BMO checking accounts follow BMO's current fee schedule, while Harris legacy accounts follow the Harris terms in effect when you opened them unless BMO moved you to a new account. For most readers, the practical difference is which disclosure controls monthly charges, waivers, and transaction fees.
A Harris legacy account means a checking account opened under Harris Bank branding and later serviced by BMO. If you opened your account after the BMO branding change, you have a BMO account. If your account dates to the Harris era, your old disclosure still matters.
Table of Contents
- What makes an account legacy?
- Which fees should you compare first?
- How do monthly charges and waivers differ?
- What about overdraft and ATM use?
- Will BMO move legacy accounts to new terms?
- Frequently Asked Questions
What makes an account legacy?
A legacy account keeps its original account type, features, and fee rules until the bank changes them. Banks often keep old account types open for existing customers while they sell different accounts to new customers. Your statements and account agreement show which type you hold.
Legacy status does not change ownership or FDIC coverage. It only means your fee rules may differ from what BMO advertises today. That gap matters when you compare bonuses or consider switching.
Which fees should you compare first?
Start with the fees that hit most often. Monthly maintenance charges, overdraft and returned-item charges, and out-of-network ATM charges drive most checking costs. Also check stop-payment charges, paper-statement charges, and fees for cashier's checks or wires.
Use the same line items on both sides. Pull your Harris-era fee disclosure and BMO's current checking disclosure, then match each fee category one by one. A side-by-side match keeps you from missing a waiver or limit that changed names.
How do monthly charges and waivers differ?
Monthly charges often depend on waivers, not just the base amount. Common waivers include a minimum daily balance, a set amount of direct deposits, or holding a linked account. Legacy Harris terms and current BMO terms can use different waiver types and thresholds.
Read the waiver definition closely. One account may count any electronic deposit while another counts only payroll direct deposit. One may look at an average balance while another looks at a daily minimum.
- List your current monthly charge and waiver rule
- List the BMO account's charge and waiver rule
- Mark which waiver you can meet every month
- Keep the account whose waiver fits your pay and balance pattern
What about overdraft and ATM use?
Overdraft rules deserve a separate check because one mistake can cost more than months of maintenance fees. Look at the per-item charge, the daily cap on charges, the grace amount, and whether linked-account transfers are available. Also check whether debit purchases can trigger a charge or only checks and scheduled payments can.
ATM rules affect travelers and cash users. Check whether your legacy account refunds out-of-network charges, how large the ATM operator surcharge can be, and whether BMO's network covers your area. Heavy ATM users often save more by picking the wider free network than by chasing a lower monthly charge.
Will BMO move legacy accounts to new terms?
Banks can convert old account types to current ones after giving advance notice. A conversion usually maps your old account to the closest current BMO account and replaces your old fee schedule. Until you receive that notice, assume your old terms still apply.
Watch mail and online messages for terms-change notices. Save each notice with your old disclosure, note the effective date, and recheck waivers before that date. If conversion raises your cost, ask about a different BMO checking option or a new bonus account.
Frequently Asked Questions
I have an old Harris debit card. Does that mean I have a legacy account?
Not always. Cards get replaced at renewal, but the underlying checking type can stay legacy. Check your account agreement or statement for the account name.
Can I open a new Harris account to keep old fees?
No. New accounts use BMO's current lineup and current disclosures. Legacy terms apply only to accounts that already hold them.
Should a bonus offer drive a switch from legacy to BMO?
Compare ongoing fees first. A one-time bonus fades fast if the new account adds a monthly charge you cannot waive.
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