AAA refers to the American Arbitration Association.
AAA Rules refers to the AAA’s Commercial Dispute Resolution Procedures and the Supplementary Procedures for Consumer Related Disputes, as amended from time to time.
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 Harris Bank. 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. For Dormant 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 with us.
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 statement period.
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 Harris and BMO Harris Bank refer to BMO Harris Bank N.A.
BMO Harris ATM refers to an ATM branded with the BMO Harris logo.
BMO Harris ATM Transaction means a transaction conducted at a BMO Harris ATM including, for example, a deposit, withdrawal, transfer or balance inquiry.
BMO Harris Bank 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 Harris Bank Business Service Fee Schedules apply to business Accounts and do not apply to personal Accounts.
BMO Harris Banker means a BMO Harris personal banker or teller.
The BMO Harris Family of Companies means BMO Harris Bank N.A. and all affiliates such as our brokerage, insurance, and investment advisory companies, which are affiliated with BMO Harris Bank 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 will be 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, agent, or, in the case of HSAs, your dependents.
CD refers to Certificate of Deposit.
Check means check, draft, electronic image, or other negotiable instrument, including substitute checks deposited to or debited from your Account including withdrawals.
Check Images means copies of your canceled Checks.
Checking Account has the meaning described under “Account” above.
Claims means all disputes 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” shall 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.
Combined Balance is the total of the monthly Average Daily Balance in your Master Account and Linked Accounts determined as of the statement period date for your Master Account.
Company refers to any business entity, including a corporation, unincorporated association, partnership, limited liability company or sole proprietorship.
Consecutive Day Overdraft Fee refers to the fee charged each Business Day your Account is overdrawn in any amount after your Account is overdrawn for three consecutive Business Days, as disclosed in the Deposit Account Disclosure and BMO Harris Bank Business Service Fee Schedule.
Contract refers to the Safe Deposit Box 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 divided by 365 days (or 366 days in a leap year).
Debit Card means any Card (including an HSA Card) other than an ATM Card.
Deposit Account Disclosure refers to the description of an Account’s features, including 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 monthly 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 reserve 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 Harris Bank Business Service Fee Schedule for your Checking Account to determine whether the Account is eligible for Earnings Credit.
Eligible Deposit Accounts include all BMO Harris personal checking, savings, CDs and IRAs on which you are listed as an Account Owner or Trustee. Eligible Deposit Accounts do not include Health Savings Accounts (HSAs), business Accounts, Accounts held in escrow, or estate Accounts.
ERISA refers to the Employee Retirement Income Security Act of 1974.
Handbook refers to the BMO Harris Handbook, which includes the Deposit Account Agreement, the Overdraft Funding Agreements, and the Safe Deposit Box Agreement.
HSA refers to a Health Savings Account. An HSA is an interest-bearing Checking Account.
HSA Card means a Debit Card linked to an HSA.
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.
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 rates we are offering on our deposit products, as may be changed from time to time.
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.
Item Returned Fee (NSF) refers to the fee charged when an Item presented for payment exceeds the available funds in your Account and we return the Item unpaid.
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 Account(s) are deposit Accounts that contribute to the Combined Balance for your Master Account under Relationship Waiver. Linked Accounts do not receive a monthly maintenance fee waiver under Relationship Waiver. Please read Section 7.L of the Deposit Account Agreement for details on what types of Accounts are eligible to be Linked Accounts. You must ask your BMO Harris Banker to link your Accounts. We do not automatically do so.
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.
Business Advantage Checking acting as a Master Account does not have Linked Plus Accounts.
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 Business Advantage Checking Account that you designate as the Account to receive a monthly maintenance fee waiver under Relationship Waiver if the Combined Balance requirement for that type of Account is met. If the designated Account is a Wealth Checking Account, you need to satisfy the Average Daily Balance requirement, rather than the Combined Balance requirement, in order to receive the monthly maintenance fee waiver.
Monthly Combined Balance is calculated by adding the Ledger Balance in the BMO Harris PremierTM Account and the Ledger Balance in all other Eligible 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 Deposit Accounts used to calculate the Monthly Combined Balance. If your Eligible Deposit Account sweeps to an investment account which is not FDIC insured, only the balance that remains in your FDIC-insured Account will be included in the Monthly Combined Balance.
Negative Collected Fee means when the Average Collected Balance of a business Checking Account is negative for any monthly or other applicable period, this fee will be 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 Harris ATM means any ATM other than a BMO Harris ATM or Participating ATM.
Non-BMO Harris ATM Transaction means any transaction conducted at a Non-BMO Harris ATM, including, for example, a withdrawal, transfer, or balance inquiry.
Non-BMO Harris Customer refers to any person or entity who is not a customer of ours.
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 which occurs when the available funds in your Account are less than the amount of an Item(s) presented for payment.
Overdraft Fee refers to the fee charged when an Item presented for payment exceeds the available funds in your Account 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 Funding Transfer Fee refers to the fee charged for transfers from your Transfer FROM Account to your Transfer TO Account in accordance with the Overdraft Funding Agreements.
Overdraft Item refers to Items that would overdraw your Account.
Overdraft Program refers to the discretionary payment of Overdrafts on a personal Checking Account. For personal Checking Accounts it includes the optional service in which BMO Harris 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 Harris Bank by Phone®.
Participating ATM refers to an ATM where BMO Harris has agreed to provide surcharge-free access for its Cardholders. Visit bmoharris.com for a current list of Participating ATMs in the United States, bmo.com for a current list of Bank of Montreal (BMO) branded Participating ATMs, and allpointnetwork.com for a current list of 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.
Quarterly Combined Balance is calculated by adding the Ledger Balance in the BMO Harris PremierTM Account and the Ledger Balance in all other Eligible 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 Deposit Accounts used to calculate the Quarterly Combined Balance. If your Eligible Deposit Account sweeps to an investment account which is not FDIC insured, only the balance that remains in your FDIC-insured Account will be included in the Quarterly Combined Balance.
For new BMO Harris Premier Accounts: The initial calculation is based on the Ledger Balance in the BMO Harris Premier Account and the Ledger Balance in all other Eligible 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 Harris Premier Account and the Ledger Balance in all other Eligible 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 and BMO Harris Bank Business Service Fee Schedule.
Savings Account has the meaning described 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 Agreement, shall refer 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.
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, IRAs and HSAs 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. HSAs are not eligible to be a Transfer TO Account.
Us, our, we, and the Bank mean BMO Harris 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 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 Agreement, references to you and your mean all persons, jointly and severally, who have entered into the Contract to rent the Box.
INTEREST RATES AND CALCULATIONS
Rate Information: These Accounts are variable rate Accounts where interest rates and annual percentage yields may change. At our discretion, we may change the interest rate on Accounts daily. Current interest rates are available by telephone at 1-888-340-2265 or at any BMO Harris location.
Interest Compounding and Crediting: For interest-bearing personal Accounts (except for Statement Savings and CDs), interest will be compounded daily on the Collected Balance and credited to the Account monthly on the statement period date. For interest-bearing business Accounts (except for CDs), interest will be compounded daily on the Collected Balance and credited to the Account monthly on the statement period date. For Statement Savings, interest will be compounded daily on the Collected Balance and credited to the Account quarterly on the last calendar day of the quarter. For all CDs opened online with maturities less than one year, interest will be compounded daily, and credited to the CD at maturity. For all CDs opened online with maturities one year or greater, interest will be compounded daily and credited to the CD quarterly. 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 is not paid. If you close a CD on or prior to maturity, any accrued and unpaid interest will be credited to your CD.
Balance Computation Method and Interest Accrual: We use the Daily Balance Method to calculate the interest on Accounts. For savings and checking Accounts, this method applies a Daily Rate to the Collected Balance in the Account each day. For CDs, this method applies a Daily Rate to the Ledger Balance in the Account each day. Interest begins to accrue no later than the Business Day we receive credit for non-cash deposits (for example, checks regardless of how they are deposited). For cash and electronic deposits, interest begins to accrue on the Business Day of the deposit. We reserve the right not to pay interest on any deposited Item that is returned to us as unpaid.
Statements: BMO Harris provides checking (including money market checking) Account statements monthly. Statement Savings statements are provided quarterly, but are provided monthly if there is an electronic transaction on the Account.
TRANSACTION LIMITATIONS ON SAVINGS AND MONEY MARKET ACCOUNTS
Withdrawals or transfers from money market Checking and Savings Accounts are unlimited when made in person at the Bank, at an ATM, by messenger, or by mailing a request or speaking to a telephone representative to have a Check made payable to you.
For Savings Accounts (including money market Savings Accounts), we will 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 POS, ACH, wire, BMO Harris Bank by Phone®, BMO Digital Banking, internal transfers to repay BMO Harris loans, or pursuant to an overdraft protection program or service that we offer. Transactions that exceed these limits will not be permitted.
For money market Checking Accounts we will 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 Harris Bank by Phone®, BMO Digital Banking, internal transfers to repay BMO Harris loans, or pursuant to an overdraft protection program or service that we offer. We may, at our option, decline any transaction that exceeds these limits and we will charge a fee for any transaction that exceeds these limits.