt out”) by
writing to us within sixty (60) days after the date you first become subject
to this Arbitration Provision. For new Account(s), the date you first became
subject to this Arbitration Notice is the date we opened your Account. For
existing Account(s), the date you first became subject to this Arbitration
Notice is the effective date of any updates to the Arbitration Provision.
The written opt out notice must state that you do not agree to this
arbitration provision and must be postmarked no later than sixty (60) days
after the date that we open your Account (for new accountholders) or
the effective date of the changes to the Arbitration Provision (for existing
accountholders). The opt out notice must include your name, address and
Account number(s) to which the opt out applies. You must sign the written
opt out notice for it to be effective. Mail the opt out notice to:
BMO
P.O. Box 88840
Carol Stream, IL 60188-8840
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will be available. If your deposit is not made directly through one of
our employees, or if we decide to take this action after you leave the
premises, we will send you the notice no later than the day after we
receive your deposit. If you need the funds from a deposit immediately,
you should ask us when the funds will be available.
In addition, funds you deposit by Check may be delayed for a longer period
under the following circumstances: if we believe a Check you deposit will
not be paid; if you deposit Checks totaling more than $5,525 on any one
(1) day; if you redeposit a Check that was returned unpaid; if you have
overdrawn your Account repeatedly in the last six (6) months; or if there is
an emergency such as failure of communications or computer equipment,
or severe weather.
We will notify you if we delay your ability to withdraw funds for any of
these reasons, and we will tell you when the funds will be available.
Funds will generally be available no later than the seventh Business Day
after we receive your deposit.
Special Rules for New Checking Accounts
If you are a new Checking Account customer (including a customer with a
money market Checking Account), the following special rules may apply
during the first thirty (30) days your Account is open:
1. Funds from Direct Deposits (such as Direct Deposits of payroll or
Social Security benefits) to your Account will be available on the day
we receive the deposit. Funds from deposits of cash are immediately
available.
2. Funds from wire transfers and the first $5,525 of a day’s total deposits
of cashier’s, certified, teller’s, traveler’s, and federal, state and local
government Checks will be available on the first Business Day after
the day of your deposit if the deposit meets certain conditions.
3. The excess over $5,525 will be available on the ninth Business Day
after the day of your deposit. If your deposit of these Checks (other
than a U.S. Treasury Check) is not made in person through one of
our employees, the first $5,525 will not be available until the second
Business Day after the day of your deposit.
4. Funds from all other Check deposits may not be available until the
ninth Business Day after the day of your deposit.
Cashing Checks
If we cash a Check for you that is drawn on another bank, we may withhold
the availability of a corresponding amount of funds in any of your deposit
Accounts with us. Those funds will be available at the time funds from the
Check we cashed would have been available had you deposited it.
Funds Availability for Savings Accounts
Deposits to Savings Accounts are generally available for withdrawal on
the first or second Business Day after the day of your deposit. We reserve
the right to further delay the ability to withdraw funds under special
circumstances without notice to you.
If you have any questions regarding this policy, or about the availability
of any deposit you make, please speak with your BMO Banker or call us
at 1-888-340-2265.
9. BMO CARDHOLDER AGREEMENT
The terms in this Section 9 govern the use of Cards we issue in connection
with your Account(s).
At your request, we may in our sole discretion issue a Card to access your
Account to each Account Owner or authorized Cardholder. By requesting
a Card, or by allowing the use of a Card, you agree to be bound by the
terms of this Section 9. Please note that if you have authorized us to
issue a Card to someone other than an Account Owner (for example,
your agent), you are agreeing to allow full access to the funds in your
Account to the Cardholder as well as access to your Account balance
if you use a night drop during the day, that deposit will not be considered
received by us until the next Business Day when we retrieve it and processit.
If you mail a deposit to a branch or to the Bank at P.O. Box 88840, Carol
Stream, IL 60188-8840 and we receive it on a Business Day before the
cut-off time, as described below, we will consider that Business Day to be
the day we received your deposit.
If you make a deposit after the cut-off time, or on a day that is not a Business
Day, we will consider the deposit to have been received by us on the next
Business Day.
Deposits Made After Cut-Off Time
Deposits or transfers into your Account made after the applicable cut-off
time, as described below, may reflect in your available balance on the
calendar day you conduct the transaction, but these transactions will not
post to your Account, or be included in the balance used to determine
whether you have Sufficient Available Funds in your Account, until the
next Business Day.
Determining Availability
• Branch Deposits: The cut-off time for branch deposits made in person
at the branch or received at a branch by mail is the closing time of the
branch. Branch closing times vary by location.
• Deposits may be made at select BMO ATMs. The cut-off time for ATM
deposits is 6:00 p.m. Central Time.
• Mail: The cut-off time for deposits mailed to the Bank at P.O. Box 88840,
Carol Stream, IL 60188-8840 is 2:00 p.m. Central Time.
• Bank By Phone: The cut-off time for deposits made by BMO Bank
by Phone is 9:00 p.m. Central Time as set forth in Section 7.I of this
Agreement.
• Mobile Deposit: The cut-off time for Mobile Deposit is 8:00 p.m.
Central Time.
• Digital/Electronic Deposits (ex. ACH, Direct Deposits, BMO Digital
Banking Transfers, or Zelle
®
): The cut-off time for digital and electronic
deposits is 9:00 p.m. Central Time.
Immediate Availability
Cash deposited at branches, received for deposit through the mail, or
deposited at ATMs before the cut-off times listed above will be available
for immediate use on the day that we receive the deposit. Because
we cannot process deposits made until we receive them, we strongly
recommend that you do not send cash deposits through the mail. Cash
deposited after the cut-off times will be available on the next Business
Day after we receive the deposit.
Same Day Availability
Funds from the following deposit types will be available for use on the
Business Day we receive the deposit:
• Federal Reserve Bank wire transfers; and
• Preauthorized electronic credits.
Next Day Availability
Funds from the following deposit types will be available for use on the
first Business Day after we receive the deposit:
• Checks.
Please review the BMO Digital Banking Agreement to determine Funds
Availability for Mobile Deposit.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by Check
available to you as described above. In these cases, funds will be available
on the second Business Day after we receive your deposit; however, the
first $225 of your deposit will still be available on the first Business Day
after we receive your deposit. If we will delay availability, we will notify
you at the time you make your deposit and will tell you when the funds
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4. Foreign Transactions. For an ATM or POS transaction at a non-U.S.
location in a currency other than U.S. dollars, the governing ATM or POS
network will convert the local currency transaction amount into a U.S.
dollar amount using its then current currency conversion procedures.
The currency conversion rate used to determine the transaction
amount in U.S. dollars is, in most cases, either (i) a government
mandated rate or (ii) the wholesale rate in effect in accordance
with their procedures. The currency conversion rate in effect on the
conversion date may differ from the rate in effect on the transaction
date. The governing ATM or POS network will charge you a Currency
Conversion Assessment of 0.20% of the transaction, which is included
in the U.S. dollar transaction amount. For each ATM or POS transaction
at a non-U.S. location, we will charge a Foreign Transaction Fee as
described in the Deposit Account Disclosure or the BMO Business
Service Fee Schedule, whether or not a currency conversion is
required. If a currency conversion is required, the Foreign Transaction
Fee is calculated based on the U.S. dollar transaction amount that is
reflected on your statement. The Foreign Transaction Fee will apply to
any transaction initiated in a foreign country, whether initiated by a
Cardholder while traveling or by a foreign merchant for a purchase a
Cardholder made remotely from the United States.
5. Digital Wallets. The terms in this Section 9 apply when you use a
Digital Wallet to make purchases or other transactions with a Card.
Digital Wallets may not be accepted at all places where your Card is
accepted. The Bank does not charge a fee for Cardholders to use Digital
Wallets, however message and data rates may apply. You should
contact your wireless carrier for details on using Digital Wallets. The
applicable service provider is solely responsible for the operation and
maintenance of the Digital Wallet and may suspend or delete a Card
from an enabled device at any time, with or without the Cardholder’s
permission. The Bank also maintains and shares your information with
Digital Wallet service providers as described in our Privacy Notice.
When you add your Card to a Digital Wallet, you agree that the Bank
may provide your information to the Digital Wallet service provider in
order to provide the services you have requested. Information that you
provide about your Card in the Digital Wallet will be collected by the
service provider and will be subject to their privacy policy.
6. Automatic Billing Updater Service. We participate in the Mastercard
®
Automatic Billing Updater (ABU) service. When your BMO Debit Card
number or expiration date is updated, or your Debit Card is closed, we
will provide the updated Debit Card information to merchants who
participate in ABU with whom you have automatic billing arrangements
(such as telephone, cable companies, insurance, and health clubs).
Since not all merchants participate in ABU, you should notify each
merchant with whom you have automatic billing arrangements of
the updated Debit Card information to ensure your payments are not
interrupted. If you do not want us to provide your Debit Card updates
through ABU, please call us at 1-888-340-2265 and allow sixty (60)
days for your “opt out” to take effect.
B. Limitation on Frequency or Dollar AmountsofTransactions
We reserve the right to limit the amount and/or frequency of Card
transactions, and we may change those limits and impose other limits
or restrictions on use of your Card(s). Use of each Card is subject to the
following daily limits unless you have been specifically advised by us that
different limits are applicable to your Card(s):
Daily transaction limits for
personaland business Debit Cards
Dollar
Limit
Transaction
Limit
ATM cash withdrawal $1,000 5
Cash advance $1,000 3
POS signature transaction $5,000 25
POS PIN transaction $5,000 25
Account to Account Payment $5,000 25
and transaction history. A Cardholder can also receive your Account
information when his or her identity is verified. PINs are provided to
Cardholders for identification and your protection. Each Cardholder is the
only authorized user of his or her Card and PIN. You assume responsibility
if any Cardholder fails to comply with the terms and conditions of this
Section 9.
Cards may be used by Cardholders at ATMs that accept such Cards (e.g.,
some ATMs may only accept plastic debit cards while other ATMs may also
accept contactless debit cards or other Cards) to withdraw cash, subject
to applicable transaction limits (see Section 9.B of the Agreement),
transfer funds between your Accounts, or perform a balance inquiry on
your Account through participating networks. Cardholders with Debit
Cards can obtain cash advances at any participating financial institution
that accepts such Debit Cards and at a limited number of merchants that
accept such Debit Cards and are permitted to perform cash advances.
You agree, and agree to instruct each Cardholder, to sign the Card (if
applicable) promptly following receipt.
A. Services Offered for All Personal and Business Cards
1. ATM Transactions. Cards may be used by Cardholders to withdraw
cash, subject to applicable transaction limits (see Section 9.B), transfer
funds between your Accounts, or perform a balance inquiry on your
Account through participating networks.
Cards may be used by Cardholders to withdraw funds at any ATM
in a participating network. A current list of participating networks
is available by calling 1-888-340-2265. The networks identified on
the Card may not accurately reflect the current list of participating
networks. Cards may be used by Cardholders at BMO ATMs and
Participating ATMs without incurring a Non-BMO ATM Transaction fee;
however, a Foreign Transaction Fee will be charged if the transaction
is initiated outside the United States. See Section 9.A.4 below for
more information.
Cardholders may make deposits at BMO ATMs that accept deposits.
Deposits may not be made at Non-BMO ATMs or Participating ATMs.
See Section 9.C below for restrictions governing ATM deposits.
All transactions initiated through any ATM are subject to verification
and are subject to the time necessary to process them. Transactions
made after 6:00 p.m. Central Time on any Business Day or on a
non-Business Day may not be processed by us until the following
BusinessDay.
2. POS Transactions. If the primary Account related to your Card(s) is a
Checking Account, Cards may be used to pay for purchases with funds
in your Checking Account, subject to applicable transaction limits at any
merchant that accepts your Card.
The amount of any Card purchase will be deducted directly from your
Checking Account, and you cannot stop payment on any purchase
made with a Card. Use of the Card for a purchase is regarded as a
withdrawal from your Account at the time the Card is used, even if
the transaction is not posted immediately to your Account. Purchases
attempted with your Card against Savings Accounts are prohibited and
will be declined.
For POS transactions, we may place a temporary hold on your Account
equal to the authorization amount submitted by the merchant, which
may affect available balances for the purpose of authorizing other
transactions. Since the merchant may not know the actual amount of
the transaction (for example, restaurant purchases, car rentals, or hotel
purchases) at the time of the authorization, the authorization amount
may be less or more than the actual amount of the transaction.
3. Cash Advances at Participating Financial Institutions. Cardholders
with Debit Cards can obtain cash advances at any participating
financial institution and at a limited number of merchants that
are permitted to perform cash advances. These cash advances are
withdrawals from your Account and are subject to the transaction
limits listed in Section 9.B.
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(or corresponding operating documents if you are not a corporation), (ii)the
individuals designated by you from time to time as being authorized to
request Cards, designate Cardholders and link Cards to your Accounts have
been properly authorized, (iii) the individuals designated as Cardholders
by you are properly authorized to use all of the services and engage in
all of the types of transactions that are available for the type(s) of Cards
requested by your authorized representatives, (iv) Cards are provided solely
for use by Cardholders for business purposes (and not personal, family or
household purposes); and (v) you will, and will instruct each Cardholder
to: (a) safely keep the Card and PIN separate and in your, his, or her sole
possession; (b) not disclose the PIN, write it on the Card, or otherwise make
it available to anyone else; (c) use the Card, PIN, and ATM or POS terminals
only as instructed and authorized and subject to limitations we may impose
and change from time to time; (d) save all receipts and have them verified
against your monthly Account statement; (e) report all crimes immediately
to the owner or operator of the ATM and to the local law enforcement official;
and (f) immediately report to you and us any loss, theft, disappearance or
known or suspected unauthorized use of any Card or PIN.
H. Limitations on Services
Some Card services may not be available at all ATM or POS terminals.
We reserve the right to restrict or to revoke use of the Cards for one or
more types of transactions. If a Card transaction has not been conducted
for at least twelve (12) consecutive months, we may close the Card or
not reissue it. You may, however, call us to request a new Card. We
may restrict the number of Cards we issue for your Account. Eligibility
for the Cards may be limited. Cards and PINs remain our property, may
be canceled at any time without notice, and must be destroyed upon
request. We may terminate some or all of these Card services at any time.
At our discretion, we may not authorize subsequent Card transactions or
pay Items drawn on your Checking Account(s) due to outstanding Card
transactions that have not been posted to your Account(s).
We may allow, at our discretion, withdrawal transactions that exceed your
available credit limit on your overdraft protection line of credit or would
result in an Overdraft. You agree to pay the Overdraft if we permit such
withdrawal transactions. You further agree to pay any Overdraft Fees
relating to the Overdraft if your Card is linked to: (a) a personal Account
and you have agreed to opt-in to the Overdraft Program for ATM and
Everyday (non-recurring, single) Debit Card Transactions or (b) a business
Account. (See Section 2.B above.) If you have a personal Account and
have not opted in, or have revoked your opt-in, to the Overdraft Program
for ATM and Everyday (non-recurring, single) Debit Card Transactions, you
will still be liable for any Overdraft, but will not be obligated to pay any
Overdraft Fees.
I. Your Liability
You authorize us without further inquiry to credit or charge your Account(s)
for all deposits, withdrawals, purchases and transfers, if applicable,
initiated through use of any of your Cards, and you agree, except as
otherwise required by Applicable Law, that you will be liable for all Card
transactions initiated with a correct PIN or a signature that reasonably
resembles the signature of the Cardholder appearing on the Card. You
also authorize us to charge your Account(s) for the amount of any Check
or other Item for which cash or credit is given in any Card transaction
if that Item is dishonored, charged back or otherwise returned to us
unpaid. Each time a Card is used the amount of the transfer is considered
a withdrawal from your Account, even if the transaction is not posted
immediately to your Account. For Cards linked to personal Accounts, your
liability for unauthorized transactions is limited by the Electronic Fund
Transfer Act and Regulation E (see Section 9.K.1 below).
J. Our Liability for Failure to Make Transfers
If we do not complete a transfer to or from your Account on time or in the
correct amount according to our agreement with you, we will be liable
for your Losses or damages. However, there are some exceptions. We
will not be liable, for example, if (i) through no fault of ours, you do not
have Sufficient Available Funds in your Account to make the transfer; (ii)
Daily transaction limits for
personalATM Cards
Dollar
Limit
Transaction
Limit
ATM cash withdrawal $1,000 5
Cash advance N/A 0
POS signature transaction N/A 0
POS PIN transaction $5,000 25
Account to Account Payment $5,000 25
Daily withdrawals and purchase limits refresh as of 12:00 a.m. (midnight)
Central Time. Multiple transactions may need to be performed to
withdraw your desired amount due to restrictions at the ATM.
We may not authorize a withdrawal from your Account if you do not have
Sufficient Available Funds to cover the withdrawal. For security reasons,
there may be additional limits on the number or dollar amount of Card
transactions, and we may change your limits or deny authorization for
a transaction without notice to you if we suspect that fraud or other
suspicious activity has occurred.
In addition to the transaction limits in the tables above, the limits in
Section 7.G above for money market Checking Accounts also apply.
C. Special Provisions Regarding ATM Deposits
The following types of Checks should not be deposited at an ATM: (i)
Checks that raise any question regarding endorsements, such as missing
or second endorsements or restrictive or conditional endorsements; (ii)
Checks drawn on a bank outside the U.S. or payable in a foreign currency;
and (iii) Checks that are postdated, stale dated, or have any missing
or altered information. Speak with your BMO Banker about the proper
handling of these types of Checks. If an envelope is required to process
a deposit at an ATM, the Cardholder must use an envelope approved
for use in an ATM. Each ATM deposit may include up to forty (40) Items
endorsed for deposit and may not exceed $999,999.99. Two (2) or more
separate deposits may be made at an ATM to accommodate more Items
or a larger dollar amount. All deposits made through an ATM are subject
to actual receipt and verification as to amount. You agree that the Bank’s
records reflecting transactions initiated through the use of the Card will
be presumed correct. Deposits are subject to our Funds Availability Policy
for Deposit Accounts (see Section 8 above).
D. Service Fees
Card transactions are subject to fees. Our fees currently in effect are
disclosed in the Deposit Account Disclosure or the BMO Business Service
Fee Schedule. When a Cardholder conducts a Non-BMO ATM Transaction,
we will charge you a fee and you may also be charged a fee by the
ATM owner or operator. Please note that fees imposed by the owner or
operator of a Non-BMO ATM are outside our control and may be changed
at any time. You authorize us to deduct any fees charged by us or any ATM
owner or operator directly from yourAccount.
E. Documentation of Transactions
Except for balance inquiries and certain small dollar amount transactions
as permitted by Applicable Law, a Cardholder should get, or should have
the option to get, a receipt each time he or she uses his or her Card to
conduct a transaction. We are not liable for the failure of a merchant or
the owner or operator of a Non-BMO ATM or Participating ATM to give you
a receipt for a transaction.
F. Your Representations and Warranties RegardingCards
You agree, and agree to instruct each Cardholder, to sign the Card
promptlyfollowing receipt.
G. Additional Representations and Warranties for
BusinessCustomerswith Cards
You represent and warrant that (i) this Agreement, including this Section
9.G, has been duly authorized and does not violate your charter or bylaws
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credited. You may ask us for copies of the documents we used in
our investigation.
b) Limitations on Your Liability for Unauthorized Personal
CardTransactions
If you tell us within two (2) Business Days after you learn of the
loss or theft, you can lose no more than $50 if someone used your
Card or PIN without your permission. However, you could lose as
much as $500 if:
• You do not tell us within two (2) Business Days after you learn of
the loss or theft of your Card or PIN; and
• We can prove that we could have stopped someone from using
your Card or PIN without your permission if you had told us.
If you do not tell us within sixty (60) days after the statement was
provided or otherwise made available to you and if we can prove
that we could have stopped someone from taking the money if
you had told us within sixty (60) days, you may not get back any
money you lost after the sixty (60) days. If a good reason (such
as a long trip or a hospital stay) kept you from telling us, we may
extend these time periods.
c) State-Specific Limits:
Certain states may limit your liability beyond the parameters set
forth in Section 9.K.1.b of the Agreement.
2. Business Cards
In case of errors or questionable Card transactions, we must hear from
you no later than thirty (30) days after we send or otherwise make
available to you the first statement on which the problem or error
appeared. We will need you to:
a) Tell us the name of the Account Owner and all Cardholders, the
Account number, and the Card number;
b) Describe the error or the transaction and the date of the transaction
you are unsure about and explain as clearly as you can why you
believe it is an error or why you need more information; and
c) Tell us the dollar amount of the suspected error. If you tell us orally,
we may require that you also send us your complaint or question
in writing within ten (10) Business Days.
If you are claiming that a Card transaction was unauthorized, you
agree to cooperate with us in our investigation and give us a copy of
any police report and an affidavit covering all reasonably related facts
and circumstances.
L. Termination; Miscellaneous
We may close a Card at any time in our sole discretion. All Cards and
PINs are our property and you agree to destroy them upon demand.
Closing your Card will not affect any liability you have to us with respect
to transactions initiated through the use of the Cards prior to the date
that your Card is closed or transactions accepted by us in good faith after
the date your Card is closed. The rules, regulations and agreements that
govern your deposit Account apply to all transactions initiated with a Card.
10. SPECIAL PROVISIONS APPLICABLE TO BUSINESS ACCOUNTS
ANDTRUSTACCOUNTS
This Section applies to Accounts established by Companies, trusts and all
other non-consumer customers.
A. Account Documentation
For any Account in the name of a Company, trust or other non-consumer
customer, we require a designation of Authorized Signers in a form
satisfactory to us. We will honor such designation according to its terms
until we receive written notice that it is amended or terminated and we
the transfer would go over the credit limit on your overdraft protection
line of credit; (iii) the ATM where you are making the transfer does not
have enough cash; (iv) the ATM, POS terminal or system was not working
properly and you knew about the breakdown when you started the
transaction; (v) any merchant or financial institution refuses to honor your
Card; (vi) a transfer is not completed due to communications or systems
failure; (vii) access to the Account is restricted due to its involvement
in legal proceedings or by other claims or actions; or (viii) the Loss or
damage occurs as a result of any other reason identified in Section 7.BB
of this Agreement. Except for your rights and our responsibilities actually
stated in this Section 9.J and in cases of our gross negligence or willful
misconduct, we are not responsible for any Loss or injury resulting from
the use of your Card, Card number or PIN, any ATM or POS terminal, or any
other electronic funds transfer services, and you waive all such claims.
K. Unauthorized Transactions, Errors, and Questions
Call us at 1-888-340-2265 or write to us at BMO, P.O. Box 94019, Palatine,
IL 60094-4019, IMMEDIATELY (i) for errors involving Card transactions, (ii)
if you believe any of your Cards or PINs have been lost or stolen, (iii) if
you believe your statement or receipt is wrong, or (iv) if you need more
information about a transaction reported on a statement or receipt.
Telephoning is the best way to minimize your Losses for any error or
unauthorized transaction.
1. Personal Cards
a) In Case of Errors or Questions about Personal Card Transactions
In order to help resolve any errors or questionable Card transactions,
no later than sixty (60) days after we send or make available to
you the first statement on which the possible error appears, we
will need you to:
1. Tell us your name, Account number, and Card number.
2. Describe the error or the transaction, the date of the transaction
you are unsure about, and explain as clearly as you can why
you believe the transaction is an error or why you need more
information.
3. Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you also send us your
complaint or question in writing within ten (10) Business Days.
We will determine whether an error occurred within ten (10)
Business Days after we hear from you and we will correct any error
promptly. If we need more time, however, by law we may take up to
forty-five (45) days to investigate your complaint or question. If we
decide to take this additional time and you have provided us with
written confirmation upon our request, we will provisionally credit
your Account within ten (10) Business Days of first receiving your
error notice for the amount you think is in error, so that you will have
the use of the money during the time it takes us to complete our
investigation. If we request written confirmation of your complaint
or question and you fail to provide it within ten (10) Business Days,
then we may not provide provisional credit to your Account or we
may revoke the provisional credit we previously gave to you.
The time periods in the preceding paragraph may be extended
as follows: (a) the applicable time is twenty (20) Business Days
instead of ten (10) Business Days for new Accounts if the notice
of error involves a transfer to or from the Account within the first
thirty (30) days your Account is open; and (b) the applicable time
is ninety (90) days instead of forty-five (45) days if the notice of
error involves a transfer that (i) was initiated outside the U.S.; (ii)
resulted from a POS transaction; or (iii) occurred within the first
thirty (30) days your Account is open.
We will tell you the results of our investigation within three (3)
Business Days after completing our investigation. If we determine
that there was no error, we will send you a written explanation,
and debit your Account for any amount that was provisionally
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to us, provide for you to release, indemnify and hold us harmless
from and against any actions we have taken or your agent has taken
regarding your Account, and be evidenced on ourrecords.
c) Limitations on Our Liabilities and Your Indemnification of Us.
We reserve the right to require such documents or authorizations
as we deem reasonably necessary to satisfy us that the person
requesting or directing withdrawal of funds held in the Account
has such authority. You agree to indemnify and hold us harmless
for refusing to pay or release funds when the refusal is based on
the failure of the person requesting or directing the withdrawal
of funds to provide documents or authorizations requested by us.
We have no obligation to in any way advise you as to any legal,
regulatory, or other fiduciary obligations you may have and we
will not monitor in any way your exercise of fiduciary powers and
duties. We are not responsible for, and do not have any obligation
with respect to, the application of any assets held in the Account or
withdrawn from the Account. We are not responsible for providing
periodic statements or annual summaries to any person other
than you, including any person holding a beneficial interest in the
Account, or to any auditor or court or government agency, nor will
we provide additional information in the periodic statements that
you may be required to provide under state law or court order to
persons holding beneficial interests in the Account, or to any auditor
or court or government agency. You agree to indemnify and hold
us harmless from and against any loss, liability, penalty, damage,
cost or expense incurred in connection with this Agreement or
the performance of our duties under this Agreement, including,
for example, as a result of (i) any representations and warranties
made by you in this Agreement or in any documentation provided
to us by you that is either incorrect or incomplete, (ii) any direction
given by you or your agent to us for payment or otherwise, or (iii)
any participation by us in any breach of fiduciary duty by you or
your agent. You agree to pay the expenses, including reasonable
attorneys’ fees, and costs of enforcing this right of indemnification.
11. SPECIAL PROVISIONS APPLICABLE TO PASS-THROUGH
DEPOSITACCOUNTS
If you have opened an Account on behalf of the beneficial owner(s) of
the funds in the Account (for example as an agent, nominee, guardian,
executor, custodian or in some other capacity for the benefit of others),
the Account may be eligible for “pass-through” deposit insurance from the
FDIC. This means the Account could qualify for more than the standard
maximum deposit insurance amount. For such Accounts, in order for us to
comply with §370.5(a) of the FDIC’s Rules and Regulations, if the Account
has transactional features (such as check writing capability and/or the use
of Debit Cards) as defined in § 370.2(j) of the FDIC’s Rules and Regulations,
you must agree to provide a record of the interests of the beneficial
owner(s) in accordance with the FDIC’s requirements as specified below.
Following these procedures may minimize the delay that these beneficial
owner(s) may face when accessing their FDIC-insured funds in the event
of a Bank failure. Section 370 of the FDIC’s Rules and Regulations can be
accessed on the FDIC’s website at https://www.fdic.gov/regulations/laws/
rules/2000-9200.html.
The FDIC has published a guide that describes the process to follow
and the information you will need to provide in the event the Bank
fails. In addition, the FDIC has published an addendum as section VIII of
the guide (the “Addendum”), which is a good resource to understand
the FDIC’s alternative recordkeeping requirements for pass-through
deposit insurance. The Addendum sets forth the FDIC’s expectations for
demonstrating eligibility for pass-through deposit insurance coverage
for deposit accounts, including those with transactional features. The
Addendum also describes the records you should keep on the beneficial
owner(s) of the funds and the format in which to provide the records
to the FDIC in the event the Bank fails. The Addendum can be accessed
on the FDIC’s website at https://www.fdic.gov/deposit/deposits/brokers/
part-370-appendix.html.
have a reasonable opportunity to act. You agree to notify us in writing in
advance of any changes in ownership or Authorized Signers. If Checks or
other Items are presented before we receive all necessary designations,
we may refuse to pay the Checks or other Items (even if funds exist in the
Account), and you agree to release, indemnify and hold us harmless for
any Loss that may result.
B. Special Agreements by Companies, Trusts and
Non-ConsumerCustomers
1. Companies and Non-Consumer Customers other than Sole
Proprietorships and Trusts. If you are a Company or non-consumer
customer other than a sole proprietorship or trust, you agree that the
Account is payable only to or on the order of the Company or other
non-consumer customer, and not to any individual director, officer,
shareholder, partner, member or manager thereof (except as such
person or entity may be a payee on a Check or other Item drawn
on the Account). You further represent and warrant that the Company
or other non-consumer customer has taken all action necessary
to open and maintain Accounts with us and that any certificates,
resolutions, designations of authorized representatives, or other
legal documentation filed with us in connection with the Account
are true, accurate and complete, and will be kept up to date. For any
transaction involving the Account, we may act upon the instructions
of any Authorized Signer. You agree that we are authorized to honor
transactions based on the current legal documentation we have on
file until you provide us with new legal documentation acceptable to
us and we have had a reasonable opportunity to act.
2. Sole Proprietorship Accounts. If you are a sole proprietor, you agree
that upon your death, your estate must release, indemnify and hold
us harmless for any payment made at the direction of an attorney-in-
fact, agent or Authorized Signer on your Account, unless we have not
received notice of your death and had a reasonable opportunity to act
on such notice. If you are doing business under an assumed name, you
represent and warrant that you have properly filed all assumed name
certificates or other documents and taken all other action required by
Applicable Law in connection therewith.
3. Accounts for Trusts and Fiduciaries.
a) Representations and Warranties by Fiduciary. If you are a
trustee or other fiduciary, you represent and warrant that: (i) you
are a duly appointed and acting fiduciary; (ii) you have full power
and authority to make this Agreement (including all requisite
authorizations, waivers and consents) and to take all actions
provided for in this Agreement with respect to the Account;
(iii)the terms of this Agreement do not violate any provision of
any statute, governing instrument, court order or other document
governing your authorities and actions; and (iv) if the Account is for
a trust, the trust is a domestic United States trust, or, if applicable,
a trust governed by the laws of Canada. You will notify us in
writing when there is any change to your powers and authorities.
You agree that we are authorized to honor transactions based
on the current legal documentation we have on file until you
provide us with new legal documentation acceptable to us and
we have had a reasonable opportunity to act. We have no duty or
obligation to verify or update any of your powers and authorities or
to receive copies of any statute, governing instrument, court order
or other documentation evidencing such powers and authorities.
References to a trustee or other fiduciary in this Agreement are to
the trustee or fiduciary from time to time acting on the Account.
b) Delegation of Your Authorities to an Agent. If permitted by
the statute, governing instrument, court order or other document
granting your powers and authorities, you may delegate your
powers and authorities to a third party acting as your agent,
provided that we may limit the powers and authorities you may
delegate to an agent and we may limit you to only one agent whose
appointment must be joined by all the fiduciary Account Owners, if
a joint Account. Any such delegation must be in a form satisfactory
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of the Savings Accounts in the order listed in the applicable forms
for Sufficient Available Funds to pay the Overdraft Items. We will
only transfer funds from one Transfer FROM Account at the end of
each Business Day, and we will not combine funds from multiple
Transfer FROM Accounts to make a transfer.
b) Payment of Individual Items. If you do not have Sufficient Available
Funds in any Transfer FROM Account to pay all Overdraft Items and
your first Transfer FROM Account has Sufficient Available Funds to
pay individual Overdraft Items, we will transfer funds from that
Transfer FROM Account to your Transfer TO Account in the amount of
the individual Overdraft Items that the Transfer FROM Account has
Sufficient Available Funds to pay.
Your first Transfer FROM Account is the first Checking Account listed
in the applicable forms. If you only designate Savings Accounts as
Transfer FROM Accounts, your first Transfer FROM Account is the
first Savings Account listed in the applicable forms. We will review
the Overdraft Items according to the order of posting described
in the Deposit Account Agreement for Personal and Business
Accounts to determine if the Transfer FROM Account has Sufficient
Available Funds to pay an Overdraft Item. We will not review
any additional Transfer FROM Accounts to determine if there are
Sufficient Available Funds to pay individual Overdraft Items.
If you do not have Sufficient Available Funds in your Transfer FROM
Account to pay an Overdraft Item and either:
• You have a BMO Overdraft Protection Line of Credit linked to
the Transfer TO Account, the Overdraft Item will be processed
in accordance with your BMO Overdraft Protection Line of Credit
Agreement; or
• You do not have a BMO Overdraft Protection Line of Credit linked
to the Transfer TO Account, the Overdraft Item will be processed
in accordance with the Overdraft Program described in the
Deposit Account Agreement.
2. Fees. We don’t charge a fee for transferring money from your Transfer
FROM Account to your Transfer TO Account.
Overdraft Fees may apply as described in the Deposit Account
Agreement.
IV. OVERDRAFT FUNDING AGREEMENT FOR
BUSINESSACCOUNTS
This Overdraft Funding Agreement for Business Accounts describes the
terms and conditions of the agreement between us and you with respect
to Overdraft Funding. Overdraft Funding is a service which links one or
more of your Accounts with us to your Checking Account with us and
may automatically transfer funds from a linked Account to your Checking
Account in the event an Item would overdraw your Checking Account.
This Overdraft Funding service is only available to customers with eligible
business Accounts. This Overdraft Funding service is not available for
IOLTAs, IBRETAs and personal Accounts. This Overdraft Funding Agreement
for Business Accounts does not apply if you have a line of credit (other
than a BMO Overdraft Protection Line of Credit) linked to your Checking
Account for overdraft protection.
Except for the names of products, services, fees, proper nouns, and terms
defined herein, capitalized terms used in this Agreement are defined
in the Glossary, which can be found in Section I of this BMO Handbook.
The Glossary is incorporated in its entirety into this Overdraft Funding
Agreement for Business Accounts by reference.
Overdraft Funding Authorization
By using your Checking Account, after you have requested and we have
added Overdraft Funding to your Account, you are agreeing to pay all
amounts owed in connection with this Overdraft Funding Agreement
and to abide by its terms. To qualify for Overdraft Funding you must have
a business Checking Account and at least one other business Checking
You agree to cooperate fully with us and the FDIC in connection with
determining the insured status of funds in such Accounts at any time.
In the event the Bank fails and the FDIC is appointed as its receiver,
you agree to provide the FDIC with the information described above in
the required format within twenty-four (24) hours of Bank failure for all
Accounts with transactional features and any other Accounts to which you
need rapid access. As soon as the FDIC is appointed, a hold or freeze
may be placed on your Account so that the FDIC can conduct the deposit
insurance determination. That hold or freeze will not be released until the
FDIC obtains the information required to enable the FDIC to calculate the
deposit insurance. You understand and agree that your failure to provide
the required information to the FDIC may result in a delay in receipt of
insured funds by the beneficial owner(s) and legal claims against you
from the beneficial owner(s). This Agreement survives after the FDIC is
appointed as our receiver, and as a result, the FDIC will be entitled to
enforce the terms of this section.
III. OVERDRAFT FUNDING AGREEMENT FOR
PERSONALACCOUNTS
This Overdraft Funding Agreement for Personal Accounts describes
the terms and conditions of the agreement between us and you with
respect to Overdraft Funding. Overdraft Funding is a service which links
one or more of your Accounts with us to your Checking Account with
us and may automatically transfer funds from a linked Account to your
Checking Account in the event an Item would overdraw your Checking
Account. This Overdraft Funding service is only available to customers with
eligible personal Accounts. This Overdraft Funding Agreement for Personal
Accounts does not apply if you have a line of credit (other than a BMO
Overdraft Protection Line of Credit) linked to your Checking Account for
overdraft protection.
Except for the names of products, services, fees, proper nouns, and terms
defined herein, capitalized terms used in this Agreement are defined
in the Glossary, which can be found in Section I of this BMO Handbook.
The Glossary is incorporated in its entirety into this Overdraft Funding
Agreement for Personal Accounts by reference.
Overdraft Funding Authorization
By using your Checking Account, after you have requested and we have
added Overdraft Funding to your Account, you are agreeing to pay all
amounts owed in connection with this Overdraft Funding Agreement and
to abide by its terms. If your Account is a joint Account, each Account
Owner is bound by the terms of this Overdraft Funding Agreement for
Personal Accounts and is jointly and individually liable for all amounts
due under this Overdraft Funding Agreement. To qualify for Overdraft
Funding you must have a personal Checking Account and at least one
other personal Checking Account or Savings Account with us. You must
aska BMO Banker to add Overdraft Funding to your Account.
Overdraft Funding is a service whereby you authorize us to transfer funds
on a Business Day from your Transfer FROM Account to your Transfer
TO Account to pay Items that overdraw your Transfer TO Account, as
described below.
1. Overdraft Funding Transfers. We will transfer funds as described
below. In order for us to make a transfer from one of your Transfer
FROM Accounts as described below, we may place a temporary hold on
funds in that Transfer FROM Account in the amount of each Overdraft
Item until the end of the day when we will determine whether the
funds are needed to pay the Overdraft Items.
a) Payment of All Overdraft Items. If you have Sufficient Available
Funds in your Transfer FROM Account to pay all Overdraft Items,
we will transfer an amount equal to the Overdraft Items to your
Transfer TO Account.
If you designate both Checking and Savings Accounts as Transfer
FROM Accounts, we will review all of the Checking Accounts in
the order listed in the applicable forms, then we will review all
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2. Fees. We don’t charge a fee for transferring money from your Transfer
FROM Account to your Transfer TO Account.
Overdraft Fees may apply as described in the Deposit Account
Agreement.
V. SAFE DEPOSIT BOX SERVICES AGREEMENT
(FOR BMO SAFE DEPOSIT BOXES OPENEDAFTERMay 5, 2024)
You must separately authorize safe deposit box services by completing
and signing our Safe Deposit Box Contract. See a BMO Banker for details.
Safe Deposit Box Services Agreement
The following Safe Deposit Box Services Agreement (“Contract”) is the
agreement that governs the safe deposit box services we provide you
for Boxes opened after May 5, 2024. Except for the names of products,
services, fees, proper nouns, and terms defined herein, capitalized terms
used in this Contract are defined in the Glossary, which can be found in
Section I of this BMO Handbook. The Glossary is incorporated in its entirety
into this Safe Deposit Box Services Agreement by reference.
1. The term of this Contract will be for one (1) year from the date of
entering into the Contract and will automatically renew from year to
year unless terminated by you upon not less than thirty (30) days’
notice prior to the expiration of the then current term or unless
terminated by us as otherwise provided in this Contract. You agree
to use the Box on the following conditions: that (a) you will pay the
amount due annually in advance at the rate established from time to
time by us; (b) you will pay all taxes assessed upon us by any local,
state, or federal agency or taxing authority arising from or pertaining
to this Contract; and (c) you will otherwise comply with all terms and
conditions of this Contract. If at any time you do not comply with the
above conditions, we may: (a) terminate your right to access or use
the Box; and (b) exercise our rights hereunder or such rights as are
otherwise available to us at law or in equity.
2. Any Signer may have access to the Box, except as otherwise provided
below or by law. Access to the Box is permitted only during the regular
business hours of our Safe Deposit Department subject to space,
security and other conditions as determined by us, in our discretion.
3. We are not a bailee with respect to the Box or its contents, we will
remain ignorant of its contents, and we will not be liable for any Loss of
or damage to the contents of the Box, provided we have used ordinary
care in preventing access to the Box by an unauthorized person. We
do not represent the Box to be fire, water, or burglar proof. You are
solely responsible for maintaining any insurance coverage you deem
necessary to cover the contents of the Box, if desired. You agree to
keep money, jewelry and other untraceable items in the Box at
your own risk. The contents of the Box are not FDIC-insured.
4. In addition to the requirements regarding access to the Box, upon
termination provided in Paragraph 6 below, you will pay us, in
advance, for the cost of replacing lost, misplaced, or damaged keys
and for the cost of any forcible entry into the Box made necessary
due to loss or damage of the keys, and for any other costs, including
reasonable attorneys’ fees, incurred by us in connection with this
Contract. You will be jointly and severally liable for any payments. You
and each Signer are subject to all of the provisions of this Contract. In
the event of the death of any person named as an owner on the Box,
surviving owners and Signers must immediately notify us of such
death before seeking further access, and we may thereafter refuse
access to the Box for any reason including, for example, requirements
of Applicable Law.
5. You and each Signer will have access to said Box and may place
property therein or remove all or any portion of its contents. You have
the right to surrender the Box and terminate the right of access of
all persons entitled thereto. Any such action or any other instruction
given to us by you will be binding upon all persons entitled by law
Account or business Savings Account with us. You must ask a BMO Banker
to add Overdraft Funding to the Account.
Overdraft Funding is a service whereby you authorize us to transfer funds
on a Business Day from your Transfer FROM Account to your Transfer
TO Account to pay Items that overdraw your Transfer TO Account, as
described below.
1. Overdraft Funding Transfers. We will transfer funds as described
below. In order for us to make a transfer from one of your Transfer
FROM Accounts as described below, we may place a temporary hold on
funds in that Transfer FROM Account in the amount of each Overdraft
Item until the end of the day when we will determine whether the
funds are needed to pay the Overdraft Items.
a) Payment of All Overdraft Items. If you have Sufficient Available
Funds in your Transfer FROM Account to pay all Overdraft Items,
we will transfer an amount equal to the Overdraft Items to your
Transfer TO Account.
If you designate both Checking and Savings Accounts as Transfer
FROM Accounts, we will review all of the Checking Accounts in
the order listed in the applicable forms, then we will review all
of the Savings Accounts in the order listed in the applicable forms
for Sufficient Available Funds to pay the Overdraft Items. We will
only transfer funds from one Transfer FROM Account at the end of
each Business Day, and we will not combine funds from multiple
Transfer FROM Accounts to make a transfer.
b) Payment of Individual Items. If you do not have Sufficient
Available Funds in any Transfer FROM Account to pay all Overdraft
Items and your first Transfer FROM Account has Sufficient Available
Funds to pay individual Overdraft Items, we will transfer funds
from that Transfer FROM Account to your Transfer TO Account in the
amount of the individual Overdraft Items that the Transfer FROM
Account has Sufficient Available Funds to pay.
Your first Transfer FROM Account is the first Checking Account listed
in the applicable forms. If you only designate Savings Accounts as
Transfer FROM Accounts, your first Transfer FROM Account is the first
Savings Account listed in the applicable forms. We will review the
Overdraft Items according to the order of posting described in the
Deposit Account Agreement for Personal and Business Accounts
to determine if the Transfer FROM Account has Sufficient Available
Funds to pay an Overdraft Item. We will not review any additional
Transfer FROM Accounts to determine if there are Sufficient
Available Funds to pay individual Overdraft Items.
If you do not have Sufficient Available Funds in your Transfer FROM
Account to pay an Overdraft Item and either:
1. You have a BMO Overdraft Protection Line of Credit linked to
the Transfer TO Account, the Overdraft Item will be processed
in accordance with your BMO Overdraft Protection Line of Credit
Agreement; or
2. You do not have a BMO Overdraft Protection Line of Credit
linked to the Transfer TO Account, the Overdraft Item will be
processed as follows:
If the Overdraft Item is a Check, automatic bill payment,
or other transaction made using the Transfer TO Account
number, we will use our discretion to either pay or return
the Overdraft Item and you will be charged an Overdraft Fee
as disclosed in the BMO Business Service FeeSchedule.
If the Overdraft Item is an ATM or everyday debit Card
transaction, we will use our discretion to either pay or
decline the Overdraft Item. If we pay the Overdraft Item, an
Overdraft Fee, as disclosed in the BMO Business Service Fee
Schedule, may apply. If we decline the Overdraft Item, no
fees will be incurred.
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to access. Such powers will remain effective even upon the death or
disability of any such person until we receive notice of the death or
disability and have a reasonable time to act, subject to the provisions
and limitations contained in Paragraph 4 above.
6. We may at any time and for any reason, upon notice to you, terminate
this Contract or terminate your right of use and possession of the
Box. At such time you must promptly cause all contents of the Box
to be removed, surrender all keys to us and execute such release
agreements as we then require. If you fail to comply with the foregoing
covenants, or requirements as otherwise provided in any termination
notice, within thirty (30) days of us providing notice or within the time
provided in the notice, we may gain access to the Box and its contents
by whatever means we select, including the hiring of a locksmith or
other person to force the opening of the Box and the replacement
of locks and keys, and we may impound and store the contents in
whatever manner and location we choose. You must promptly pay
to us all costs and expenses incurred by us in connection with such
surrender, forcible opening of the Box, replacement of locks and keys,
and securing and storing the contents. We are hereby authorized to
deduct the amount of all such costs and expenses and any other
amounts due to us hereunder from any of your Accounts or from any
rebate of payment due to you and with respect to the contents, in
any manner we choose, to sell, escheat, dispose of or destroy the
contents, subject to Applicable Law.
7. You may not assign or sublet the Box or any right of access or use
thereof. You may not place in the Box any liquid, volatile or perishable
substance, explosive device, guns or ammunition or any dangerous
or offensive material that may harm or potentially harm or offend
the property, interest, health or sensibilities of the Bank, its officers
and employees, or any other guest or invitee of the Bank. You may
not place in the Box or possess within any premises of the Bank, any
substance or device, the possession or use of which would violate
any law or regulation. Access to, and use of, the Box are and will be
subject to the rules and procedures established from time to time by
us, and to all Applicable Laws regarding safe deposit boxes. We will
not retain a copy of the keys to the Box provided to you. You agree to
use the highest degree of care to keep all keys out of the possession
of unauthorized persons and must immediately notify us of the loss
or theft of any key. Upon such notice, we may replace all locks and
keys to the Box or assign a different safe deposit box to you, all at
your expense.
8. We have the right to change the terms of this Contract for any reason,
and in any respect, by adding, deleting or modifying any provision or
terminate the Contract. We can add a new provision without regard
to whether the provision deals with a matter already addressed by
this Contract. We will provide written notice to you of any change
or termination as provided in Paragraph 12 below. Such changes,
including termination, will be effective and binding upon you as of the
effective date in the notice. Continued use of the Box after we provide
the notice will constitute your acceptance of all changes described in
the notice.
9. We have the right, without prior notice, to change the location of
the Box or substitute a Box of like size and expense and in doing
so will not incur liability to you. In the event the Box is relocated to
another location, the rights and obligations of you and us hereunder
will remain in effect.
10. You agree to defend, indemnify, release, and hold us harmless
from and against all Losses, in connection with the use of the Box
(including those arising from assessment of taxes as provided
in Paragraph 1 above), any access thereto as authorized by this
Contract, the removal of or damage to the contents of the Box,
and any conflicting claim to the Box or its contents, or any portion
thereof. In the event of any act or statement by you, any legal or
administrative process, or adverse claim by any person which in our
opinion affects or may affect any of our rights or liabilities, we may,
at our option, and without incurring liability therefor, suspend all
rights of access to the Box until such claim, process or alleged rights
have been resolved or disposed of to our satisfaction. Nothing in this
Contract will prohibit us from instituting proceedings to relieve the
Bank of liability or responsibility for the contents of the Box, or any
Loss thereto, and we may dispose of or relinquish the contents in
any manner consistent with such proceedings and as provided in this
Contract, all at your sole cost and expense.
11. In the event you are a corporation, partnership, unincorporated
association, trust or other organization, all of the duties, statements,
conditions, restrictions and acts herein applicable to you are fully
applicable to all of your directors, officers, employees, partners,
members, trustees, agents, deputies, fiduciaries, and other
representatives who are or may become entitled to gain access to
the Box. All such entitled persons hereby represent and warrant to us
that you are lawfully empowered to enter into this Contract and that
the signatures on file with us are genuine signatures of all persons
duly authorized to execute this Contract and to gain access to the Box
for and on your behalf. We may act without further inquiry upon the
written instructions of the authorized signers hereunder until officially
notified otherwise by you.
12. All notices required to be given hereunder must be in writing and if
notice is provided to you, notice may be, at our discretion, posted in
our branches or served either in person or by mail, postage prepaid,
mailed to your last known address as shown on our records or to us at
the address of the branch at which the Box is located. This Contract is
binding upon and inure to the benefit of the successors, assigns and
personal representatives of the parties. For purposes of this Contract,
wherever appropriate, the use of any gender includes any and all
other genders, and all references to the singular number include the
plural and the plural number includes the singular. Any waiver by us
of any right or condition hereunder does not constitute a waiver of our
rights to assert any such right or condition thereafter. This Contract is
governed by Applicable Law.
13. Please note that at least one Holder must own an eligible deposit
account with BMO in order to keep a safe deposit box with us. In order
to be eligible, the deposit account may not be an IRA or CD. We may
require the closure of a safe deposit box in the event at least one
Holder does not own an eligible deposit account with us.
For more details and information:
Call us at 1-888-340-BANK (2265). Or visit us nline at bmo.com/us.
Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC 5/24
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