BMO mortgage
Pay your BMO mortgage with Chexy.
Pay your BMO mortgage through Chexy from the chequing account you already use, and earn 1 Aeroplan point per $1 on eligible payments.* Switching takes one branch visit.
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How to
How to pay your BMO mortgage with Chexy
1
Sign up for Chexy
Create your account, verify your identity and add the chequing account you pay your mortgage from today, plus your Aeroplan number.
2
Set up your mortgage
Pick BMO as your lender and confirm your mortgage details. Chexy gives you its account details and a void cheque for BMO.
3
Visit your BMO branch
Bring two pieces of government-issued ID, your BMO debit card and your Chexy void cheque, printed or on your phone. You sign a short authorization form.
4
Chexy pays BMO
On your usual payment date, Chexy debits your chequing account and pays BMO as usual. Points arrive after every payment.*
What you can pay
How it works with your mortgage
Your BMO mortgage
Your BMO mortgage stays exactly as it is. Chexy only changes which account your payment comes from.
- Your regular mortgage payment. The same amount, on your usual payment date.
- Paid by pre-authorized debit. BMO keeps withdrawing your payment automatically. It just comes from your Chexy account.
- No changes to your mortgage. Same lender, same rate, same term. Nothing to refinance, nothing to re-apply for.
1.75% per payment, added to your withdrawal. On a $2,500 mortgage payment, that’s $43.75.
Timing
When BMO gets paid
- At least two weeks before your next payment
- Give your lender your Chexy account details, so the change is in place in time.
- Before you leave the branch
- Ask when the new account takes effect, so you know which payment comes from Chexy first.
- Your usual payment date
- Chexy withdraws your payment plus the fee from your chequing account, never in advance, and pays BMO on schedule.
Paying your BMO mortgage with Chexy: questions
Can I pay my BMO mortgage through Chexy?
Yes. Chexy pays BMO from the chequing account you already use, on your usual payment date, and you earn 1 Aeroplan point per $1 on eligible payments.*
Do I need to visit a BMO branch?
Typically, yes. A BMO advisor verifies your ID, updates the account and has you sign a short authorization form.
Can I show my Chexy void cheque on my phone?
Yes. Bring a printed copy or have the PDF on your phone.
Do I pay with my credit card?
No. Mortgage payments through Chexy come from your chequing account, the same account you pay from today. You earn Aeroplan points directly through Chexy, no credit card required.
What does it cost?
There’s a 1.75% fee per payment, added to your withdrawal. On a $2,500 mortgage payment, that’s $43.75. You also earn 2,500 Aeroplan points on that payment.*
Does this change anything about my mortgage?
No. Your rate, term, amortization and payment schedule all stay exactly the same.
The fine print
- *Conditions apply. 1 Aeroplan point per $1 on eligible mortgage payments made through Chexy.
- BMO usually changes your mortgage payment account in person at a branch. Booking an appointment can cut the wait.
- Your Chexy void cheque has every detail BMO needs. A PDF on your phone works.
- Keep your old account funded until you see a mortgage payment come out through Chexy. Until the change takes effect, your lender still draws from the old account.
- Chexy is not a mortgage lender, mortgage broker or party to your mortgage.
Sources: Chexy Insider: How to pay your BMO mortgage with Chexy · How to switch your mortgage payments to Chexy · Chexy mortgage payments · How much does Chexy cost?. BMO is not affiliated with Chexy.
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Earn Aeroplan points on your BMO mortgage.
1.75% per payment, added to your withdrawal