How To Use A Line Of Credit With BMO: A Comprehensive Guide

Experiencing financial bottlenecks is a part of life. However, with BMO (Bank of Montreal) line of credit, you can navigate through such challenges successfully. But how do you use this facility effectively? This article explains step-by-step how to use line of credit in BMO through online banking, the mobile app, and by calling customer service.

What is a Line of Credit?

A line of credit is a flexible loan from a bank or financial institution. You will only pay interest on the funds you borrow. Think of it as a credit card but with a higher borrowing limit. Lines of credit are often used for big purchases, debt consolidation, or emergency expenses.

Using a Line of Credit via BMO Online Banking

If you have internet access, you can use your line of credit through BMO online banking. Here is how it works.

• Step 1: Log into your BMO Online Banking account from a PC or a mobile device.
• Step 2: On the home screen, select ‘Accounts’ to view your banking accounts. Your line of credit should be listed there.
• Step 3: Click on your line of credit; it will produce a drop-down menu with multiple options.
• Step 4: To transfer money, click "Move Money,” choose the source account, and the destination account. Enter the amount you'd like to transfer, then click "Continue," followed by "Confirm."

Using a Line Of Credit via BMO Mobile App

BMO Mobile App users also have access to their line of credit accounts via the mobile platform. Here are the steps:

• Step 1: Log into the BMO Mobile App using your user ID and password.
• Step 2: On the main menu, select 'Accounts.’ Then, select your line of credit account.
• Step 3: Next, click the “Move Money” option. Then, select the accounts involved and the transfer amount. Confirm the information and perform the transaction.

Using a Line of Credit by Calling BMO Customer Service

If you prefer human assistance or face difficulties with the mentioned methods, you can call BMO customer service. Their representatives will guide you through the process. Make sure you have your account number and personal information handy.

• Step 1: Call BMO customer service at 1-877-225-5266.
• Step 2: After successful verification of your account, tell the representative that you would like to use your line of credit. They will guide you through the process.

A line of credit with BMO can be a financial lifesaver when used responsibly and wisely. Whether you choose to access it through online banking, mobile app, or by calling customer service, the process is straightforward. Now that you know how to use the line of credit with BMO, you can take financial control and move closer to achieving your financial goals.