Why Can't I Withdraw My Money In Draft Kings

yoshimi [OP]: Jr. Member; Nov 23, 2008; 102 posts; toronto

Jan 30th, 2011 12:09 pm

how do you withdraw money from bmoinvestorline?

hi,
i have money in my bmoinvestorline account, and was wondering how i could withdraw it. i tried calling their office, but it's closed today. i opened the account several years ago, and i don't remember if i was given any cheques. basically, i want to withdraw from bmoinvestorline, and put the funds in a high interest savings account.

2 questions:

1. is there a minimum balance that you need to keep at bmoinvestorline to avoid monthly fees?
2. how do i make my withdrawal? i don't recall getting any cheques.

Thanks

Jan 30th, 2011 12:37 pm

eiad77: Deal Addict; Nov 15, 2010; 1917 posts; 485 upvotes; Ottawa

Jan 30th, 2011 12:37 pm

I have an Investorline and BMO bank account that is linked to it (in addition to my regular BMO account). Whenever I want to withdraw money I transfer money from the bank account linked to the Investorline account to my regular bank account. And I don't think there are fees for having a low balance.

Jan 30th, 2011 1:13 pm

quatchi: Sr. Member; Feb 1, 2010; 872 posts; 173 upvotes

Jan 30th, 2011 1:13 pm

Your BMOIL is in fact a USD and CDN chequing account. You get 2 free transactions a month if you don't have any other plan with BMO. I got a few cheques in US and CDN with my opening package.

To get money to my Ally, I just linked the BMO account and push/pull from Ally.

You can also use your banking card to w/d money from BOMIL accounts if they are linked.

Jan 30th, 2011 1:46 pm

yoshimi [OP]: Jr. Member; Nov 23, 2008; 102 posts; toronto

Jan 30th, 2011 1:46 pm

i have a regular bmo account as well. so how do i set up a link between my bmo investorline account, and my regular bmo account? can i do this online? i don't see a section where i could setup a link.

thanks

Jan 30th, 2011 2:03 pm

Islington: Member; Aug 1, 2008; 284 posts; 50 upvotes; Toronto

Jan 30th, 2011 2:03 pm

yoshimi wrote: ↑ Is there a minimum balance that you need to keep at bmoinvestorline to avoid monthly fees?

You'll need to keep a minimum of $10K in a non-registered account, otherwise you will be charged $25 per quarter in admin fees. You'll need to keep $25K in an RRSP account, otherwise you'll pay $100 per year in admin fees.

They'll waive the fee for the non-registered account if you: 1) also have an RRSP account at Investorline, or 2) make two or more trades (where you pay a commission) every six months.

Those are just the Investorline account maintenance fees. Quatchi is right: you'll get two free transactions per month, and then you'll incur regular BMO per-transaction banking fees.

Source: http://www.bmoinvestorline.com/FAQs/FAQ_IV.html#7

Jan 30th, 2011 2:05 pm

eiad77: Deal Addict; Nov 15, 2010; 1917 posts; 485 upvotes; Ottawa

Jan 30th, 2011 2:05 pm

Go to the "Financial Summary" tab then the "Modify My Summary" and then on the right the second option should be "Add BMO Investorline Account". Then you should put in your account number and password and they'll be linked. After that you should have two bank accounts when you log it and you can select the "Transfers" tab to transfer money between your accounts. It might take a day for you to able to make a transfer though.

Jan 30th, 2011 2:16 pm

yoshimi [OP]: Jr. Member; Nov 23, 2008; 102 posts; toronto

Jan 30th, 2011 2:16 pm

thanks for the information guys. now it seems as though i'm stuck! if i move my money, then i'll incur the hefty admin fees. so i may as well just let the money sit. i can't sell my stocks, and close my account because they're sitting with an unrealized loss now (i wanted to move my cash, and keep my stocks sitting there since they're at a loss). however, now i realize that i'll incur the admin fees, so i may as well just let the cash just sit there. grrrrrrr!

Feb 22nd, 2013 5:19 pm

unforgettableid: Newbie; Jan 15, 2008; 48 posts; 6 upvotes; Toronto

Feb 22nd, 2013 5:19 pm

quatchi, thank you for your description of BMO's "AccountLink" service. But where did you get your information about the transit and account numbers? To me, that information looks wrong.

Dear all:

BMO's institution number is 001. My InvestorLine monthly statements, near the top-right corner, show my AccountLink transit number, and also show a seven-digit AccountLink account number. My AccountLink account number in fact has no similarity whatsoever to my eight-digit InvestorLine account number.

Here's my personal advice to you all: When you tell a bank to do a electronic funds transfer (EFT), never specify a wrong transit number or account number. The bank may charge you a bounce fee. Bank fees can be large: about ten years ago, I paid BMO a fee of about $20 for an EFT which failed due to non-sufficient funds. BMO told me that it takes a fair bit of human effort to handle EFT failures.

Mar 6th, 2013 3:16 pm

quatchi: Sr. Member; Feb 1, 2010; 872 posts; 173 upvotes

Mar 6th, 2013 3:16 pm

unforgettableid wrote: ↑quatchi, thank you for your description of BMO's "AccountLink" service. But where did you get your information about the transit and account numbers? To me, that information looks wrong.

I seemingly got it from out of the air
Yes info given above is incorrect and edited out. I received cheques in my BMOIL as I requested accountlink service and used those numbers which don't match your transit number quoted above. Go figure? I suppose everyone should confirm for themselves.

But yes the account number is NOT my IL # and is its own unique number. Apologies.

Mar 24th, 2013 1:41 pm

YLSF: Deal Fanatic; May 23, 2003; 9794 posts; 1278 upvotes; GTA

Mar 24th, 2013 1:41 pm

I seem to recall that they had two different institution numbers at some point.

BTW, I found out that you can set up Investorline as a payee. I set them up on my TD account to transfer money from TD to my TFSA. Before I was going and making physical cheque deposits at a bmo branch

Jun 5th, 2016 12:26 pm

chowjam: Member; Sep 24, 2004; 255 posts; 51 upvotes; East York

Jun 5th, 2016 12:26 pm

YLSF wrote: ↑I seem to recall that they had two different institution numbers at some point.

BTW, I found out that you can set up Investorline as a payee. I set them up on my TD account to transfer money from TD to my TFSA. Before I was going and making physical cheque deposits at a bmo branch

Can you make a set up of regular transfers from your "Accounlink" to TD bank without any service charges?

Mar 5th, 2018 3:16 pm