BMO Express Loan Pay Frequently Asked Questions
1. What is BMO Express Loan Pay?
BMO Express Loan Pay offers a quick and safe way to make same-day payments on your BMO car, boat, RV, personal loans, credit lines, and business loans directly from any checking account. For same-day mortgage, home equity line, or home equity loan payments, visit bmo.yourmortgageonline.com.
Note: Payments made after 10 p.m. (CT) will be processed the next business day. Business days are Monday through Friday, not including federal holidays.
2. Can I Use A Credit Card To Make Payments Through BMO Express Loan Pay?
No, BMO Express Loan Pay only allows payments from a checking or savings account.
3. How Will I Know If My Payment Was Successfully Processed?
You will receive a confirmation number on the screen once the payment is successfully processed. Make sure to save this for your records.
4. Can I Make Extra Payments Towards My Loan Principal Using BMO Express Loan Pay?
Yes, you can make additional payments, but please specify that the payment is for the principal when contacting customer service.
5. Are There Any Fees For Making A Payment Over The Phone With An Agent?
There is no fee for making a same-day payment over the phone with a BMO representative.
6. Can I Make A Partial Payment On My Loan Using BMO Express Loan Pay?
Yes, partial payments are allowed, as long as the amount is between the minimum and maximum payment limits.
7. How Do I Make An Online Payment Using The BMO Express Loan Pay Service?
There are four basic steps involved in using the BMO Express Loan Pay service to make online payments:
- Enter payment details: Type in your loan account number and payment amount.
- Provide contact info: Add your phone number and email address.
- Give payment method: Input your checking account information.
- Check and send: Review all the info you entered. Make changes if needed. Then submit the payment and get your confirmation Reference ID.
- You can make one payment every 14 days. For more payments, use BMO online banking, mail, visit a branch, or call BMO at 1-877-553-2265. You’ll need to enter this information each time you use BMO Express Loan Pay.
8. Where Do I Find My BMO Loan Account Number?
Your BMO Loan account number is the last 10 digits shown in the “Account Number” section of your coupon book or statement. You can ignore the first five digits.
9. What Is The Cut-Off Time For Entering Payments?
The cut-off time for payments is 10 p.m. (CT). Payments made after 10 p.m. (CT) will be processed on the next business day. Business days are Monday through Friday, excluding federal holidays. Payments made on weekends or holidays will also be processed on the next business day.
10. What Is The Convenience Fee For Making A Same Day Payment?
There is no fee for making a same-day payment online.
11. How Secure Is BMO Express Loan Pay?
We take your financial data security seriously. Here’s how we protect your info in BMO Express Loan Pay:
- We use strong encryption. This “scrambles” your data as it travels online. You need a browser with 128-bit encryption.
- We have firewalls. These act like barriers between our network and the internet. All data must pass through the firewall, keeping out unauthorized users.
- We use session time-outs. If you’re inactive for 20 minutes, you’ll need to re-enter your account number and last four SSN digits to make new payments.
These measures help keep your account information safe and secure.
12. What Are My Obligations To Help Secure My Transactions With BMO Express Loan Pay Service?
As the Terms & Conditions state, you must keep your checking account, routing, and BMO account info private from anyone not on your loan. Use a secure browser and close it right after making payments. It’s your job to follow these safety steps.
13. Who Should I Contact If I Have Questions About BMO Express Loan Pay?
For help with BMO Express Loan Pay, please contact us to speak with a BMO representative.
14. What hours is BMO Express Loan Pay available?
It’s available 24/7, with brief nightly downtime for upkeep.
BMO Express Loan Pay provides 24-hour access to make payments on your BMO loan. The system may be briefly unavailable each night for routine maintenance.
15. When Will Funds Be Debited From My Checking Account?
If a payment is submitted before the 10 p.m. CST cut-off time, the funds will be debited from your designated checking account within 2 business days.
16. How Can I Cancel A Payment?
You can cancel any pending payment by calling 1-877-553-2265 before 9 p.m. CT on the day you authorized it. Payments made on a business day between 9 p.m. and 10 p.m. CT cannot be canceled and will be processed on the same day.
17. Can I use BMO Express Loan Pay to pay-off my loan?
Nope. Please contact us at 877-553-2265 if you would like pay-off information.
18. What Are The Minimum And Maximum Payment Amounts?
The payment amount must be between $0.01 and $5,000.00.
19. Can I Future Date A Payment?
No, you may not set up future date payments using BMO Express Loan Pay.
20. Can I Set Up Automatic Or Reoccurring Payments?
Automatic or recurring payments cannot be set up through the BMO Express Loan Pay website. To schedule a recurring payment, please call 1-877-553-2265.
21. Error Messages: What Does The Error Message “Payment Exceeds Defined Limits” Mean?
This error message appears when a payment has already been scheduled within 14 calendar days of your requested date.
Please wait 14 days before scheduling your next online payment. To make an agent-assisted payment, Contact Us to speak with a BMO representative. No fee will be charged for same-day agent-assisted payments.
22. What Happens If My Payment Is Returned Due To Insufficient Funds?
If your payment is returned due to insufficient funds, you may incur additional fees, and your payment will not be applied to your loan.
23. Can I Update My Bank Account Information On BMO Express Loan Pay?
Yes, you can update your designated bank account information through the BMO Express Loan Pay portal before making a payment.
24. How Can I View My Payment History In BMO Express Loan Pay?
You can view your recent payment history by logging into your BMO Express Loan Pay account and navigating to the payment history section.
25. What Should I Do If I Forget My Login Information For BMO Express Loan Pay?
If you forget your login information, you can use the “Forgot Username” or “Forgot Password” options on the login page, or contact customer support for assistance.
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