BMO has signed a five-year agreement to become the Official Bank of UC Berkeley, continuing a partnership that began after BMO acquired Bank of the West in 2023. The new agreement, effective July 1, 2025, will expand banking services and focus on digital solutions, financial wellness programming, and support for students, faculty, staff, alumni, and the local community.
Kelly Sparks, vice chancellor for finance and chief financial officer at UC Berkeley, said: "Our partnership with BMO builds on UC Berkeley's tradition of innovation while meeting today's needs for accessible, forward-thinking financial services. BMO is a purpose-led bank, and this relationship is about more than providing banking services—it's about empowering our students, faculty, staff and alumni with the knowledge and tools to make informed financial decisions and fostering a financially confident campus community."
Halé Behzadi, Vice Chair for California at BMO, stated: "BMO is proud to be the Official Bank of UC Berkeley, and we look forward to partnering to create meaningful, lasting impact across the campus and the broader community. We're excited to help students and young professionals make real financial progress by meeting them where they are and making financial education relevant to their current stage of life. BMO's Purpose is to Boldly Grow the Good in business and life, and working with UC Berkeley demonstrates our belief that progress happens when we invest in people, education, and opportunity."
The agreement followed a review process led by University Business Partnerships & Services together with the university's Financial Services Working Group. Under this partnership, BMO will continue offering low-fee accounts such as Smart Money Checking—which meets standards set by Bank On for affordable banking options—as well as savings accounts and digital banking tools like its SmartProgress platform.
Faculty and staff will have access to resources through BMO’s Bank at Work program. This includes seminars, personalized guidance from on-campus representatives, continued operation of a full-service branch in the Martin Luther King Jr. Student Union building, on-campus ATMs, and access to over 40,000 fee-free Allpoint ATMs nationwide.
A key part of the relationship involves increased efforts in financial education. As an "Official Partner of the UC Berkeley Center for Financial Wellness," BMO will expand interactive workshops and coaching opportunities integrated into student orientation programs. Major campus events such as Caltopia and Golden Bear Welcome will feature activities highlighting available banking resources.
BMO Financial Group serves customers across Canada and the United States with personal banking services as well as wealth management products. As of July 31, 2025 it had total assets of $1.4 trillion (https://www.bmo.com/en-us/about-bmo/our-business/). The bank has operated for over two centuries.
UC Berkeley enrolls more than 45,000 students (https://www.berkeley.edu/about) across nearly 400 degree programs. The university was chartered in 1868 as part of California’s public university system.