Express Loan Pay Frequently Asked Questions

BMO Express Loan Pay Frequently Asked Questions

1. What is BMO Express Loan Pay?

2. How do I make an online payment using the BMO Express Loan Pay service?

3. Where do I find my BMO Loan account number?

4. What is the cut-off time for entering payments?

5. What is the Convenience Fee for making a same day payment?

6. How secure is BMO Express Loan Pay?

7. What are my obligations to help secure my transactions with BMO Express Loan Pay service?

8. Who should I contact if I have questions about BMO Express Loan Pay?

9. What hours is BMO Express Loan Pay available?

10. How can I cancel a payment?

11. Can I use BMO Express Loan Pay to pay-off my loan?

12. What are the minimum and maximum payment amounts?

13. Can I future date a payment?

14. Can I set up automatic or reoccurring payments?

15. Error Messages

16. When will funds be debited from my checking account?

1. What is BMO Express Loan Pay?

BMO Express Loan Pay provides a convenient and secure method to make same day payments to your BMO automobile, boat, RV, personal loans, personal lines of credit and business-purpose loans and lines of credit directly from any checking account. To make a same day payment for your mortgage, home equity line of credit, or home equity loan please visit bmo.yourmortgageonline.com.

Please note: Payments made after 10 p.m. (CT) will be processed the next Business Day. Business Days are Monday through Friday except federal holidays.

2. How do I make an online payment using the BMO Express Loan Pay service?

There are four basic steps involved in using the BMO Express Loan Pay service to make online payments:

Enter your payment information: You will enter your loan account number and your payment amount.
Enter your contact information: You will enter your phone number and email address.
Enter your payment method information: You will enter your Checking account information.
Review and submit: You will be given an opportunity to review everything you've entered and change anything if necessary. Then you will submit the payment and receive your confirmation Reference ID.
Limited to one payment every 14 calendar days. Additional payments can be made through BMO digital banking, by mail, at a branch, or by calling a BMO agent at 1-877-553-2265.

You will need to enter this information each time you make a payment using the BMO Express Loan Pay service.

3. Where do I find my BMO Loan account number?

Your BMO Loan account number consists of the last 10 digits displayed in the "Account Number" area found in your coupon book or statement. You can disregard the first five digits.

4. What is the cut-off time for entering payments?

The cut-off time for making payments is 10 p.m. (CT). Loan payments made after 10 p.m. (CT) will be processed the next Business Day. Business Days are Monday through Friday except federal holidays. Any payments made on weekends and holidays will be sent the next Business Day.

5. What is the Convenience fee for making a same day payment?

There is no fee when making a same-day payment online.

6. How secure is BMO Express Loan Pay?

The security of your financial information is of utmost importance to us. To safeguard the information available in BMO Express Loan Pay, we have taken several precautions to ensure your safety:

We require strong encryption. Encryption is the method of "scrambling" information to protect its transmission over the Internet. You must use a browser that contains 128-bit encryption.
We have established firewalls. To build a barrier between an internal network and the Internet, a firewall is installed. The firewall becomes the only way anyone can access the network from outside. Because everything entering the network has to pass through the firewall, it controls all traffic between the network and everything outside of it. Therefore, unauthorized users cannot access your account information.
We have a session time-out feature. If you remain inactive within your online session for 20 minutes, the system will automatically require your account number and the last four digits of your Social Security Number (SSN) to be entered before allowing any new payments.

7. What are my obligations to help secure my transactions with BMO Express Loan Pay service?

As more completely spelled out in the Terms & Conditions, you are responsible for not giving out your Checking account information or bank routing information, or your BMO account information to parties not obligated on your loan. Furthermore, you need to make sure that you are using an appropriate browser. Also, you should close your browser immediately after you are finished transacting your payment(s).

8. Who should I contact if I have questions about BMO Express Loan Pay?

For assistance with BMO Express Loan Pay, please contact us to speak with a BMO Representative.

9. What hours is BMO Express Loan Pay available?

BMO Express Loan Pay gives you 24-hour access to make payments to your BMO loan. The system may be unavailable for a short period of time nightly for routine maintenance.

10. How can I cancel a payment?

You may cancel any pending payment by calling 1-877-553-2265 before 9 p.m. CT on the day the payment was authorized by you. Loan payments made on a Business Day between 9 p.m. and 10 p.m. CT cannot be canceled and will be processed on the same Business Day.

11. Can I use BMO Express Loan Pay to pay-off my loan?

No. Please contact us at 877-553-2265 if you would like pay-off information.

12. What are the minimum and maximum payment amounts?

The payment amount must be between $.01 and $5,000.00.

13. Can I future date a payment?

No, you may not set up future date payments using BMO Express Loan Pay.

14. Can I set up automatic or reoccurring payments?

No, you may not set up automatic or reoccurring payments using the BMO Express Loan Pay website. If you would like to schedule a reoccurring payment please contact 1-877-553-2265.

15. Error Messages: What does the error message “Payment Exceeds Defined Limits” mean?

The error message appears when a payment has already been scheduled within 14 calendar days of the date you requested. Please wait 14 calendar days to schedule your next online payment. Contact us to speak with a BMO Representative to make an agent assisted payment. No fee will be assessed for same day agent assisted payments.

16. When will funds be debited from my checking account?

If a payment is submitted before the 10pm CST cut-off time, your funds will be debited from your designated checking account within 2 business days.