You have the ability to make a deposit, contribution or administration fee payment into your BMO Nesbitt Burns Accounts through the bill payment process of your financial institution's online banking, telephone banking or ABM Service. How It Works: You need to set up your BMO Nesbitt Burns account as a payee via your financial institution's online or telephone banking service. Using your 10-digit BMO Nesbitt Burns account number, you will be required to follow the standard process of making an online banking, telephone banking or ABM bill payment. There is no fee charged by BMO Nesbitt Burns for using this service. There are three BMO Nesbitt Burns payee options, each with a different function:
BMO Nesbitt Burns - Deposits and Regular Contributions: Select this payee to make a deposit or payment to your Investment (non-registered) account or to make a personal contribution into your RRSP.
BMO Nesbitt Burns - Spousal Contributions: Select this payee to make a spousal contribution into your Spousal RRSP account.
BMO Nesbitt Burns - Administration Fees: Select this payee to pay your annual administration fee for your RRSP, RESP, RRIF, LRIF, LIF or LIRA account. This should not be used to make a contribution into any of these accounts. Multiple fees must be paid individually.
Please note there will be a lead time of 2-3 business days to process these payments for BMO Bank of Montreal clients and 2-5 business days to process these payments through other financial institutions. You should keep this in mind when making a deposit to cover a trade settlement or a contribution close to the deadline.
All deposits, payments or contributions will be accepted in Canadian funds only. Limit of transaction amount will vary depending on your account set-up with your financial institution.