BMO Alto Review

BMO Alto eliminates common banking costs with zero monthly maintenance fees and no minimum balance requirements. This gives you complete flexibility with your funds without worrying about balance thresholds or recurring charges.

BMO Alto also removes transaction barriers by charging no foreign transaction fees and no out-of-network ATM fees. This makes the account particularly valuable for travelers and those who need cash access across various locations.

The account includes overdraft protection to prevent unexpected charges and declined payments. However, BMO Alto does not support wire transfers, which may be a consideration for customers who regularly move large sums of money quickly.

Robust security measures protect your finances with two-factor authentication, which requires a secondary verification beyond passwords. This critical safeguard works alongside real-time fraud alerts that immediately notify you of suspicious account activity, giving you the chance to respond before damage occurs.

The security suite includes comprehensive identity theft protection that monitors your personal information across multiple channels and alerts you to potential compromises. If you misplace your card or spot concerning transactions, the instant card lock feature lets you freeze your card immediately through the mobile app. For travelers, setting up travel notifications prevents legitimate purchases from triggering security flags when you're away from home.

BMO Alto delivers strong mobile banking through highly-rated native apps for both iOS (4.8/5) and Android (4.6/5). These apps provide essential account management, transfers, and deposits through intuitive interfaces tailored to each platform.

Customers benefit from practical features like ATM/branch locators that use your current location and a robust alerts system. The bank sends customizable notifications about account activity, balances, and transactions, with push notifications delivering real-time updates directly to your device.

One notable limitation: BMO Alto currently doesn't support mobile check deposit, which prevents customers from using their phone's camera to deposit checks remotely. This missing feature may inconvenience users who prefer handling deposits without visiting physical locations.

BMO Alto streamlines your financial management with direct deposit capabilities that eliminate paper checks and provide immediate access to your funds. The early direct deposit feature gives you access to your paycheck up to two days ahead of schedule, helping you handle expenses without waiting for payday.

The bank enables seamless money movement through external account linking, allowing you to connect and manage accounts from other institutions in one place. BMO Alto also provides free ACH transfers for regular money movements between banks. However, both domestic and international wire transfer services are currently unavailable through this platform.

BMO Alto currently lacks standard money management features found in many modern banking apps. The account doesn't support budgeting tools, spending analytics, round-up savings, automated savings rules, or sub accounts that would help customers track and organize their finances effectively.

The one money management feature BMO Alto does provide is Bill Pay. This service lets customers schedule and manage bill payments directly from their account, helping them avoid missed payments and late fees while centralizing their monthly obligations in one place. For customers seeking comprehensive money management capabilities, BMO Alto's limited toolset may be a significant drawback.

BMO Alto fully supports digital payment solutions through Apple Pay and Google Pay integrations. These digital wallets enable secure contactless payments for in-store purchases and streamline online transactions across their respective device ecosystems.

The bank also offers QuickBooks integration, automatically syncing transactions with your accounting software—a significant time-saver for small businesses and self-employed customers. However, BMO Alto currently lacks support for Zelle and Wise, meaning customers won't have access to Zelle's instant domestic transfers or Wise's cost-effective international money transfer services.

Help is always just a phone call away with round-the-clock support available at 1.855.266.8100. Whether you're reporting a lost card at 3 AM or questioning a suspicious transaction during dinner, banking assistance remains accessible regardless of time or day.

Notably absent are several support channels that might enhance the banking experience. Live chat, email support, bill negotiation services, and financial advisor access are currently unavailable. This limits support options to phone interactions only, which may be inconvenient for customers who prefer digital communication or need specialized financial guidance.

BMO Alto operates as a fully digital banking solution without physical branch locations. The account doesn't support traditional in-person services such as branch access, cash deposits, large cash withdrawals, or notary services. Customers seeking these hands-on banking experiences will need to look elsewhere.

The absence of cashier's checks, safe deposit boxes, and currency exchange services further defines Alto's digital-only approach. BMO Alto also lacks ATM network support, including international ATM access, which may present challenges for customers who frequently handle cash or travel abroad.

As a digital-first banking option, BMO Alto trades physical conveniences for online functionality. This design choice makes it better suited for customers comfortable managing their finances entirely through digital channels rather than those who value face-to-face banking interactions or regular cash transactions.

BMO Alto provides credit monitoring as its primary additional service, tracking your credit score and flagging changes that might impact your creditworthiness. This feature helps you maintain awareness of your credit health, identify potential fraud early, and make better-informed decisions when applying for credit products.

The bank currently lacks several other additional services. Investment accounts, cryptocurrency services, cashback rewards programs, and foreign currency accounts are unavailable through BMO Alto. Customers seeking these financial tools will need to look elsewhere or use separate providers to complement their BMO Alto banking experience.