BMO which is also known as the Bank of Montreal is one of the banks whose name can be heard in top banks in Canada. There are thousands of people who have and maintain their bank accounts with the Bank of Montreal. But when it comes to banking it is just not about opening a new bank account. There are also people who want to close the bank accounts.
If you look into the graph of new account opening vs existing account closings. Then you will see that there are people who are closing the accounts. You can get the daily data but this is quite normal with the banks. This goes on with each and every bank which is operating in every country. But the banks try hard to keep the graph of the closing of accounts down.
Because if the number of accounts being closed in the bank is higher than the number of new openings. Then it is a clear sign that the bank is not performing well in the market. However, this is not the case with the Bank of Montreal. This bank is performing quite well in the market and they have a good name too. But sometimes we have to let go of our relationship with the bank.
In other words, I can say we are breaking up with our bank. If you are in Canada then closing the bank account you have with the Bank of Montreal is not a tough thing. But what if you are not in Canada and living in an overseas location? Sometimes we have to close the bank accounts which we don’t use regularly. There are many reasons why you have to close the unused bank accounts.
But what if you are at an overseas location?
Can You still Close the Bank Account?
Ok, so this is the real question I am going to answer.
And the answer is Yes, you can close your Bank of Montreal account even if you are not in Canada and staying in an overseas location.
How Can I BMO Close the Account from Overseas Location?
Follow the steps mentioned below to close the Bank of Montreal account from an overseas location. BMO allows its customers to close it. But only the real owner of the bank account or the account holder is authorized to close the account. None other than the real owner of the account can close the account. But you can give the attorney to close the account to others as well.
But without the attorney others can not close the account for you. Find further steps below.
Pay the Dues (if any)
If there any dues pending in your Bank of Montreal account then you have to clear them before you can close the account. No matter how little amount the due in your account is. You have to pay the due and then only you will be allowed to close your BMO account. Check the exact due amount in your bank account and you can transfer the same about of money to your BMO account to pay off the dues. If you are closing a Loan account make sure the loan is cleared.
Make Sure you have Another Account
Once you have paid all your dues you have to make sure that you have another alternative account to use. If you don’t have an alternative account. Then you should think twice before you start the process to close your account. Open a new bank account with any bank of your choice in the country where you are currently living. Because it gets really hard to open a new account with a Canadian account when you are not in Canada.
Make Your Account Balance Zero
While closing the account the banks tell us to make the account balance zero. This will make the process of closing the account more easily. As there are no pending funds to settle between you and your bank. To make your account balance zero you can transfer all your funds from the BMO account to your alternative bank account. Make sure you transfer your funds to your own bank account or the other’s account whom you totally trust.
Get the Mailing Address of your BMO Branch
Now you have to open the official website of BMO and get the mailing address of the branch where you had opened the bank account. If you have the mailing address of your branch with you then you can use it. And in case you don’t have the correct mailing address of your branch. Then you can use the branch locator tool on the official website of the bank.
Send a Written Request to the Branch
Now you have to write an account closing request and send it via mail to the mailing address of your BMO Branch. As your written request reaches the branch the account management team will start the process of closing your account and soon your bank account will be closed. This is how you can close your Bank of Montreal account from an overseas location.