How to Pay Your BMO Mortgage with Chexy

Quick Summary

Updating your BMO mortgage payment account typically requires an in-person visit to your local BMO branch. Before your appointment, bring two pieces of government-issued identification, your BMO debit card, and your Chexy void cheque or Chexy banking information. During your visit, a BMO advisor will verify your identity, update the bank account linked to your mortgage payments, and have you sign a short authorization form to complete the request. Before leaving the branch, it's recommended to confirm the effective date of the update so you know when your future mortgage payments will begin using your new account.

Overview

Your mortgage payment is one of the largest recurring expenses you'll make each month. If you have a BMO mortgage and want to start paying through Chexy, the first step is updating the bank account linked to your mortgage payments.

Like some other lenders, BMO typically requires homeowners to complete this request in person at a branch. Although this means making a quick visit, the process is generally straightforward once you have the required documents and banking information ready.

Whether you're switching bank accounts, updating your pre-authorized debit information, or setting up your mortgage payments through Chexy to earn rewards, preparing ahead of time can help make the process as smooth as possible.

This guide explains everything you need to know about updating your BMO mortgage payment account, including what to bring to your appointment, what happens during your branch visit, and helpful tips to help ensure your updated banking information is ready before your next mortgage payment.

Before You Get Started

Updating your BMO mortgage payment account typically requires a visit to your local branch. Before your appointment, make sure you have two pieces of government-issued identification, your BMO debit card, and your Chexy banking information available on your Chexy void cheque. During your visit, a BMO advisor will verify your identity, update the account used for your mortgage payments, and have you sign a short authorization form. Before leaving the branch, it's also a good idea to confirm when your updated banking information will become effective.

Understanding the BMO Mortgage Payment Update Process

BMO mortgages are generally paid through a pre-authorized debit (PAD), meaning your mortgage payment is automatically withdrawn from the bank account you've authorized on your scheduled payment date.

If you'd like to change the account used for these automatic withdrawals, you'll need to update your banking information with BMO. In many cases, this requires an in-person visit to a BMO branch, where an advisor can verify your identity and update the account linked to your mortgage.

Once your banking information has been updated and the required authorization has been completed, future mortgage payments can begin withdrawing from your new account.

To help avoid interruptions to your mortgage payments, it's recommended to complete the update well before your next scheduled payment.

Before You Visit Your BMO Branch

Preparing before your appointment can make the process much easier. Having all of the required documents ready beforehand helps ensure your advisor can complete the request during a single visit.

Required Information

Bring the following with you:

• Two pieces of government-issued identification
• Your BMO debit card
• Your Chexy void cheque or Chexy banking information

Having your Chexy void cheque available—either printed or saved on your phone—allows your advisor to easily access the banking information needed to update your mortgage payment account.

Why These Documents Are Required

Government-Issued Identification

BMO may ask you to provide two pieces of government-issued identification before making changes to the account linked to your mortgage.

Identity verification helps protect your mortgage account and ensures that only authorized individuals can request changes.

Your BMO Debit Card

Your BMO debit card may be used to verify your banking relationship and assist the advisor in locating the correct mortgage account.

Bringing your debit card can help make the appointment more efficient.

Your Chexy Banking Information

Your advisor will need the banking information for the account that will be used for future mortgage payments.

All of the required details can be found on your Chexy void cheque. You can bring a printed copy or have the PDF readily available on your phone during your appointment.

How to Update Your BMO Mortgage Payment Account

Once you've gathered your documents, you're ready to update the account linked to your mortgage payments.

The process is typically completed during a single branch visit.

Step 1: Visit Your Local BMO Branch

Visit your nearest BMO branch and let the advisor know you'd like to update the bank account used for your mortgage payments.

Before making any changes, they'll verify your identity using your identification and debit card.

If possible, consider booking an appointment before visiting to help reduce wait times.

Step 2: Provide Your Updated Banking Information

Once your identity has been verified, provide your Chexy banking information.

Your advisor can use the information from your Chexy void cheque to update the account linked to your mortgage.

Having the void cheque downloaded beforehand or readily available on your phone can help make this step faster.

Step 3: Sign the Authorization Form

Before the update can be completed, you'll be asked to sign a short authorization form confirming the change to your mortgage payment account.

Once this has been completed, your advisor can finalize the request.

Before leaving the branch, it's also a good idea to ask when the updated banking information is expected to become effective.

How Long Does the Process Take?

The exact length of your appointment may vary depending on your branch and whether you've booked an appointment in advance.

Since the update is completed during your branch visit, having all of your required documents ready beforehand can help make the process more efficient.

Before leaving, confirm the effective date of your updated banking information so you know when future mortgage payments will begin using your new account.

Tips Before Updating Your Mortgage Payment Account

Preparing ahead of time can help make your branch visit faster and reduce the likelihood of needing a second appointment.

1. Bring Two Pieces of Identification

BMO may require two pieces of government-issued identification to verify your identity before updating your mortgage payment account.

Double-check that your identification is valid before heading to the branch.

2. Bring Your BMO Debit Card

Your debit card may be used as part of the verification process.

Having it available can help your advisor complete the update more efficiently.

3. Have Your Chexy Void Cheque Ready

Your advisor will use the banking information on your Chexy void cheque to update your mortgage payment account.

You can either print the document beforehand or keep the PDF available on your phone during your appointment.

4. Confirm the Effective Date Before Leaving

Before your appointment ends, ask your advisor when the updated banking information will become active.

Knowing the effective date can help you understand when future mortgage payments will begin withdrawing from your new account.

Common Questions About Updating Your BMO Mortgage Payment Account

Updating the bank account linked to your mortgage is a routine request, but it's common to have questions before your appointment.

Will My Mortgage Payment Date Change?

Updating your banking information changes the account your mortgage payments are withdrawn from, but it does not typically change your existing payment schedule.

Unless you've made other arrangements with BMO, your payment dates and mortgage terms should remain the same.

Should I Keep My Previous Bank Account Open?

If your next mortgage payment is approaching, consider keeping your previous payment account open until you've confirmed that future payments are being withdrawn from your updated account.

Doing so can help prevent returned payments while your banking information is being updated.

Frequently Asked Questions About BMO Mortgage Payment Updates

Do I need to visit a BMO branch?

Typically, yes.

Updating your mortgage payment account generally requires an in-person visit to a BMO branch.

What should I bring?

Bring:

• Two pieces of government-issued identification
• Your BMO debit card
• Your Chexy void cheque or banking information

Will I need to sign any paperwork?

Yes.

You'll typically be asked to sign a short authorization form before the updated banking information can be linked to your mortgage.

Can I show my Chexy void cheque on my phone?

Yes.

You can either bring a printed copy of your Chexy void cheque or have the downloaded PDF available on your phone during your appointment.

How long does the appointment take?

The exact timing may vary by branch. Having all of your required documents ready before you arrive can help the appointment go more smoothly.

What should I do before leaving the branch?

Before your appointment ends, ask your advisor to confirm when your updated banking information will become effective so you'll know when future mortgage payments will begin using your new account.

Conclusion

Updating the bank account linked to your BMO mortgage is a straightforward process that can typically be completed during a single branch visit. By bringing your identification, debit card, and Chexy banking information, you'll be well prepared to complete the update efficiently.

If you're planning to pay your mortgage through Chexy, updating your banking information is the first step toward earning rewards on one of your largest monthly expenses. Once the change has been completed, you'll be ready to make future mortgage payments through Chexy while continuing to enjoy the convenience of automatic payments.

Get started with Chexy today and turn your mortgage payments into an opportunity to earn cash back, travel points, or miles on eligible credit cards.

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