FAQ: UC Berkeley and BMO Agreement

UC Berkeley’s previous campus banking agreement, established in 2015, was held by a financial institution that BMO acquired in early 2023. In preparation for the agreement’s conclusion in June 2025, UBPS convened a Financial Services Working Group of faculty, staff and student representatives to assess the university’s long-term needs for a personal financial services partner. The Financial Services Working Group determined that issuing a Solicitation of Interest would be the best approach to identify a partner capable of serving the diverse needs of students, staff, faculty and alumni, while advancing key campus priorities such as scholarships, basic-needs programs, financial education and community engagement.

Through this process, BMO was selected for its alignment with university values, strong record of community investment and ability to deliver comprehensive financial services while supporting priority university initiatives over the next five years.

The new five-year agreement, effective July 1, 2025, designates BMO as the “Official Bank of UC Berkeley.” Under the new partnership, BMO will continue to fund student scholarships, support basic-needs programs and provide financial education and guidance to students, staff, faculty and alumni, while advancing other key university priorities.

BMO will continue offering the BMO Smart Checking account, with an emphasis on digital banking that will help students manage their account(s) from any device anywhere, anytime. Faculty and staff can continue to take advantage of the Bank at Work program, which offers tailored financial literacy tools, customized support and seminars via their SmartProgress® platform. BMO will maintain its full-service branch in the Martin Luther King Jr. Student Union, along with multiple on-campus ATMs, ensuring convenient banking access for the campus community. Students, faculty and staff can learn more about their specific benefits by visiting BMO’s dedicated page at BMO.com/Berkeley.

The partnership also invests more in campus financial literacy initiatives through the Center for Financial Wellness and other campus partners, providing greater support for financial education workshops, digital resources and personalized financial coaching for students, staff and faculty. In addition, BMO will continue sponsoring student programs and community initiatives, including the BMO Student Organization Grant program, and supporting major campus events such as Caltopia, Cal Day and Golden Bear Orientation.

The decision to establish BMO as the Official Bank of UC Berkeley was shaped by a multi-level governance process led by the University Partnership Program (UPP) and the Financial Services Working Group, with final review and approval by the UBPS Advisory Committee and campus Finance Committee.

The Working Group includes representatives pulled from the Associated Students of the University of California, Cal Alumni Association, Cal Athletics, Division of Student Affairs, Graduate Assembly, People & Culture, Supply Chain Management and the Student Union. UPP, together with these representatives, will continue to provide input throughout the activation process and help guide the partnership’s implementation on the UC Berkeley campus.

Students, staff, faculty and alumni will see BMO actively engaged in the campus community through sponsorship and participation in campus events including Caltopia and Cal Day, as well as co-branded materials for programs like the BMO Student Organization Grant program and basic-needs initiatives.

The partnership will also be reflected in financial literacy workshops and collaborative programming with the Center for Financial Wellness. In addition, a dedicated UC Berkeley community page and other campus digital platforms will showcase available benefits, upcoming events and BMO’s ongoing commitment to supporting the Berkeley community.

BMO will retain its operating branch at the Martin Luther King Jr. Student Union, and campus ATMs.

Yes. As part of the partnership, UC Berkeley will monitor, on a biannual basis, the fees charged by BMO on applicable student accounts. If the fees are found to be inconsistent with prevailing market rates, the university retains rights to prompt BMO to address student concerns regarding fees. The university’s role is focused on collaboration and advocacy, working with BMO to ensure student needs remain at the center of this partnership.

Berkeley students who choose to bank with BMO will have access to checking and savings accounts and digital banking that help students make real financial progress, including:

• BMO Smart Money Checking, certified by Bank On as a safe, low-fee account.
• Savings Builder Account to reach students financial goals faster with no monthly maintenance fee.
• BMO Digital Banking makes it easy to manage all your accounts from any device anywhere, anytime.

As the “Official Partner of the UC Berkeley Center for Financial Wellness,” the relationship will provide greater resources for student financial literacy initiatives through the Center for Financial Wellness (CFW). BMO will collaborate with CFW and may offer a variety of in-person and virtual seminars, workshops and personalized one-on-one appointments to help students navigate mutually agreed to personal finance topics, such as, creating spending plans; exploring banking options; and understanding credit and credit cards. In addition, BMO will support CFW’s Annual Financial Wellness Conference.

Registered student organizations will be able to apply for additional funding through the BMO Student Organization Grant program. The program will be managed by the Organization Advising & Student Involvement Services (OASIS) Center and will provide support to a variety of student initiatives, programs and events.

BMO will continue supporting student scholarships, managed and awarded through the Financial Aid & Scholarships Office, as well as the Campus Basic Needs Center’s Food Pantry.

No. UC Berkeley students are not required to bank with BMO. Students have the freedom to choose any banking provider. Students who choose BMO can access special offers and exclusive benefits available through BMO’s Smart Advantage Checking program.

No. BMO will not be involved in financial aid disbursements or have direct access to student records in any way. While the university may consult with BMO regarding the overall types of scholarships to support, ultimate discretion for allocating sponsorship funding rests with the university.

Yes, in collaboration with Nelnet. As part of the partnership, BMO must receive express written consent from the university for any partnership communications that reference student loans.

No.

Faculty and staff may elect to participate in BMO’s Bank at Work program that can help employees make real financial progress with access to banking services, a customized financial roadmap and financial education resources through BMO SmartProgress®. With BMO SmartProgress®, employees can learn more about personal financial topics including homebuying, credit scores, identity theft and developing a savings plan.

BMO will maintain its full-service branch in the Martin Luther King Jr. Student Union, along with on-campus ATMs and access to 40,000+ fee-free ATMs located nationwide, ensuring convenient banking for the campus community. A dedicated team of on-campus representatives is also available to provide personalized support for employees.

For more information about relationship services available to UC Berkeley faculty and staff, please visit BMO.com/Berkeley.

The agreement will provide $1M in annual revenue to UC Berkeley to directly support students, faculty, staff and alumni. These funds will sustain a wide range of initiatives, including scholarships, student programming, financial literacy education, basic needs support and community engagement.

Some key areas of impact include:

• Center for Financial Wellness (CFW): Collaboration on financial literacy educational materials; peer financial workshops, seminars and coaching sessions; and support for the annual CFW conference.
• Basic Needs Center’s Food Pantry: Addressing short-term, immediate food needs for undergraduate and graduate students, as well as undocumented, international, visiting scholars, student researchers and postdocs.
• Registered Student Organizations (RSOs): Impact grants managed by the Organization Advising & Student Involvement Services (OASIS) Center, enabling student organizations to advance shared priorities through campus programming and events.
• Berkeley Undergraduate Scholarship program: Scholarships managed by the Financial Aid & Scholarships Office, furthering the university’s commitment to education accessibility and student success.

In addition, a portion of the revenue will help support on-campus operations and maintenance, while also funding efforts to increase awareness through units on campus such as the Student Union, People & Culture, Retirement Center and Cal Alumni Association.

UBPS follows a collaborative, coordinated approach guided by four core principles to develop comprehensive, universitywide relationships with business partners. These principles ensure partnerships authentically support the university’s mission and values:

• Brand Alignment: Partnerships are developed to align closely with and support UC Berkeley’s mission of teaching, research and public service.

• Priority Services: Partners provide products or services that enhance the daily experiences of students, faculty, staff and the campus community.

• Campus Impact: Partnerships support priority campus programs and initiatives that improve the lives of the UC Berkeley community while reflecting the university’s values, including sustainability, health and social responsibility.

• Revenue Growth: Strategic partnerships unlock new campus revenues and program support, advancing the university’s overall mission.

The agreement spans 5 years, starting in July 2025 and ending in June 2030.