How to find Your BMO Routing number

Are you applying for Life Insurance and having trouble finding your BMO routing number to complete your application? Well, you are in the right place, this short article will show you how to get your BMO routing number so you can finish your application and make sure your family gets the protection they are looking for.

What is a routing number you might ask? 

As you already know, a routing number is an 8-digit code used by the major Canadian banks. It represents the financial institution (e.g., TD Bank, BMO, Tangerine, etc) and the specific branch (where that bank is physically located) that’s associated with a bank account. Along with your routing number is a branch number. The branch number is also known as the transit number. It’s 5 digits long, and it corresponds to the BMO branch that your bank account is based at. And it’s okay if that 5 digit number represents a branch you currently do not do your bank through. The institution number is 3 digits that is used to identify the bank your account is with. BMO institution number is 001. When combining all three, the routing number, the transit number, and the institution number your life insurance provider will have all the information they need to know which institution you wish to withdraw your premiums from. The only other information they will need is your account number. This allows them to know which bank account at that specific branch to take your payments from.

How do you find your routing number? 

The easiest way is to look at a blank cheque. At the bottom, you will see a 3 digit number. This is the cheque number and it shows you how many cheques you have used. From there you will see the 5 digit number, if you remember, is the transit number. Also known as the branch number. Next another 3 digit number. This will be your Financial institution number. This number is only three digits long and as we discussed BMOs is 001. The next setup number should be (on most cheques) the 4 digit destination number. This is for internal uses at BMO. Not something you would need on your application. Last is your Account number.  This is normally a 7-9 digit long number. And this number is specific to your bank account. Where all BMO clients will use 001 as the institution number. This account number is unique to you.

What if you don’t have a cheque handy?

Some people don’t have cheques and it’s become more common not at all. You can just look it up using your BMO online banking account. Here’s how to find it:

1. Log in to your BMO online banking account. (Google it if need be) 
2. Click on the “My Accounts” tab at the top of the page.
3. On the left side of the page, select the account that you want your routing number for.
4. You’ll see your branch number and institution number in the blue box at the top of the screen. Another way to get this information is to click on the “void cheque” link. Then simply download a PDF of a void cheque with your routing number and account details on it.

Why do I need to use my BMO routing number?

This is the easiest way insurance companies can withdraw your premiums. Once you have it set you don’t need to worry about it anymore. Back before banking was done electronically, insurance advisors would have to drive around every month and pick up cheques from their clients every month for their coverage. This process of using your routing information is much simpler even if it doesn’t seem like itAs